The Berkheimer Group at Morgan Stanley is a tightly knit team with a common purpose:

We are here to help our clients preserve, enhance and transfer their wealth within the context of their greater life goals. We are excited to come to work each day, largely due to the wonderful families we serve. With over 80 years of combined experience in financial services, our team provides comprehensive wealth management and premium client service to distinguished individuals and small institutions.We know how hard our clients work for their money and why. They do it to build a meaningful life for themselves, their family, and their community. That’s why we have created a pledge to our clients, to demonstrate our thinking and our promise.
Our Pledge
  • To speak plainly and help you make sense of even the most complex financial concepts.
  • To use our access to global resources and apply them in a personalized and comphrensive way to meet your financial goals.
  • To uphold the code of ethics and professional standards directed by our advanced industry designations.
Services Include
  • Professional Portfolio Management1
  • Financial Planning2
  • Retirement Planning3
  • Cash Management4
  • Lending Products
  • Annuities5
  • Life Insurance6
  • Long Term Care Insurance7
  • Corporate Retirement Plans8
  • Wealth Management9
  • Planning for Education Funding10
  • Qualified Retirement Plans11
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*

Full Suite of Offerings - Tailored To You

Our team utilizes the full suite of offerings from Morgan Stanley to serve our clients. Using this suite of services, we are able to work with our clients on their many goals and in many aspects of their lives.
  • Financial Planning
    - Retirement Income Planning
    - Saving and investing strategies
    - Multi-generational planning
    - Tax minimizing strategies
    - Net worth analysis
  • Cash Management & Lending
    - Active Asset Accounts
    - Online Bill Pay
    - Direct Deposit and Check Writing
  • Retirement Planning
    - Cash Flow Management & Budgeting
    - Adaptive Withdrawal Strategies
    - Traditional IRAs
    - Roth IRAs & Roth Conversions
    - IRA rollovers
    - Required minimum distributions (RMD)
  • Investment Management
    - Asset allocation
    - Traditional investments
    - Alternative investments
    - Sustainable investments
  • Insurance Services
    - Permanent life insurance
    - Term life
    - Long term care
    - Disability

    Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.


    Since life insurance and long term care insurance are medically underwritten, you should not cancel your current policy until your new policy is in force. A change to your current policy may incur charges, fees and costs. A new policy will require a medical exam. Surrender charges may be imposed and the period of time for which the surrender charges apply may increase with a new policy. You should consult with your own tax advisors regarding your potential tax liability on surrenders.


    Guarantees and contractual obligations are backed by the claims-paying ability of the issuing insurance company.
  • Trust & Estate Planning Strategies
    - Wealth transfer strategies
    - Inter-generational needs
  • Risk Management
    - Hedging strategies
    - Interest rate risk management
  • Philanthropy Management
    - Charitable lead trusts
    - Family foundations
    - Donor-advised funds
  • Disclaimers
    Financial Planning: Morgan Stanley Smith Barney LLC 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 http://www.morganstanleyindividual.com or consult with your Financial Advisor to understand these differences.

    Trust & Estate Planning: 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.

The Latest News from The Berkheimer Group

  • Betsy Pakenas Promoted to Managing Director
    "Morgan Stanley announced that Betsy Pakenas, Financial
    Advisor, in the Firm’s Wealth management office in Frederick, MD, has been promoted to Managing Director. This truly significant achievement recognizes Betsy for her exceptional commitment to her clients, as well as her ongoing contributions to the success of our business."
    Read More
  • Betsy Pakenas Named to Forbes Magazine’s List of America’s Best-in-State Wealth Advisors
    "This year's Best-In-State Wealth Advisors list spotlights over 3,000 top advisors across the country who were nominated by their firms—and then researched, interviewed and assigned a ranking within their respective states."
    Read more
  • Betsy Pakenas Named to Working Mother and SHOOK Research's 2018 List of Top Wealth Advisor Moms
    "Congratulations to all of our Financial Advisors who made this year’s Working Mother Top Wealth Advisor Moms list. Not only have you demonstrated your dedication to your families and ambition as a working mother, but you’ve done so while consistently offering excellence and commitment to your clients. We are proud of all of your accomplishments."
    Read more
  • Derek McGee and Sid Huguenin Named to Forbes Magazine’s 2018 List of America’s Top Next Generation Wealth Advisors
    "Morgan Stanley recently announced that Derek McGee, a Senior Vice President and Financial Advisor and Sid Huguenin, Vice President and Financial Advisor, both partners of The Berkheimer Group in the Firm’s Frederick Wealth Management office, have been named to Forbes Magazine’s list of America’s Top Next Generation Wealth Advisors."
    Read more
  • Betsy Pakenas Named to Forbes Magazine’s List of America’s Top Women Wealth Advisors
    "Congratulations to all of our Financial Advisors who made this year’s Forbes Top 200 Women Wealth Advisors list. By putting clients first, leading with exceptional ideas and demonstrating integrity, you consistently deliver the best of Morgan Stanley to every client. We are proud of your accomplishments."
    Read more

