Michael Andry
Private Wealth Advisor, Family Wealth Director
Phone:
(828) 250-8744(828) 250-8744
Industry Award WinnerOur Mission Statement
Fully customized and truly comprehensive
wealth management solutions to help you pursue
your unique vision of a successful life.
wealth management solutions to help you pursue
your unique vision of a successful life.
Our Story and Services
As the only Morgan Stanley Private Wealth Management team in Asheville and western North Carolina, we deliver comprehensive wealth management services to 35+ affluent families and several nonprofit organizations as of February 2026. By focusing all of our attention on a select clientele, we are able to deliver an exceptional level of service and develop a nuanced understanding of each client’s needs, preferences, concerns and aspirations. We can then create highly customized and truly comprehensive plans to help them pursue whatever goals are most important to them.
Coming from institutional investment backgrounds, our partners have managed sizable portfolios through numerous market cycles. We have extensive experience crafting customized investment strategies and are equally comfortable advising affluent families on any other aspect of their financial lives. Working closely with you and your other advisors, we can help you make informed decisions about your estate planning strategies, borrowing, risk management, philanthropy and an extensive variety of other matters.
We look forward to learning more about you, your family or your organization, and to discussing how we can help you realize your aspirations. To begin that conversation, please contact us.
Coming from institutional investment backgrounds, our partners have managed sizable portfolios through numerous market cycles. We have extensive experience crafting customized investment strategies and are equally comfortable advising affluent families on any other aspect of their financial lives. Working closely with you and your other advisors, we can help you make informed decisions about your estate planning strategies, borrowing, risk management, philanthropy and an extensive variety of other matters.
We look forward to learning more about you, your family or your organization, and to discussing how we can help you realize your aspirations. To begin that conversation, please contact us.
Our Approach
- Discovery Process
- Formulation of Tax, Trust, and Estate Strategy
- Creation of Customized Strategic Asset Allocation
- Integration of Tactical Asset Allocation
- Implementation of a Customized Wealth Strategy
- Ongoing Assessment
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.
Intentional. Intimate. In-depth.
The approach is intentionally “all-in”: rigorous planning paired with institutional-quality investment thinking. Our team brings complementary experience that helps families make clear decisions, stay coordinated across advisors, and remain confident through market cycles. Our approach means you are never managing complexity alone. We take ownership of the moving parts from investments to planning to coordination so your decisions are informed, your strategy is cohesive, and your family’s goals remain the center of every recommendation.
Intimate Family Relationships
- 35+ unique client family relationships
- Serving Asheville & Western North Carolina’s only Morgan Stanley Private Wealth Management team
- Focused on high net-worth families and select nonprofit organizations
- Serving Asheville & Western North Carolina’s only Morgan Stanley Private Wealth Management team
- Focused on high net-worth families and select nonprofit organizations
Michael Andry - Turning complexity into clarity for the entire family
As a Family Wealth Director, Michael helps affluent families translate what matters most to them into a coordinated, long-term plan. He brings structure across key planning areas—cash flow and balance sheet strategy, estate and legacy considerations, risk management, and philanthropy—while helping clients make clear decisions during major life and financial transitions such as liquidity events, retirement, relocation, and business succession.
Michael acts as a central point of coordination, working closely with a family’s CPAs and estate attorneys to help ensure strategies are aligned and implemented intentionally. Beyond technical planning, he facilitates values-based family conversations across generations and helps establish practical “guardrails” so decisions stay anchored to stated objectives and a written plan—especially during periods of market volatility. Our team supports continuity by helping families prepare the next generation through education, governance discussions, and beneficiary readiness.
Michael acts as a central point of coordination, working closely with a family’s CPAs and estate attorneys to help ensure strategies are aligned and implemented intentionally. Beyond technical planning, he facilitates values-based family conversations across generations and helps establish practical “guardrails” so decisions stay anchored to stated objectives and a written plan—especially during periods of market volatility. Our team supports continuity by helping families prepare the next generation through education, governance discussions, and beneficiary readiness.
