Daniel S Biederman, CIMA®
Executive Director, Financial Advisor, Senior Investment Management Consultant
Phone:
(805) 278-3673(805) 278-3673
The Biederman Group at Morgan Stanley
Direct:
(805) 278-3673(805) 278-3673
Toll-Free:
(800) 767-0170(800) 767-0170
Our Mission Statement
To help you navigate the essential stages of life, reach your financial goals, and leave a lasting legacy.
Advice beyond your investment portfolio
For four decades, the multigenerational team at the Biederman Group has helped high-net-worth individuals and families prepare for life's major transitions and phases. Whether you're navigating a liquidity event, selling your business, thinking about retirement, receiving an inheritance, or preparing next generation for stewardship and legacy, these pivotal inflection points can have a lasting impact on your financial future.
That's where our team can come alongside you.
All financial advisors manage money. What we believe makes us different is how we do that.
What's the Biederman Group difference?
1. A clear investment philosophy – We emphasize downside protection and risk‑adjusted returns, via diversification, portfolio construction, and ongoing risk management. We also incorporate private market opportunities to broaden sources of return and enhance diversification.
2. An exceptional client experience and distinctive firm culture – We strive to do the ordinary things in extraordinary ways. The root of exceptional service involves genuinely caring about people. Guided by family-rooted values—honesty, respect, empathy, and accountability—we aim to build real relationships and exceed client expectations.
3. Continuous client education and empowerment – In today's digital world, many people are overwhelmed by the deluge of information and starving for actionable knowledge. We see it as our duty is to provide ongoing education, detailed analysis, clear and straightforward guidance, and customized strategies so clients can be confident in their financial decisions.
Services Include
- Professional Portfolio ManagementFootnote1
- Wealth Consulting
- Cash ManagementFootnote2
- 401(k) Rollovers
- Alternative InvestmentsFootnote3
- Estate Planning StrategiesFootnote4
- Financial PlanningFootnote5
- 529 PlansFootnote6
- Business PlanningFootnote7
- Lending Products
- Life InsuranceFootnote8
- Long Term Care InsuranceFootnote9
- AnnuitiesFootnote10
- Qualified Retirement PlansFootnote11
- Retirement PlanningFootnote12
- Divorce Financial AnalysisFootnote13
- Trust AccountsFootnote14
- Trust Services*
- Precious MetalsFootnote15
- CommoditiesFootnote16
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Your Journey, Our Process
Our disciplined approach begins with developing a comprehensive understanding of who you are, what you value and what you truly want your wealth to accomplish. Specifically, you can count on The Biederman Group to work closely with you in the following manner:
Discovery
Before we make specific recommendations, we take the time to understand who you are as a person, as well as an investor, and what you really hope to achieve for yourself and your family. That means an in-depth discussion of your current finances, future objectives, attitude toward risk and other circumstances that will assist us in developing a customized plan.
Formulation
We analyze your input and seek to develop a wealth management plan that contains specific recommendations designed to meet the objectives you established. Recommendations may encompass such varied strategies as retirement planning, executive compensation issues, tax minimization, wealth transfer, and access to our Banking and Lending Services. Importantly, your plan contains a customized asset allocation based on your total finances, including accounts held at other firms.
Implementation
After presenting your plan to you, we work closely with you to bring it to life. That may entail additional consultation with Morgan Stanley professionals who specialize in estate planning, lending strategies and other disciplines relevant to your situation. And it will also involve the development of an investment strategy to meet the criteria established in the Discovery phase of our process.
Evaluation
As you would expect, we believe that ongoing communication is a vital component of our business. We strive to keep abreast of your changing financial needs and aim to provide viable solutions to help meet them. This means constant monitoring of your plan and portfolio to make certain your assets are positioned to meet your changing circumstances, as well as fluctuating market conditions.
Private Markets & Alternatives
At Morgan Stanley, we empower individuals and institutions with access to private market and alternative investment opportunities. Our offerings encompass private equity, real assets, private credit, hedge funds, and digital assets, providing innovative strategies that may enhance portfolio diversification and deliver unique sources of return. By integrating private markets into your investment approach, you can potentially achieve greater tax efficiency and access growth opportunities beyond traditional equity and fixed income investments.
Morgan Stanley Private Markets Transaction Desk
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6 Opportunities in Alternative Strategies
In the current environment, strategies that worked before may not be effective. Alternative investments could play a valuable role in your portfolio.