Our Community Partnerships

The Berkheimer Group is committed to the communities in which we are honored to be a part. Through our time, talents, and treasures, we individually and collectively aim to make a difference for the future of our families, clients, and neighbors.
  • Recent Projects and Engagements
    Color on the Creek
    Federated Charities
    Frederick Community College Foundation
    Frederick Memorial Hospital
    Frederick's Oktoberfest/Rotary Club of Carroll Creek
    Habitat for Humanity of Frederick County
    JARC Memorial Fund
    Military Officers Association (MOAA)
    Pancreatic Cancer Action Network
    Patty Pallatos Fund
    Rotary Club of Frederick
    Saint James School
    Tour de Frederick
    Woman to Woman Mentoring

Tax Season Basics: Understanding Your Personal Income Taxes

  • While taxes may not be top of mind for much of the year, now might be a good time for a quick refresher on some important information that impacts how much you’ll owe Uncle Sam. Taxes impact nearly every aspect of your financial life¬¬¬¬¬¬, from your overall financial and investment strategy to how you choose to save for your most important goals, such as a dream vacation, retirement or your child’s education. Understanding tax concepts and tax planning strategies—and opportunities that may reduce your tax bill—will help you make the most of the money you’ve worked so hard to earn.
    In order to plan for your tax obligations and take advantage of common tax strategies, you need to know what forms you will need, how different types of income are taxed and how your federal taxes are calculated.
  • Common Tax Forms
    W-4 Form. This is the form your employer uses to determine what percentage of your pay will be deducted for taxes. Filling out your W-4 form correctly helps ensure you don’t underpay or overpay your taxes during the year.

    W-2 Form. Your W-2 statement provides a breakdown of your earnings and the amount of taxes withheld from your paycheck for the year. If contributions to your retirement plan and health savings account were deducted from your paycheck, you will see this on your W-2, as well.

    Form 1099-INT. If you received any interest income, it will be reported on this form.

    Form 1099-DIV. If you received any dividend income, it will be reported on this form.

    Form 1040. This is the official form used to file your individual income tax return each year.
  • How Income Is Taxed
    Your taxable income includes more than just the money you earn at work. Taxable income can be divided into ordinary income and capital gains. Ordinary income includes the compensation you receive from your job, as well as interest income. Capital gains include money you make on selling an asset, such as stock or real estate, as well as investment property. If you lose money selling an asset, you incur a capital loss.
    It is important to distinguish between ordinary income and capital gains or losses because these two types of income are treated differently for tax purposes. For capital gains, your tax will rate will depend on how long you held the asset. If the holding period was longer than one year, your capital gain or loss is considered long-term and is subject to a lower tax rate. If you have capital losses you can offset them against gains or against a maximum of $3,000 of ordinary income. If you still have capital losses left over, you can carry them forward to the next tax year.
  • How Your Taxes Are Calculated
    Important components of your tax calculation include:

    Gross Income. This includes all your income from all sources.

    Adjustments to Income. These are deductions that reduce your gross income, such as traditional IRA contributions, student loan interest payments and contributions to a health savings account.

    Standard or Itemized Deductions. These are deductions, such as medical expenses, mortgage interest and charitable gifts that reduce your taxable income.

    Credits. These are credits that reduce your tax liability, such as child tax credits and education credits.
  • Tax Planning Strategies
    There are a number of tax-deferred accounts that you may be able to use to set aside money for specific needs and to potentially reduce your liability. These include flexible spending accounts, health savings accounts, commuter accounts or commuter benefits programs, education savings accounts, employer-sponsored retirement plans and individual retirement accounts.

    Another strategy that may help to reduce your tax liability is to maximize your contributions to your company retirement plan and/or your IRA(s).

    With your permission, a Financial Advisor can work with your tax advisor to help ensure that your tax strategy aligns with your overall wealth management strategy and is tailored to your individual goals.
  • Disclosures
    Article by Morgan Stanley and provided courtesy of Morgan Stanley Financial Advisor.