Craig Harris - Disciplined investment leadership, built for real-world markets
As a Chartered Financial Analyst® (CFA®), Craig can add value by bringing an institutional, process-driven approach to building and managing a client’s investment portfolio—helping families make clearer decisions, avoid unintended risks, and stay disciplined through market cycles. We design goals-based portfolios using a structured asset allocation and thoughtful strategy and manager selection, aligned to a client’s time horizon, liquidity needs, and risk parameters. We emphasize risk management by identifying and managing exposures that can materially impact outcomes—such as concentration, liquidity constraints, interest-rate sensitivity, equity drawdowns, and sequence risk—so clients understand key trade-offs before markets test them.
Craig provides ongoing oversight through a repeatable monitoring process, including rebalancing and adjusting exposures as markets move or as a client’s circumstances evolve. In addition, he incorporates tax-aware thinking into implementation decisions in coordination with a client’s tax advisors—without replacing a CPA or attorney—so investment choices are evaluated with after-tax outcomes in mind. Our team translates complex investment concepts into plain English and help clients maintain discipline through changing market regimes by using a consistent framework rather than reacting to short-term volatility.
Craig provides ongoing oversight through a repeatable monitoring process, including rebalancing and adjusting exposures as markets move or as a client’s circumstances evolve. In addition, he incorporates tax-aware thinking into implementation decisions in coordination with a client’s tax advisors—without replacing a CPA or attorney—so investment choices are evaluated with after-tax outcomes in mind. Our team translates complex investment concepts into plain English and help clients maintain discipline through changing market regimes by using a consistent framework rather than reacting to short-term volatility.
AWARD-WINNING WEALTH MANAGEMENT. FOCUSED ON YOU.
With the guidance of a Morgan Stanley Financial Advisor and the strength of a five-time award-winning wealth management platform<sup> <a href="#wm-disclosure-1" class="Link--underline"> <span class="sr-only">Footnote</span> 1 </a> </sup>, you can build, preserve, and manage your wealth with precision and purpose. For every stage of your financial journey.
Tax-Smart Solutions
Leading tax optimization capabilities\<sup\> \<a href="#wm\-disclosure\-2" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 2 \</a\> \</sup\> designed to deliver year\-round tax management with an eye toward reducing taxes and boosting after\-tax returns.
Seamless Cash Management Integration
A comprehensive, coordinated strategy with access to competitive yields, flexible financing options, and exclusive cash management resources.
Premier Risk Management and Cyber Defense
Industry\-acclaimed risk management tools\<sup\> \<a href="#wm\-disclosure\-3" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 3 \</a\> \</sup\> to help drive smarter portfolio decisions. In\-house team of cybersecurity experts dedicated to help protect you from cyber threats.
Personalized Legacy Planning
Guidance from experienced professionals across estate, trust, philanthropy, and financial planning to help preserve and grow your legacy.
An Industry-Leading Platform
Expert insights from 500+ equity analysts to help unlock your portfolio's potential and investment guidance.
Liquidity When You Need It
Industry\-leading securities\-based lending solutions to help access liquidity without selling assets or disrupting your investment strategy.\<sup\> \<a href="#wm\-disclosure\-4" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 4 \</a\> \</sup\>
Robust Concentrated Stock Solutions
Powerful tools and strategies to help manage concentrated stock positions and look to optimize portfolio outcomes.
Alternatives & Private Markets Access
A comprehensive alternative investments platform offering tailored solutions, early access to select offerings, and competitive pricing structures. Exclusive private market and pre\-IPO opportunities that were previously reserved for institutions.
Location
500 College St
Asheville, NC 28801
US
Direct:
(828) 250-8744(828) 250-8744
Meet The Andry-Harris Group
Craig Harris, CFA
Private Wealth Advisor, Portfolio Management Director, Senior Vice President, Private Wealth Management
Phone:
(828) 250-8745(828) 250-8745
Beth Scronce
Registered Client Service Associate
Phone:
(828) 250-8758(828) 250-8758
About Michael Andry
Michael Andry has spent over 35 years in financial services acquiring the skills and experience needed to help highly successful families and foundations address their financial needs.
Michael’s goal is to help each of his clients craft highly customized wealth strategies to preserve their assets, support their lifestyle and create an enduring legacy. Focusing all of his attention on a small number of relationships, he is able to serve as the close family advisor his clients rely upon to make important financial decisions.
