Senior Vice President, Wealth Management, Financial Advisor, Portfolio Management Director, Global Sports and Entertainment Director, Financial Planning Specialist, Futures Specialist
Phone:
(310) 285-2630(310) 285-2630
Industry Award WinnerOur Mission Statement
At the Beverly Hills Legacy Group at Morgan Stanley, we work with successful individuals, families and businesses to help them define and pursue their goals—we offer customized financial advice rooted in experience and a vast array of resources designed specifically for building the legacy you envision.
Our Story and Services
As your Financial Advisors, we can help you define and strive to meet your goals by delivering a vast array of resources to you in the way that is most appropriate for how you invest and what you want to achieve. Working together we can help you to preserve and grow your wealth. You’ll have access to some of the world’s most seasoned and respected investment professionals, a premier trading and execution platform and a full spectrum of investment choices.
At the Beverly Hills Legacy Group, we offer a comprehensive wealth management experience that puts your family at the center of everything we do. We look forward to applying our knowledge, resources and service commitment toward helping you and your family plan for the life and legacy you envision.
At the Beverly Hills Legacy Group, we offer a comprehensive wealth management experience that puts your family at the center of everything we do. We look forward to applying our knowledge, resources and service commitment toward helping you and your family plan for the life and legacy you envision.
OUR CLIENTS
- High Net Worth Individuals and Families
- Business Owners
- Corporate Executives
- Legal and Medical Professionals
- Sports and Entertainment Professionals
- Trusts & Estates
- Those with Change of Life Events
- Those with Liquidity Events
Services Include
- Wealth ManagementFootnote1
- Professional Portfolio ManagementFootnote2
- Cash Management and Lending ProductsFootnote3
- Financial PlanningFootnote4
- Business PlanningFootnote5
- Estate Planning StrategiesFootnote6
- Retirement PlanningFootnote7
- Alternative InvestmentsFootnote8
- Fixed IncomeFootnote9
- SyndicateFootnote10
- Structured ProductsFootnote11
- 401(k) Rollovers
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Working With You
Our relationships with our clients are paramount to our success as a team. We strive to ensure our six-step advising process is easy, effective and highlights the communication it takes to foster a strong connection.
Discovery
Understanding your needs through deep conversation and relationship building.
Roadmap
Outlining our priorities as it applies to all of your lifegoals, including those that fall outside of investment management.
Research
Understanding how the resources of Morgan Stanley – a leading global firm – as well as outside research can help in achieving your goals.
Planning
Developing and executing a sound financial strategy based on your unique needs, current asset allocation, risk tolerance and future goals - including education, retirement and other contributing factors.
Managing
Constantly monitoring and managing your discretionary accounts in accordance with the changing market conditions and your changing needs.
Checking In
Keeping you up to date through regular reviews and applying changes as necessary to accommodate your needs and any potential shifts in priority. This often involves looking into the future and planning now for how to involve the next generation.
A Focused Approach to Investments
We have structured our Portfolio Management program to help you meet your specific financial needs and will be managed on a fully discretionary basis. Leveraging the global resources of Morgan Stanley, we will monitor the events that affect your financial objectives. Furthermore, we study trends and developments that shape the investment environment, drive the economy and ultimately impact your portfolio's performance. In managing your portfolio, we will offer guidance in both ongoing portfolio management decisions and understanding investment risk while keeping your long-term goals in view.
We follow a four-step process that helps you develop a long-term perspective about your investments.
Establish Financial Objectives
Work with you to establish a realistic set of objectives based on your financial goals, time horizon, liquidity needs and tolerance to volatility and risk.
Define Investment Strategy
Develop an investment strategy designed to help produce optimal portfolio performance: the highest return potential consistent with the strategy's level of risk.
Evaluate and Select Investments
Develop an investment strategy designed to help produce optimal portfolio performance: the highest return potential consistent with the strategy's level of risk.
Ongoing Review Process
Track your portfolio's performance relative to your stated objectives— and modify the portfolio on a discretionary basis as your needs and circumstances change over time.
Global Sports and Entertainment
Jacob and Louis are part of an esteemed group of financial advisors at Morgan Stanley with the Global Sports and Entertainment Director Designation. Morgan Stanley's Global Sports and Entertainment department was created with these specific needs in mind. Global Sports and Entertainment Directors have advanced experience working within these very specific fields. They understand the total financial picture and craft creative financial strategies that account for the unique challenges and dynamics of athletes, entertainers and artists. Each profession is unique with its own characteristics, earnings profile and variable career span. You require a Financial Advisor who knows your industry and how money flows from your work to your wallet, to preserving it to wealth for generations.