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The Growing Opportunity in Private Markets
Companies are spending more time under private ownership and creating more value for private shareholders in the process.
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Get to Know Private Markets
Explore Morgan Stanley At Work resources to learn more about different topics regarding private markets.
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Real Estate Investing for All
On this episode, residential real estate investor Lisa Phillips talks about her journey from foreclosure to investment consultant. Then, Carla sits down with Ryan Williams, Founder and Executive Chairman of Cadre, to talk about how his fintech company is working to democratize real estate investment.
Full Podcast
Understanding Private Credit’s Rapid Growth
Private credit, which can offer floating interest rates that increase in tandem with benchmark rates, has seen significant growth in recent years and could become a $5 trillion market by 2029. See how.
Learn MoreWORKING WITH US
As a Biederman Group Client, you gain access to a wide range of wealth management services that go far beyond your investment portfolio.
Financial & Retirement Planning
Investments may be a major component of your overall finances, but they should not be your only focus. We help clients create comprehensive financial plans that offer strategies for leaving a legacy, reducing debt and managing liabilities. Whether you’re entering your prime earning years or wondering if you can really afford to retire as planned, we can help you proceed with confidence to the future you envision for yourself.
Financial Plan Client Form
Risk Analysis
This unique risk management solution provides sophisticated risk analytics and a view of risk and returns across your portfolios held at Morgan Stanley and at other financial institutions. We seek to help you understand risk across all of your investment holdings, both at Morgan Stanley and at other financial institutions.
Morgan Stanley's Portfolio Risk Platform Video for ClientsEstate Planning Strategies and Trusts
Through the judicious use of trusts, beneficiary designation and lifetime giving programs, you can increase gifts to charitable organizations, reduce turmoil and family rifts, and provide for heirs who may not have the experience or inclination to manage assets.
Impact of Estate Planning
Education Funding
The high cost of higher education has been well documented, but fortunately, there are a variety of solutions available to help you meet the challenge. The earlier you begin planning, however, the more successful you’re likely to be. We can help you determine how much you’ll have to save and whether such vehicles as Education Savings Accounts and 529 College Savings Plans might have a place in your child’s future.
Saving Up For the Future
Accessing Your Tax Forms
1. Log into your account via Morgan Stanley Online
2. Click the Accounts tab
3. Select the Documents tab
4. Go to the Statement drop-down tab
5. Select Tax Documents and download them
Get Started Here2. Click the Accounts tab
3. Select the Documents tab
4. Go to the Statement drop-down tab
5. Select Tax Documents and download them
Tax Filing Checklist: Preparing to File Your Income Tax Returns
Get ahead of filing your taxes. To effectively prepare, you should get organized as early as possible.
View Checklist Here
Impact of Taxes
The strategies you use when drawing down your retirement savings can have a significant impact on how much you'll pay in taxes and may help you keep more of the returns. Each retiree's situation is different but establishing a tax management strategy for your investments can help you retain more of your investment returns.
Life After Divorce
Divorce is almost never easy. The more you know and the better you understand your options, the more prepared you will be to make sound decisions. This will help you take control of your financial life and prepare the way for greater confidence and flexibility in the future.
Life After Divorce: Planning Your New FutureDIGITAL TOOLS AND RESOURCES
Digital technology is centered on how people communicate, consume, transact and travel. Our comprehensive suite of digital tools is designed to help enhance every aspect of your financial life. We have also included resources meant to transform complex financial analysis and research.
July Newsletter
Check out our team's latest monthly newsletter that features a team life update, market info, and our educational topic of the month: Midyear Financial Check-Up.
Click Here
Financial Planning
The first step in creating a personalized financial plan is to develop a thorough understanding of all your important financial goals, and the resources available to meet those goals.
Learn More About LifeView
Spending and Budgeting Tool
Track spending habits, categorize expenses and create budgets across your Morgan Stanley and external financial accounts with our Spending and Budgeting Tool.
Learn More About Spending and Budgeting
Morgan Stanley Online
Your investments and everyday finances are always just a few clicks away with Morgan Stanley Online (MSO) and the Morgan Stanley Mobile App.
Learn More About MSO
Digital Vault
The Digital Vault on Morgan Stanley Online and the Mobile App allows for easy sharing and convenient access to life’s most important documents from wills and deeds to financial statements and tax fillings. Easily manage your encrypted financial records all in one place.