    This article has been prepared for informational purposes only. The information and data in the article has been obtained from sources outside of Morgan Stanley. Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of the information or data from sources outside of Morgan Stanley. It does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this article may not be suitable for all investors. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

    Tax laws are complex and subject to change. 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 and are not “fiduciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley and/or as described at www.morganstanley.com/disclosures/dol. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account.

    © 2018 Morgan Stanley Smith Barney LLC. Member SIPC. CRC 2289455 10/2018

Location

30 W Patrick Street
7th Fl
Frederick, MD 21701
US
Direct:
(301) 631-7124(301) 631-7124
Toll-Free:
(800) 634-0072(800) 634-0072

Meet The Berkheimer Group

About Me

Betsy Berkheimer Pakenas is a Managing Director and Financial Advisor for Morgan Stanley in Frederick, Maryland. As The Berkheimer Group’s managing partner, she oversees all aspects of the practice while working closely with the team’s seven-person staff to provide financial planning and investment management to high net worth families and small institutions.

A Financial Advisor since 1998, Betsy was named to Forbes "Best-in-State Wealth Advisors" for Maryland in 2019 and 2018, Forbes "America’s Top Women Wealth Advisors" in 2018 and 2017, Working Mother magazine's "Top Wealth Adviser Moms" in 2018 and 2017, and Financial Times "Top 400 Financial Advisors" in both 2015 and 2016. In recognition of her achievements, Betsy has been a speaker at multiple Barron’s industry conferences and was also featured in Morgan Stanley’s national ad campaign in 2015.

Active in her community, Betsy has held leadership positions in local organizations including the Frederick County Commission for Women, and the Rotary Club of Frederick, where she is a past president of the two hundred-member service organization. She is currently a Director of Frederick Memorial Hospital.

After graduating as valedictorian of her local Frederick High School class, Betsy earned her B.S. at Washington & Lee University and continues to be an active alumna. She is a 2001 Leadership Frederick graduate and 2014 Leadership Maryland graduate. Betsy and her husband, Peter, live in Middletown, Maryland, with their two children.
Securities Agent: TX, MD, WV, WI, WA, VI, VA, TN, SC, RI, PA, OH, NY, NV, NM, NJ, NC, MN, MI, ME, MA, LA, KS, IL, GA, FL, DE, DC, CT, CO, CA, AZ, AR, AK; Managed Futures; General Securities Representative; Investment Advisor Representative
NMLS#: 1290535

About Me

Derek McGee is a Senior Vice President, Financial Advisor and Senior Portfolio Manager at Morgan Stanley. As the team’s chief investment officer, Derek is responsible for portfolio construction, implementation and monitoring of all investment strategies.

As a senior partner of The Berkheimer Group with 15 years of industry experience, Derek focuses on overseeing all aspects of portfolio management and helps construct the team’s long-term investment philosophy as well as the shorter-term strategic outlook. Derek was named to Forbes "America's Top Next Generation Wealth Advisors" list in 2017 and 2018.

Prior to joining The Berkheimer Group in 2006, Derek was Regional Sales Director for Smith Barney’s Consulting Group. In this role, he advised high net worth individuals and institutions on asset allocation, manager selection and investment policy. Derek built relationships during that time with a wide network of investment professionals inside and outside the firm. The resources and knowledge gained in that role continue to help Derek when advising our clients today.

Active in the local community, Derek is a member of the Rotary Club of Carroll Creek and currently holds a leadership position on the board of directors for the Downtown Frederick Partnership. He is also a 2014 graduate of Leadership Frederick.

Derek earned a degree in financial management from The Catholic University of America, where he was the school’s starting quarterback for four years. He and his wife, Cheryl, live in Frederick with their three children.
Securities Agent: MD, WV, WI, WA, VI, VA, TX, TN, SC, RI, PA, OR, OH, NY, NV, NM, NJ, NC, MN, MI, ME, MA, LA, KS, IL, HI, GA, FL, DE, DC, CT, CO, CA, AZ, AR, AK; Managed Futures; General Securities Representative; Investment Advisor Representative
NMLS#: 1288039

About Me

Sid Huguenin is a Vice President and Financial Advisor with The Berkheimer Group at Morgan Stanley. He focuses on financial planning and retirement planning for high net worth individuals and families. With nearly 15 years of experience in accounting and the financial services industry, Sid provides sophisticated solutions to the complex issues his clients face.