Total Tax 365
Taxes can be a substantial drag on investment returns. Morgan Stanley Total Tax 365 offers access to a broad range of tax-efficient strategies to help you integrate tax planning into your investment process all year long, maximize portfolio after-tax return potential, manage unrealized gains and help keep more of what you earn.
Learn More
Financial Planning
Morgan Stanley Financial Planning can show you a single, comprehensive snapshot of your finances. We can help you create a wealth plan that’s adaptable to the different stages of your life using our cutting edge tools- Goals Planning System (GPS) and LifeView.
Morgan Stanley Goals-Based Wealth Management
How Will You Pay Your Tax Bill?
There are a variety of options to paying your tax bill. Learn some of the pros and cons for each.
Common Approaches to Managing the Payment
Morgan Stanley CashPlus Brokerage Account
Designed as a modern alternative to banking with the capabilities to help you access, move, and manage cash when you need it while enjoying exclusive benefits.
Click to Learn More
Preferred Savings Program
Once you open a Morgan Stanley Brokerage Account, you can make the most of your idle cash with our competitive Preferred Savings Program.
Help Keep Your Cash Working for You
Morgan Stanley Portfolio Solutions
Portfolios that harness Morgan Stanley's industry-leading advice, resources and risk management—calibrated to your specific goals.
Global Investment Office
The Morgan Stanley Global Investment Office provides you with world-class thought leadership timely market commentary, and portfolio ideas to help guide your investment decisions.
Morgan Stanley Portfolio Insights
Helping a Loved One Buy a Home
High home prices and mortgage rates are putting the dream of homeownership out of reach for many would-be buyers. Learn how you can help a loved one break into a tough market.
Ways to Help With a Home PurchaseAWARD-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
9665 Wilshire Blvd
Ste 600
Beverly Hills, CA 90212
US
Direct:
(310) 285-2600(310) 285-2600
Meet The Beverly Hills Legacy Group
Executive Director, Wealth Management, Financial Advisor, Senior Portfolio Management Director, Global Sports and Entertainment Director, Financial Planning Specialist
Phone:
(310) 285-2647(310) 285-2647
Jeana Schkud
Vice President, Business Development Director, Portfolio Management Associate Director, Financial Planning Specialist
Phone:
(310) 285-2686(310) 285-2686
Colleen Downie
Senior Client Service Associate
Phone:
(310) 285-2695(310) 285-2695
Peter Rosa
Wealth Management Associate
Phone:
(310) 285-2637(310) 285-2637
About Louis Ruta
Louis works with clients to identify and address their financial needs at every life stage. He uses his knowledge to develop strategies that target what clients want to achieve for their investments, retirement lifestyle, estate and legacy vision, philanthropic initiatives, tax efficiency and more. As a Portfolio Management Director, Louis is committed to long- term relationships and strives to deliver exceptional client service. He listens carefully to client’s goals, values, aspirations and concerns and works to help them in achieving their financial objectives by creating customized portfolios. As a Global Sports and Entertainment Director at the firm, he has access to specialized resources geared specifically to meeting the unique needs of these individuals.
Louis began his career in the financial industry at Lehman Brothers in 1991 in New York. He has remained with the same firm throughout all the mergers and acquisitions leading to Morgan Stanley today in California. Over the decades, Louis has prided himself in being very accessible and available to share his in-depth understanding of the financial industry with his client base and effectively manage their portfolios. He earned a B.B.A in Finance and minor in Economics from Pace University.
Born in New York, Louis later moved to California in 2001. He currently resides in Glendale with his wife Lizzet and has two children; Lauren and Taylor. Outside of the office, Louis enjoys traveling, spending time with family and golfing.
Louis began his career in the financial industry at Lehman Brothers in 1991 in New York. He has remained with the same firm throughout all the mergers and acquisitions leading to Morgan Stanley today in California. Over the decades, Louis has prided himself in being very accessible and available to share his in-depth understanding of the financial industry with his client base and effectively manage their portfolios. He earned a B.B.A in Finance and minor in Economics from Pace University.
Born in New York, Louis later moved to California in 2001. He currently resides in Glendale with his wife Lizzet and has two children; Lauren and Taylor. Outside of the office, Louis enjoys traveling, spending time with family and golfing.
Securities Agent: MO, OH, NM, MS, IN, VT, TX, CO, WI, NV, NJ, MT, MA, DE, SC, ID, DC, NY, MN, CT, WY, WA, UT, KS, AZ, NC, MI, LA, IL, GA, CA, TN, MD, HI, FL, VA, PA, OR, IA; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1255589
CA Insurance License #: 0E20637
NMLS#: 1255589
CA Insurance License #: 0E20637
About Jacob H Schkud
Jake works with a broad range of clients to incorporate asset management, retirement goals, lending strategies, philanthropic initiatives, insurance protection, succession planning and other key areas into a well-rounded financial strategy. As a Global Sports and Entertainment Director and a former professional athlete himself, Jake uses his knowledge and experience to implement wealth management strategies for clients by concentrating on portfolio management to help meet his client’s life goals. Likewise, as a Senior Portfolio Management Director, he plays an active role in managing client portfolios in accordance with their short- and long-term objectives. Given his tenure at the firm, he understands how to use Morgan Stanley’s global research and resources on clients’ behalf and match its full scope of offerings with their needs.