Learn More About Digital Vault
Thoughts On The Market Podcast
With perspectives on the forces shaping the market, join Mike Wilson, Chief Investment Officer and Chief US Equity Strategist for Morgan Stanley, as he and his colleagues discuss a variety of viewpoints regarding the latest trends in the financial marketplace.
Listen To The Latest Episode
On The Markets Research Report
Detailed market commentary from Morgan Stanley's thought leaders on topics such as global equities, fixed income, monetary policy and more.
Read the Latest ReportAWARD-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
300 E. Esplanade Dr, 10th
Floor
Oxnard, CA 93036
US
Direct:
(805) 278-3673(805) 278-3673
Toll-Free:
(800) 767-0170(800) 767-0170
Meet The Biederman Group
Kelly Biederman
Vice President, Financial Advisor
Phone:
(805) 278-3670(805) 278-3670
Brett Zylstra
Financial Advisor
Phone:
(805) 278-3674(805) 278-3674
Adam Biederman
Financial Advisor
Phone:
(805) 278-3649(805) 278-3649
Jeannie A Balmes
Portfolio Associate
Phone:
(805) 278-3671(805) 278-3671
Jason L Tran
Registered Client Service Associate
Phone:
(805) 278-3616(805) 278-3616
About Daniel S Biederman
Dan Biederman is an Executive Director, financial advisor and the founder of The Biederman Group at Morgan Stanley. A graduate of Cal Poly SLO, where he earned his B.S. degree in Industrial Engineering. Dan is also a graduate of the University of Pennsylvania’s Wharton School of Business prestigious Investment Management Analyst program (CIMA). Dan began his career at EF Hutton in 1984 building long-standing, multi-generational relationships with investors across the country. Over that time, he’s provided sound advice and insightful investment strategies that have allowed his clients to grow their portfolios in bull markets and protect their wealth in bear markets.
His strategy to wealth management is built on the foundations of patience and honesty. He is not gimmicky in his approach nor does he make bold promises that he cannot keep. He is particularly good at finding the most efficient and effective route to achieving each client's goals and is deeply committed to earning the trust of the families that he works with. When it comes to building wealth, he believes that a slow, steady and balanced approach is best— the tortoise always beats the hare.
Dan is deeply devoted to his family, faith, and clients. He’s the husband to his wife of 35 years, father to three children, and grandfather to a baby girl. Outside of work he enjoys snow skiing, fly fishing, hunting, and cooking.
Professional Details
Experience
1984 - Present: Executive Director, The Biederman Group at Morgan Stanley
Education
California Polytechnic State University San Luis Obispo – Bachelor of Science (B.S.)
Certified Investment Management AnalystSM (CIMA®) Designation
Corporate Recognition and Honors
President’s Council, Morgan Stanley Wealth Management
Director’s Advisory Group, Morgan Stanley Wealth Management
Director’s Council, Morgan Stanley Wealth Management
30-Year Dedicated Service Award, Morgan Stanley Wealth Management.
Industry Recognition
Professional Associations
Association of Professional Investment Consultants
Investment Management Consultants Association.
Licenses
Series 7 - General Securities License
Series 3 - National Commodities Futures
Series 63 - Uniform State Registration
Series 65 - Investment Advisory Agent
Life, Health and Variable Annuity Insurance License
Long-Term Care Insurance License
CA Insurance Lic. # 0A51104
His strategy to wealth management is built on the foundations of patience and honesty. He is not gimmicky in his approach nor does he make bold promises that he cannot keep. He is particularly good at finding the most efficient and effective route to achieving each client's goals and is deeply committed to earning the trust of the families that he works with. When it comes to building wealth, he believes that a slow, steady and balanced approach is best— the tortoise always beats the hare.
Dan is deeply devoted to his family, faith, and clients. He’s the husband to his wife of 35 years, father to three children, and grandfather to a baby girl. Outside of work he enjoys snow skiing, fly fishing, hunting, and cooking.
Professional Details
Experience
1984 - Present: Executive Director, The Biederman Group at Morgan Stanley
Education
California Polytechnic State University San Luis Obispo – Bachelor of Science (B.S.)
Certified Investment Management AnalystSM (CIMA®) Designation
Corporate Recognition and Honors
President’s Council, Morgan Stanley Wealth Management
Director’s Advisory Group, Morgan Stanley Wealth Management
Director’s Council, Morgan Stanley Wealth Management
30-Year Dedicated Service Award, Morgan Stanley Wealth Management.