In 2005, Sid began his financial services career as an accountant with Hertzbach & Company, where he acquired skills in tax planning, business valuation and balance sheet analysis. He then worked in investment banking at Ferris, Baker Watts in 2006. There, he further developed his proficiency in analysis and financial modeling. Sid came to Morgan Stanley in 2008. He was named to Forbes "America's Top Next Generation Wealth Advisors" list in 2018

Sid graduated from Johns Hopkins University in 2005 with a major in economics. Active in his community, Sid is a member of the Antietam Exchange Club, an organization which seeks to create better communities through youth projects and the prevention of child abuse. He also serves as Chair of the Annual Fund of the Saint James School Alumni Council. In his free time, he enjoys golf, basketball and spending time with his family. Sid and his wife, Lauren, live in Hagerstown, MD with their son and daughter.
Securities Agent: MD, WV, WI, WA, VI, VA, TX, TN, SC, RI, PA, OH, NY, NV, NM, NJ, NC, MN, MI, ME, MA, LA, KS, IL, GA, FL, DE, DC, CT, CO, CA, AZ, AR, AK; General Securities Representative; Investment Advisor Representative
NMLS#: 1285088

About Me

With over 30 years of experience in wealth management, Charlie's work continues to combine highly attentive relationships with comprehensive and customized financial services. He focuses on individual retirement planning and investment management to aid our clients in meeting their goals while working within their risk tolerance. As part of The Berkheimer Group at Morgan Stanley, Charlie works with a team of professionals who are equally committed to supporting our clients in preserving, enhancing, and transferring wealth.

In his time away from the office, Charlie is a workout enthusiast and sports fan. He also enjoys time with his two sons and their growing families, which includes chasing after his six grandchildren. He currently lives with his wife, Chris, in New Jersey.
Securities Agent: NJ, MD, WV, WI, WA, VI, VA, TX, TN, SC, RI, PA, OH, NY, NM, NC, MN, MI, ME, MA, LA, KS, IL, GA, FL, DE, DC, CT, CO, CA, AZ, AR, AK; General Securities Representative; Investment Advisor Representative
NMLS#: 1619958

About Me

Phil Berkheimer is a Vice President for Morgan Stanley in Frederick, Maryland. He entered the investment business in 1968 with Alex Brown & Sons in Baltimore, and started the Frederick office of Legg Mason in 1976. To provide a broader spectrum of services to his wealth management clients, Phil formed The Berkheimer Group in 1998 with the addition of his daughter, Betsy.

A 45-year veteran of the investment management industry, Phil’s extensive experience adds the historical perspective so helpful to our clients when navigating various market conditions. He finds the opportunity to continue to work with multigenerational families he has advised for over 40 years especially gratifying.

Phil has held various volunteer leadership positions in the community, including president of the Rotary Club of Frederick, director of the Frederick Community College Foundation, trustee of the Community Foundation of Frederick County and chairman of the Frederick Memorial Hospital Board of Directors and Development Council. In addition, he is immediate Past-Chairman of the Hood College Board of Trustees.

A native of Hanover, Pennsylvania, Phil holds a Bachelor of Arts in history from Franklin & Marshall College, where he has since served on the board of trustees for the Alumni Association. He is a former instrument-rated private pilot and U.S. Marine Corps officer, whose service included a tour of duty in Vietnam from May 1966-June 1967. Phil and his wife, Marj, reside in Frederick, Maryland.

About Me

Kimberly Bishop is a Registered Associate with The Berkheimer Group at Morgan Stanley. Working closely with the team’s clients, Kimberly focuses on meeting the day-to-day needs of clients and assisting them with any questions or concerns. She is always prepared to go the extra mile to ensure that every client is valued and heard.

Kimberly began her career in customer service with Legg Mason, where she was a registered associate for three years. In that role, Kimberly focused on addressing client inquiries and assisting them in resolving issues. Kimberly joined Morgan Stanley in 2014.

Outside the office, Kimberly enjoys spending time with her husband and their two children.

About Me

Debbie Frey is a Registered Associate with The Berkheimer Group.  With over 18 years of industry experience in various operational and management positions, Debbie started her career with Parker/Hunter, Inc. and most recently worked for a private wealth management firm.  She joined Morgan Stanley in 2018. 

Debbie’s main focus has always been on providing exceptional client service, and she continues to do so as a member of our team.  She enjoys going above and beyond, aiming to make ‘life easy’ for clients.  