Jake graduated from Loyola High School of Los Angeles before earning a B.A. in Sociology from the University of Hawai’i at Mānoa, where he played collegiate volleyball. He pursued volleyball after graduation, playing professionally overseas. In addition, he served as captain of the U.S. Youth and Junior National Teams where he traveled the world and later served as a member of the U.S. National Team prepping for the 2012 Olympics. After volleyball, Jake began a career in commercial real estate before shifting to Morgan Stanley in 2013. It was to no surprise that he hit the ground running. Jake was named to Forbes Best-in-State Wealth Management Teams in 2026 and Forbes Next Gen Best-in-State Wealth Advisor by Forbes in 2019 & 2024. He was a member of Morgan Stanley’s Pacesetter’s Club, a global recognition program for Financial Advisors who have demonstrated high professional standards and first-class client service early in their careers.
A native of Santa Monica, CA, Jake currently resides in Manhattan Beach, with his wife, Courtney and their two sons; JJ and Logan. In his free time, he enjoys traveling, playing volleyball, golfing, spending time with his family and coaching youth baseball.
Jake graduated from Loyola High School of Los Angeles before earning a B.A. in Sociology from the University of Hawai’i at Mānoa, where he played collegiate volleyball. He pursued volleyball after graduation, playing professionally overseas. In addition, he served as captain of the U.S. Youth and Junior National Teams where he traveled the world and later served as a member of the U.S. National Team prepping for the 2012 Olympics. After volleyball, Jake began a career in commercial real estate before shifting to Morgan Stanley in 2013. It was to no surprise that he hit the ground running. Jake was named to Forbes Best-in-State Wealth Management Teams in 2026 and Forbes Next Gen Best-in-State Wealth Advisor by Forbes in 2019 & 2024. He was a member of Morgan Stanley’s Pacesetter’s Club, a global recognition program for Financial Advisors who have demonstrated high professional standards and first-class client service early in their careers.
A native of Santa Monica, CA, Jake currently resides in Manhattan Beach, with his wife, Courtney and their two sons; JJ and Logan. In his free time, he enjoys traveling, playing volleyball, golfing, spending time with his family and coaching youth baseball.
Securities Agent: WI, VT, GA, FL, WA, TX, NJ, SC, OH, MD, KS, CT, NV, NC, MS, PA, IL, CO, NM, MT, MI, IA, DC, OR, MN, IN, HI, CA, TN, NY, MA, LA, ID, DE, AZ, MO, WY, VA, UT; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1255495
CA Insurance License #: 0I61223
NMLS#: 1255495
CA Insurance License #: 0I61223
About Jeana Schkud
Jeana focuses on helping successful individuals and families define and pursue their goals by creating a customized financial plan that aligns with their objectives. This plan serves as a framework for the team as they make recommendations and develop strategies for investment management, estate planning, tax mitigation, insurance needs and other areas that affect clients’ financial picture. In addition, she oversees the team’s client service group.
Jeana began her career at Morgan Stanley in 2014 as a Client Service Associate. She transitioned into the firm’s Wealth Advisor Associate program, where she developed customized financial plans for the Beverly Hills Complex, and upon completion became a Financial Advisor exclusively to The Beverly Hills Legacy Group. From 2017 to 2021, she was named to the firm’s Pacesetters Club, a global recognition program for Financial Advisors who have demonstrated high professional standards and first-class client service early in their careers. Currently, Jeana is the team’s Business Development Director and Portfolio Management Associate Director where she participates in the team’s overall business development, portfolio management and marketing as well as the design and updating of tailored reporting for new and existing clients. In addition, she is the main resource for Financial Planning and accompanies the Financial Advisor’s when meeting with clients to evaluate current offerings, develop and implement new services, and strategize to find resolutions. Jeana graduated from The Eller College of Management at The University of Arizona with a B.S.B.A. in Marketing, a minor in Sociology and Sports Management certificate. She then traveled for 6 months through Central America, Europe and Australia.
A native of Santa Monica, CA, Jeana is an avid sports fan, enjoys traveling, going to the beach, and spending time with her family, especially her five nephews.