Industry Recognition
Professional Associations
Association of Professional Investment Consultants
Investment Management Consultants Association.
Licenses
Series 7 - General Securities License
Series 3 - National Commodities Futures
Series 63 - Uniform State Registration
Series 65 - Investment Advisory Agent
Life, Health and Variable Annuity Insurance License
Long-Term Care Insurance License
CA Insurance Lic. # 0A51104
Securities Agent: NC, AZ, MT, SC, TX, DE, WA, NJ, MI, CA, AK, WV, WI, SD, NY, NV, GA, WY, TN, ME, MA, IL, FL, CO, VA, UT, OR, OK, ID; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1364480
CA Insurance License #: 0A51104
NMLS#: 1364480
CA Insurance License #: 0A51104
About Kelly Biederman
With a career spanning eight years at Morgan Stanley, I bring a wealth of experience and expertise to the world of financial advising. My journey began as a Financial Planning Specialist within the firm, where I honed my skills in crafting comprehensive financial strategies. For the past three years, I've proudly been a part of the Biederman Group, a team led by my father, who has a remarkable 40-year legacy in the industry. Under his mentorship, I've learned the intricacies of wealth management, investment strategies, and client-centric service. I'm passionate about helping clients achieve their financial goals and secure their future. My commitment to excellence, combined with the rich knowledge passed down from my father, enables me to provide personalized financial solutions tailored to your unique needs.
Prior to my career at Morgan Stanley, I worked as a teacher and manager at the Santa Barbara Youth Music Academy. Something that stood out for me while working there, was my love for teaching and helping students. What being a financial advisor and a teacher share, is the ability you have as individual to making something as complex as finance and music and turning into something simple and easily to be understood.
Outside of work I enjoy golfing, surfing, snowboarding, and guitar. I am a football fanatic, who has an unhealthy love for the 49ers. I live in beautiful Santa Barbara with my Great Pyrenees.
Prior to my career at Morgan Stanley, I worked as a teacher and manager at the Santa Barbara Youth Music Academy. Something that stood out for me while working there, was my love for teaching and helping students. What being a financial advisor and a teacher share, is the ability you have as individual to making something as complex as finance and music and turning into something simple and easily to be understood.
Outside of work I enjoy golfing, surfing, snowboarding, and guitar. I am a football fanatic, who has an unhealthy love for the 49ers. I live in beautiful Santa Barbara with my Great Pyrenees.
Securities Agent: DE, SD, MI, MA, WY, WV, UT, ME, TX, SC, OR, OK, IL, WI, WA, NC, CA, AK, MT, GA, CO, AZ, TN, VA, NY, NV, NJ, ID, FL; General Securities Representative; Investment Advisor Representative
NMLS#: 2138031
NMLS#: 2138031
About Brett Zylstra
Brett Zylstra is a financial advisor dedicated to deeply understanding each client’s financial needs and goals. Brett is devoted to learning about each client’s families, careers and financial aspirations.
Following Dan Biederman’s direction, Brett believes successful wealth management is built on the foundations of patience and honesty. He is committed to earning the trust of all the families he works with and continuing relationships for decades to come. Brett was named to Morgan Stanley’s Pacesetter’s Club in 2025, a global recognition program for Financial Advisors who demonstrate the highest professional standards and first-class client service.
Before Morgan Stanley, Brett worked at One Workplace in Santa Clara where he managed multi-million-dollar projects for some of the largest Fortune 100 companies. Brett helped guide these projects from conception to implementation while maintaining budgets, timelines and multiple accompanying trades. It was at One Workplace and an internship at Merrill Lynch that Brett found his passion for making every dollar count and developing personal relationships with his clients.
Brett is a graduate of Santa Clara University, earning his B.S. in Finance. While at SCU, Brett was a member of the ACE Business Honors program in the prestigious Leavey School of Business and the nationally ranked Division I Men’s Water Polo team. Brett is a husband to his wife Caitlin and father to two young sons.
Following Dan Biederman’s direction, Brett believes successful wealth management is built on the foundations of patience and honesty. He is committed to earning the trust of all the families he works with and continuing relationships for decades to come. Brett was named to Morgan Stanley’s Pacesetter’s Club in 2025, a global recognition program for Financial Advisors who demonstrate the highest professional standards and first-class client service.