Michael began his financial services career as an Investment Banker at Bank of America, where he spent fourteen years. In 2001, he moved with his family to Asheville to become manager of Bank of America/U.S. Trust’s Private Bank office. After ten years in that role, he moved to Wells Fargo Private Bank to continue work with high net worth families and nonprofit organizations. In 2020, brought these talents to Morgan Stanley Private Wealth Management to continue to serve the region.
Michael graduated from Vanderbilt University with a B.A. in economics and earned a Master of Business Administration from Tulane University.
Michael and his wife, Catty, live in Asheville with their three children. His many community involvements have included serving on the boards of the Southern Appalachian Highlands Conservancy (Chair), The Diana Wortham Theatre (Chair), The University of North Carolina Asheville Foundation Board (Chair), The Mission Hospital Foundation Board, The North Carolina Arts Council and Pack Place Performing Arts. He currently serves on The Asheville Symphony Board, The Center for Craft Creativity and Design Foundation Board, and The University of North Carolina Asheville Endowment Board. When not at work, Michael enjoys the outdoors, reading, studying history and golf.
Phone: 828-250-8744
Email: michael.andry@morganstanleypwm.com
Michael’s goal is to help each of his clients craft highly customized wealth strategies to preserve their assets, support their lifestyle and create an enduring legacy. Focusing all of his attention on a small number of relationships, he is able to serve as the close family advisor his clients rely upon to make important financial decisions.
Michael began his financial services career as an Investment Banker at Bank of America, where he spent fourteen years. In 2001, he moved with his family to Asheville to become manager of Bank of America/U.S. Trust’s Private Bank office. After ten years in that role, he moved to Wells Fargo Private Bank to continue work with high net worth families and nonprofit organizations. In 2020, brought these talents to Morgan Stanley Private Wealth Management to continue to serve the region.
Michael graduated from Vanderbilt University with a B.A. in economics and earned a Master of Business Administration from Tulane University.
Michael and his wife, Catty, live in Asheville with their three children. His many community involvements have included serving on the boards of the Southern Appalachian Highlands Conservancy (Chair), The Diana Wortham Theatre (Chair), The University of North Carolina Asheville Foundation Board (Chair), The Mission Hospital Foundation Board, The North Carolina Arts Council and Pack Place Performing Arts. He currently serves on The Asheville Symphony Board, The Center for Craft Creativity and Design Foundation Board, and The University of North Carolina Asheville Endowment Board. When not at work, Michael enjoys the outdoors, reading, studying history and golf.
Phone: 828-250-8744
Email: michael.andry@morganstanleypwm.com
Securities Agent: TN, SC, NY, LA, CO, NC, MA, FL, VA, IL, DC, GA, NH, WY, CA, WA, AL, TX; General Securities Representative; Investment Advisor Representative
NMLS#: 519236
NMLS#: 519236
About Craig Harris
For over three decades, Craig Harris has created and maintained highly customized portfolios for an elite clientele of institutional and individual investors. Serving as the team’s lead strategist, Craig works closely with each client striving to ensure that their assets are invested to support their specific objectives.
Before joining Morgan Stanley in 2020, Craig spent nine years at Wells Fargo Private Bank as Senior Investment Strategist. Prior to Wells Fargo, he served as a Senior Investment Consultant for a major Southeastern regional bank, where he sat on the Alternative Investment Committee and managed portfolios for nonprofit and ERISA clients. Earlier in his career, he served as a Senior Portfolio Manager for a large regional financial institution where he chaired the Investment Strategy Committee and managed a large cap equity mutual fund.
Craig graduated from Belhaven University and went on to become a Chartered Financial Analyst® (CFA ) charter-holder. He is a member and former exam grader of the CFA Institute.
Craig and his wife, Anna, have three children and live in Asheville. In his spare time Craig enjoys travelling, hiking and cooking. He is a lifelong supporter of Liverpool FC and enjoys Formula 1 racing.
Phone: 828-250-8745
Email: craig.harris1@morganstanleypwm.com
Before joining Morgan Stanley in 2020, Craig spent nine years at Wells Fargo Private Bank as Senior Investment Strategist. Prior to Wells Fargo, he served as a Senior Investment Consultant for a major Southeastern regional bank, where he sat on the Alternative Investment Committee and managed portfolios for nonprofit and ERISA clients. Earlier in his career, he served as a Senior Portfolio Manager for a large regional financial institution where he chaired the Investment Strategy Committee and managed a large cap equity mutual fund.