Jeana began her career at Morgan Stanley in 2014 as a Client Service Associate. She transitioned into the firm’s Wealth Advisor Associate program, where she developed customized financial plans for the Beverly Hills Complex, and upon completion became a Financial Advisor exclusively to The Beverly Hills Legacy Group. From 2017 to 2021, she was named to the firm’s Pacesetters Club, a global recognition program for Financial Advisors who have demonstrated high professional standards and first-class client service early in their careers. Currently, Jeana is the team’s Business Development Director and Portfolio Management Associate Director where she participates in the team’s overall business development, portfolio management and marketing as well as the design and updating of tailored reporting for new and existing clients. In addition, she is the main resource for Financial Planning and accompanies the Financial Advisor’s when meeting with clients to evaluate current offerings, develop and implement new services, and strategize to find resolutions. Jeana graduated from The Eller College of Management at The University of Arizona with a B.S.B.A. in Marketing, a minor in Sociology and Sports Management certificate. She then traveled for 6 months through Central America, Europe and Australia.
A native of Santa Monica, CA, Jeana is an avid sports fan, enjoys traveling, going to the beach, and spending time with her family, especially her five nephews.
Securities Agent: GA, HI, IA, ID, IL, LA, MA, MD, MI, MS, MT, NJ, NM, NV, NY, OH, OR, PA, SC, TX, VA, WA, WI, AZ, CA, CO, CT, DC, DE, FL; General Securities Representative; Investment Advisor Representative
CA Insurance License #: 0K69549
CA Insurance License #: 0K69549
About Colleen Downie
Colleen manages administrative, operational and service matters for clients, including opening new accounts, processing paperwork, and troubleshooting questions and requests. She relies on her extensive industry background, knowledge of back-office operations and familiarity with firm resources to resolve clients’ issues efficiently.
Colleen originally joined Morgan Stanley in 1981 and left briefly before returning to the firm in 1987, where she has remained ever since. Her roots with the team date back more than 30 years, as she been a colleague of Henri Schkud since 1991.
Outside the office, Colleen pursues her creative side through jewelry design, custom woodworking, flower arranging and DYI home projects. She also enjoys golfing, skiing, playing softball, riding motorcycles and spending time with family and friends
Colleen originally joined Morgan Stanley in 1981 and left briefly before returning to the firm in 1987, where she has remained ever since. Her roots with the team date back more than 30 years, as she been a colleague of Henri Schkud since 1991.
Outside the office, Colleen pursues her creative side through jewelry design, custom woodworking, flower arranging and DYI home projects. She also enjoys golfing, skiing, playing softball, riding motorcycles and spending time with family and friends
About Peter Rosa
Peter oversees administrative responsibilities for clients, such as opening accounts, handling money movements, and responding to client calls and emails. He provides timely and thoughtful follow-up to their questions and requests, and he is organized and meticulous in his service approach.
Peter began his career at Paine Webber in 1985 and went on to positions at Smith Barney, where he became registered and licensed, and UBS before joining the team at Morgan Stanley in 2019.
Peter was born in Bermuda and later moved to Canada before coming to California. Outside the office, he enjoys the sunrises and sunsets of living at the beach, and he spends time beachcombing to look for treasures that he incorporates into visual art. He also likes gardening and taking on home projects.
Peter began his career at Paine Webber in 1985 and went on to positions at Smith Barney, where he became registered and licensed, and UBS before joining the team at Morgan Stanley in 2019.
Peter was born in Bermuda and later moved to Canada before coming to California. Outside the office, he enjoys the sunrises and sunsets of living at the beach, and he spends time beachcombing to look for treasures that he incorporates into visual art. He also likes gardening and taking on home projects.
Contact Louis Ruta
Contact Jacob H Schkud
Awards and Recognition
Forbes Best-In-State Wealth Management Teams
2025-2026 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2025-2026). 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
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Wealth Management for Athletes and Entertainers
Understanding the unique financial challenges of athletes and entertainers and how they differ from one profession to the next, we deliver the experience and resources you need to help create and implement a comprehensive, multigenerational wealth management plan based on your needs, values and aspirations.
- Investment Management
- Wealth Transfer & Philanthropy
- Private Banking Solutions
- Family Governance & Wealth Education
- Lifestyle Advisory
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
Iran Conflict: Seven Takeaways for Investors
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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
529 Plans: A Powerful Tool to Save for Education
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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
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
A Simple Six-Step Retirement Checkup
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Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Ready to start a conversation? Contact The Beverly Hills Legacy Group today.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate 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.
3Morgan 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
4Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
5Morgan 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.
6Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
7When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
8Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
9Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
10Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.
11Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
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The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
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The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate 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.
3Morgan 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
4Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
5Morgan 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.
6Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
7When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
8Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
9Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
10Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.
11Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
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 4665150 (8/2025), 5378280 (5/2026)