Before Morgan Stanley, Brett worked at One Workplace in Santa Clara where he managed multi-million-dollar projects for some of the largest Fortune 100 companies. Brett helped guide these projects from conception to implementation while maintaining budgets, timelines and multiple accompanying trades. It was at One Workplace and an internship at Merrill Lynch that Brett found his passion for making every dollar count and developing personal relationships with his clients.
Brett is a graduate of Santa Clara University, earning his B.S. in Finance. While at SCU, Brett was a member of the ACE Business Honors program in the prestigious Leavey School of Business and the nationally ranked Division I Men’s Water Polo team. Brett is a husband to his wife Caitlin and father to two young sons.
Securities Agent: UT, WY, MO, OK, WA, PR, NH, NE, OH, NY, TX, DC, VA, CA, WV, MN, AZ, AR, ME, VT, NC, MT, ND, MS, AL, MD, NJ, GA, WI, TN, SC, SD, RI, AK, CT, PA, IA, NV, HI, IN, IL, ID, MI, OR, DE, VI, MA, NM, FL, KS, LA, KY, CO; General Securities Representative; Investment Advisor Representative
NMLS#: 2474432
NMLS#: 2474432
About Adam Biederman
As a financial advisor with the Biederman Group, I work with business owners, rising professionals, and the next generation of families to help build and preserve wealth via personalized, goal-oriented strategies. My area of focus within the team is emerging opportunities, including cryptocurrencies, AI, and private markets.
Before joining Morgan Stanley, I spent a decade as a professional ghostwriter for brands and business leaders, prioritizing economics, finance, FinTech, MedTech, politics and Artificial Intelligence. During that time, I helped co-found and scale a copywriting and narrative agency, Copycat Inc. This experience honed my ability to distill complex ideas into clear, persuasive communication that resonates with sophisticated audiences.
As a writer and bibliophile, I love the English language. My favorite word is to ‘sonder,’ which is the profound, often overwhelming realization that every random passerby is living a life equally as vivid, complex, and chaotic as your own. Essentially, every person is the protagonist in their own life story. And no two stories are the same; we have different backgrounds, family dynamics, fears, hopes, and dreams. Applying this concept to the realm of finance means that a one-size-fits-all financial strategy simply won’t do. Therefore, my goal is to understand your story: Who are you? What do you care about? Where do you want to go? This discovery helps our team to tailor a financial plan and strategy bespoke to you alone—a plan that we’ll frequently revisit and strategically adjust according to market conditions and changes in your life.
Finally, and most importantly, I’m the husband to Meghan, an incredibly talented interior designer, a wonderful wife, and even better mother. I’m the proud father of two beautiful girls, Shiloh (4) and Elliana (2).
Disclaimers:
Buying, selling, and transacting in Cryptocurrencies, and related funds and products, is highly speculative and may result in a loss of the entire investment.
Before joining Morgan Stanley, I spent a decade as a professional ghostwriter for brands and business leaders, prioritizing economics, finance, FinTech, MedTech, politics and Artificial Intelligence. During that time, I helped co-found and scale a copywriting and narrative agency, Copycat Inc. This experience honed my ability to distill complex ideas into clear, persuasive communication that resonates with sophisticated audiences.
As a writer and bibliophile, I love the English language. My favorite word is to ‘sonder,’ which is the profound, often overwhelming realization that every random passerby is living a life equally as vivid, complex, and chaotic as your own. Essentially, every person is the protagonist in their own life story. And no two stories are the same; we have different backgrounds, family dynamics, fears, hopes, and dreams. Applying this concept to the realm of finance means that a one-size-fits-all financial strategy simply won’t do. Therefore, my goal is to understand your story: Who are you? What do you care about? Where do you want to go? This discovery helps our team to tailor a financial plan and strategy bespoke to you alone—a plan that we’ll frequently revisit and strategically adjust according to market conditions and changes in your life.
Finally, and most importantly, I’m the husband to Meghan, an incredibly talented interior designer, a wonderful wife, and even better mother. I’m the proud father of two beautiful girls, Shiloh (4) and Elliana (2).
Disclaimers:
Buying, selling, and transacting in Cryptocurrencies, and related funds and products, is highly speculative and may result in a loss of the entire investment.