Craig graduated from Belhaven University and went on to become a Chartered Financial Analyst® (CFA ) charter-holder. He is a member and former exam grader of the CFA Institute.
Craig and his wife, Anna, have three children and live in Asheville. In his spare time Craig enjoys travelling, hiking and cooking. He is a lifelong supporter of Liverpool FC and enjoys Formula 1 racing.
Phone: 828-250-8745
Email: craig.harris1@morganstanleypwm.com
Securities Agent: WY, SC, NH, CA, AL, VA, MA, LA, FL, TN, NC, NY, GA, TX, IL, DC, WA, CO; General Securities Representative; Investment Advisor Representative
NMLS#: 1985487
NMLS#: 1985487
About Beth Scronce
Drawing on over three decades of diverse financial industry experience, Beth Scronce works to create an outstanding overall service experience for clients of the Andry Harris Group. Beth is responsible for an extensive range of administrative requests, and works directly with the team’s clients to make certain their service requests are addressed promptly and professionally.
Beth began her career at The Buckhead Bank in Atlanta after receiving her bachelor’s degree from Western Carolina University. This led to a position in mergers and acquisitions at the Bank of America. She returned to her native Asheville in 2000 and transitioned to Bank of America’s Private Wealth Management business in 2006, joining Michael Andry’s team. She served as a banking center manager, personal banker and merchant services liaison before moving with the team to Wells Fargo, and then on to Morgan Stanley.
Beth has two grown children, Christy and AJ. When not at work, she loves hiking in the beautiful mountains surrounding Asheville and traveling to new destinations.
Phone 828-250-8758
beth.scronce@morganstanleypwm.com
Beth began her career at The Buckhead Bank in Atlanta after receiving her bachelor’s degree from Western Carolina University. This led to a position in mergers and acquisitions at the Bank of America. She returned to her native Asheville in 2000 and transitioned to Bank of America’s Private Wealth Management business in 2006, joining Michael Andry’s team. She served as a banking center manager, personal banker and merchant services liaison before moving with the team to Wells Fargo, and then on to Morgan Stanley.
Beth has two grown children, Christy and AJ. When not at work, she loves hiking in the beautiful mountains surrounding Asheville and traveling to new destinations.
Phone 828-250-8758
beth.scronce@morganstanleypwm.com
Contact Michael Andry
Contact Craig Harris
Awards and Recognition
Forbes Best-In-State Wealth Management Teams
2024-2026 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2024-2026). 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
Managing Significant Wealth
- Investment Management
- Wealth Transfer & Philanthropy
- Cash Management & Lending
- Family Governance & Wealth Education
- Lifestyle Advisory
- Business Services
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.
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
We look forward to discussing your needs and goals, and the exceptional resources we can place at your disposal.
1Morgan Stanley Smith Barney LLC and its affiliates and their employees (including Financial Advisors and Private Wealth Advisors) are not in the business of providing tax or legal advice. These materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning.
2Tailored Lending is a loan/line of credit product offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. A Tailored Lending credit facility may be a committed or demand loan/line of credit. All Tailored Lending loans/lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Tailored Lending loans/lines of credit may not be available in all locations. Rates, terms, and programs are subject to change without notice. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is a Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. The proceeds from a Tailored Lending loan/line of credit (including draws and other advances) may not be used to purchase, trade, or carry margin stock; repay margin debt that was used to purchase, trade, or carry margin stock; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
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.
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Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
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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.
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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
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
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.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
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Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
2Tailored Lending is a loan/line of credit product offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. A Tailored Lending credit facility may be a committed or demand loan/line of credit. All Tailored Lending loans/lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Tailored Lending loans/lines of credit may not be available in all locations. Rates, terms, and programs are subject to change without notice. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is a Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. The proceeds from a Tailored Lending loan/line of credit (including draws and other advances) may not be used to purchase, trade, or carry margin stock; repay margin debt that was used to purchase, trade, or carry margin stock; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
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
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
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.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
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
Morgan 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 visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4677197 (7/2025), 5378280 (5/2026)