Debbie and her husband are empty nesters with both of their kids in college.

About Me

Drawing on more than 10 years of customer service and community relations experience, Ashley Waters is responsible for ensuring the team efficiently delivers the highest quality service to our clients and community partners. Ashley is enthusiastic in supporting clients with a comprehensive understanding of the firm’s suite of features and offerings, which includes mobile applications, online capabilities, and cash management solutions, just to name a few. Ashley is also the administrative catalyst behind The Berkheimer Group'’s commitment to giving back to the communities in which we are honored to be a part.   

Prior to joining Morgan Stanley, Ashley was the Director of UMBC-Shady Grove, UMBC’s branch campus in Rockville, MD. She holds a Bachelor’s degree from Penn State University, a Master’s degree from Towson University, and a Doctoral degree from The University of Baltimore.  Ashley also is a contributor with Sass Magazine, a publication focused on the development and support of professional women.  

Ashley is very active with many organizations in the Frederick community, including holding directorships with The Rotary Club of Carroll Creek and Woman to Woman Mentoring. Ashley also partners with the Make-A-Wish Foundation of the Mid-Atlantic, Federated Charities, Habitat for Humanity of Frederick County, and Mt. Carmel United Methodist Church. Ashley, her husband, Andrew, and their son live in New Market, MD.
From Our Team

New Savings Promotion �€“ 2.3%APY


Investment and Market Perspectives

On the Markets

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
The Simple Six-Step Retirement Checkup

The Simple Six-Step Retirement Checkup

Given market volatility in 2018, checking in on your retirement plan may be one of the wisest New Year’s resolutions you can make.

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
Five Smart Strategies to Use a Bonus or Raise

Five Smart Strategies to Use a Bonus or Raise

Have extra money coming in? Here are ways to put your money to work for you now, so you can reap the rewards down the road.

Family

Creating customized financial strategies for the challenges that today's families face.
  • Estate Planning Strategies
  • 529 Plans / Education Savings Planning
  • Long Term Care Insurance
  • Special Needs Planning
  • Trust Services
Financial Transition: A Guide for Women

Financial Transition: A Guide for Women

Here's how to take control of your finances if a death or divorce leaves you holding the reins.

Business Planning

Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
  • Succession Planning
  • Business Planning
  • Retirement Plan Sponsors
  • Qualified Retirement Plans
  • Corporate Pension Funds
6 Keys to Building a Startup

6 Keys to Building a Startup

Entrepreneurs share ideas and learnings from the experience of starting a company.

Philanthropy

Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
  • Endowments
  • Foundations
  • Donor Advised Funds
  • Impact Investing
A New Roadmap for Mission Alignment

A New Roadmap for Mission Alignment

Non-profits, foundations and endowments need to ensure that their sources of capital are in sync with their stated goals.

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.
Art as An Asset
CRC 2274738 01/19

Art as An Asset

Art may play a significant role in the context of a collector's overall wealth. Generally, a collector may differentiate financial assets, including stocks, bonds and real estate, from other possessions, such as art.

More from Morgan Stanley

Consolidate Your Cash at a Competitive Rate

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Morgan Stanley and Justin Rose: A Winning Team

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Morgan Stanley and our brand ambassador, PGA TOUR champion Justin Rose, share a set of core values and a common cause: giving books to children in need.
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Reserved | Living & Giving

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Our complimentary program for eligible clients provides you and your family with access to exclusive offers and discounts from premium travel, automotive, health and wellness, and retail brands as well as curated insights from Morgan Stanley.
Learn more about Reserved | Living & Giving
Sign Up for eDelivery

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With eDelivery, you’ll have easy access to statements, trade confirmations, general correspondence and much more.
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Access Morgan Stanley Online

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Morgan Stanley Online provides a comprehensive view of your assets and liabilities, projected income, breaking news, research and much more.
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Ready to start a conversation? Contact The Berkheimer Group today.
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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.

1Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be suitable for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.

2Morgan 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.

3Morgan 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.

4Morgan 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

5Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

6Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

8Tax laws are complex and subject to change. 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 and are not “fiduciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley and/or as described at www.morganstanley.com/disclosures/dol . Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account.

9Morgan 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.

10Morgan 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.

11Tax laws are complex and subject to change. 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 and are not “fiduciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley and/or as described at www.morganstanley.com/disclosures/dol . Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account.

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 suitable 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”) 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.


CRC 2019752 10/2018