Securities Agent: IL, CT, NM, MT, MS, MI, MD, DC, WA, VI, TX, OH, LA, KY, KS, HI, SD, RI, NJ, MN, GA, AL, VT, VA, NH, ID, IA, DE, AZ, WV, NV, ND, MA, CO, CA, TN, SC, OR, IN, WY, NY, NE, NC, PR, OK, ME, AR, PA, MO, AK, WI, UT, FL; General Securities Representative; Investment Advisor Representative
NMLS#: 2814304
NMLS#: 2814304
About Jeannie A Balmes
Jeannie has worked with Dan Biederman from the time she graduated high school more than 25 years ago. She brings a lot of value to the team, paying attention to all the little things that matter. Jeannie performs a variety of important functions from researching and resolving client issues to assisting in the portfolio review process.
A graduate of San Jose State University with a BS in Business, Jeannie is Series 7, 63 and 66 registered with a California Insurance License. As a result, she can help facilitate trades and provide assistance in a number of diverse product areas. Jeannie believes trust is one of the most important aspects in building relationships and values what she's built with our clients throughout her career here at Morgan Stanley.
A graduate of San Jose State University with a BS in Business, Jeannie is Series 7, 63 and 66 registered with a California Insurance License. As a result, she can help facilitate trades and provide assistance in a number of diverse product areas. Jeannie believes trust is one of the most important aspects in building relationships and values what she's built with our clients throughout her career here at Morgan Stanley.
About Jason L Tran
Jason brings several years of experience supporting financial advisory teams within the wealth management industry with precision and care.
His strong background in wealth management operations makes him skilled in account administration, client onboarding, and maintaining seamless communication between advisors, clients, and internal partners.
Jason began his career in financial services as a bank teller, where he developed his passion for helping clients and his commitment to accuracy and trust. Since then, he has grown in different roles that have him to what he finds most rewarding – developing personalized service for clients with care and thought.
Known for his integrity, attention to detail, and empathetic approach, Jason is passionate about creating strong client relationships built on trust and transparency. He is dedicated to the needs of clients and holds his FINRA Series 7 and 66 licenses.
His strong background in wealth management operations makes him skilled in account administration, client onboarding, and maintaining seamless communication between advisors, clients, and internal partners.
Jason began his career in financial services as a bank teller, where he developed his passion for helping clients and his commitment to accuracy and trust. Since then, he has grown in different roles that have him to what he finds most rewarding – developing personalized service for clients with care and thought.
Known for his integrity, attention to detail, and empathetic approach, Jason is passionate about creating strong client relationships built on trust and transparency. He is dedicated to the needs of clients and holds his FINRA Series 7 and 66 licenses.
Contact Daniel S Biederman
Contact Kelly Biederman
Contact Brett Zylstra
Contact Adam Biederman
The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Jesse Mazza
Private Banker
Londyn Crowder-Maree
Private Banker
Jax Liescheidt
Planning Associate
About Jesse Mazza
Jesse Mazza is a Private Banker serving Morgan Stanley Wealth Management offices in California.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs,
leveraging our comprehensive suite of cash management and lending solutions.
Jesse began his career in financial services in 2011 and joined Morgan Stanley in 2016 as an Associate Private Banker. Prior to joining the firm, he
was a Private Client Banker at JP Morgan Chase.
Jesse is a graduate of the University of La Verne, where he received a Bachelor of Science in Business Administration. He lives in Thousand Oaks,
California with his family. Outside of the office, Jesse enjoys spending time with his family, hiking, traveling, and cooking.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs,
leveraging our comprehensive suite of cash management and lending solutions.
Jesse began his career in financial services in 2011 and joined Morgan Stanley in 2016 as an Associate Private Banker. Prior to joining the firm, he
was a Private Client Banker at JP Morgan Chase.
Jesse is a graduate of the University of La Verne, where he received a Bachelor of Science in Business Administration. He lives in Thousand Oaks,
California with his family. Outside of the office, Jesse enjoys spending time with his family, hiking, traveling, and cooking.
NMLS#: 667403
About Londyn Crowder-Maree
Londyn Crowder-Maree is a Private Banker serving Morgan Stanley Wealth Management offices in California.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Londyn began her career in financial services in 2008, and joined Morgan Stanley in 2014 as an Associate Private Banker. Prior to joining the firm, she was a Regional Bank Private Banker at Wells Fargo Bank, N.A. She also served as a Wealth Management Banker and an Internal Sales Specialist at Merrill Lynch.
Londyn is a graduate of Rutgers University, where she received Bachelor of Arts in Economics and a Masters of Business Administration from Florida Atlantic University in Boca Raton, FL. She lives in Valencia, CA with her daughter Jonah. Outside of the office, Londyn enjoys fashion, music as well as dedicating time to her church and philanthropic outreach programs.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Londyn began her career in financial services in 2008, and joined Morgan Stanley in 2014 as an Associate Private Banker. Prior to joining the firm, she was a Regional Bank Private Banker at Wells Fargo Bank, N.A. She also served as a Wealth Management Banker and an Internal Sales Specialist at Merrill Lynch.
Londyn is a graduate of Rutgers University, where she received Bachelor of Arts in Economics and a Masters of Business Administration from Florida Atlantic University in Boca Raton, FL. She lives in Valencia, CA with her daughter Jonah. Outside of the office, Londyn enjoys fashion, music as well as dedicating time to her church and philanthropic outreach programs.
NMLS#: 800266
About Jax Liescheidt
Jax Liescheidt is a Planning Associate at Morgan Stanley providing dedicated financial planning support to Financial Advisors and their teams. Operating as an extension of the FA/Team, he collaborates with clients to discover and define the goals that matter most to them. Leveraging state of the art technology, he will evaluate various options and their potential outcomes to help clients confidently choose the appropriate course of action. Jax provides expertise across a wide suite of Morgan Stanley planning tools designed to assist in the areas of investment accumulation, retirement, education, major purchase, cash flow, risk management, tax efficiency, and wealth transfer planning.
He earned his undergraduate degree from University of California San Diego and received the Financial Planning Specialist® designation from the College for Financial Planning. Jax is originally from Los Angeles, California and currently resides in Tempe, Arizona.
He earned his undergraduate degree from University of California San Diego and received the Financial Planning Specialist® designation from the College for Financial Planning. Jax is originally from Los Angeles, California and currently resides in Tempe, Arizona.
Private Banking Group (PBG) Market Managers, Senior Private Bankers, Private Bankers, and Associate Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
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 consult with your Financial Advisor to understand these differences.
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. Clients 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.
When 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.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
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 consult with your Financial Advisor to understand these differences.
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. Clients 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.
When 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.
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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 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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
3Alternative 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.
4Morgan 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.
5Morgan 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.
6Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
7Morgan 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.
8Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
10Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
11When 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.
12When 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.
13Morgan 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, charitable giving, philanthropic planning and other legal matters.
14Morgan 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.
15Physical precious metals are non-regulated products. Precious metals are speculative investments, which may experience short-term and long-term price volatility. The value of precious metals investments may fluctuate and may appreciate or decline, depending on market conditions. If sold in a declining market, the price you receive may be less than your original investment. Unlike bonds and stocks, precious metals do not make interest or dividend payments. Therefore, precious metals may not be appropriate for investors who require current income. Precious metals are commodities that should be safely stored, which may impose additional costs on the investor. The Securities Investor Protection Corporation (“SIPC”) provides certain protection for customers’ cash and securities in the event of a brokerage firm’s bankruptcy, other financial difficulties, or if customers’ assets are missing. SIPC protection does not apply to precious metals or other commodities.
16Investing in commodities entails significant risks. The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and, the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.
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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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
3Alternative 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.
4Morgan 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.
5Morgan 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.
6Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
7Morgan 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.
8Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
10Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
11When 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.
12When 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.
13Morgan 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, charitable giving, philanthropic planning and other legal matters.
14Morgan 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.
15Physical precious metals are non-regulated products. Precious metals are speculative investments, which may experience short-term and long-term price volatility. The value of precious metals investments may fluctuate and may appreciate or decline, depending on market conditions. If sold in a declining market, the price you receive may be less than your original investment. Unlike bonds and stocks, precious metals do not make interest or dividend payments. Therefore, precious metals may not be appropriate for investors who require current income. Precious metals are commodities that should be safely stored, which may impose additional costs on the investor. The Securities Investor Protection Corporation (“SIPC”) provides certain protection for customers’ cash and securities in the event of a brokerage firm’s bankruptcy, other financial difficulties, or if customers’ assets are missing. SIPC protection does not apply to precious metals or other commodities.
16Investing in commodities entails significant risks. The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and, the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.
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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.
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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.
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