Michael M Welch, CFP®, CIMA®
Managing Director, Wealth Management, Financial Advisor, Family Wealth Director, Certified Investment Management Analyst
Phone:
(858) 597-7814(858) 597-7814
The Welch Group at Morgan Stanley
Direct:
(858) 597-7762(858) 597-7762
Toll-Free:
(800) 821-4593(800) 821-4593
Our Mission Statement
Experience, intellectual capital and dedicated personal service to help meet your life goals
About Us
The Welch Group was established in 2021, with its origins dating back to 1988. Originally known as The Blotner Group after its founding partner, Bernard Blotner, who retired in 2020 after a successful 36 year career with Morgan Stanley. The team focuses on working with corporations and their executives to help manage and administer equity compensation and employee stock purchase plans. This experience has complemented our individual wealth management services to provide an end-to-end solution for both companies and their valued associates. With a highly credentialed team and access to the full network of Morgan Stanley resources, we give our clients the experience they need with an unparalleled level of service. Together the team manages $2 Billion in client assets (as of 2/25) and has 95 years of combined experience.
- We are driven by relationships, not transactions.
- We value integrity above profit.
- We deliver straightforward, honest, frequent communication.
- We deliver quality solutions to every client.
Services Include
- Executive Financial ServicesFootnote1
- Retirement PlanningFootnote2
- 401(k) Rollovers
- Trust AccountsFootnote3
- Wealth PlanningFootnote4
- Qualified Retirement PlansFootnote5
- Asset Management
- 529 PlansFootnote6
- Alternative InvestmentsFootnote7
- Fixed IncomeFootnote8
- Municipal BondsFootnote9
- Stock Plan ServicesFootnote10
- Stock Option PlansFootnote11
- Cash Management and Lending ProductsFootnote12
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Working With You
At Morgan Stanley, we believe that identifying solutions begins with a solid understanding of each situation, goals, objectives, and risk tolerance. We follow a disciplined process that allows us to work with you to craft a solution that helps your individual financial needs:
Step 1: Introduction
Our relationship begins with an initial discussion aimed towards getting to know you, your lifestyle, and your future goals.
Step 2: Discovery
Work together to establish your financial goals by reviewing your current financial situation and developing an appropriate risk tolerance that can help you achieve the financial outcome you envision for yourself.
Step 3: Financial Plan
Map out essential factors that play into your financial success such as your employee and employer contributions, liquidity events, and insurance coverage. Examining relevant financial information provides a holistic asset allocation analysis for your accounts helping ensure a comprehensive financial plan.
Step 4: Action Items / Next Steps
Follow up with you regarding our analysis and recommendations, which may include adjustments to your financial plan, investment allocation, company benefits, and insurance coverage.
Step 5: Implementation
Focus on creating prospective strategies custom designed for your specific needs. Recommended changes could include logistics, tax impact, asset allocation adjustment, and saving/benefit modifications.
Step 6: Monitoring & Performance Tracking
Finally, monitoring your assets and analyzing your performance tracking data seeking to ensure your financial expectations are being met and adjusted accordingly. We will keep a high degree of communication with you to make sure your concern and request are always addressed.
Forbes Best-in-State
The Welch Group has been named to Forbes Magazine's List of America's Best-in-State Wealth Management Teams for 2024, 2025.
Michael Welch has been named to Forbes Magazine's List of Best-in-State Wealth Advisors for 2020, 2021, 2022, 2023, 2024.
Disclosure(s):
2024-2025 Forbes Best-In-State Wealth Management Teams
Source: Forbes.com (Awarded 2024-2025). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
2020-2024 Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded 2020-2024). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
Michael Welch has been named to Forbes Magazine's List of Best-in-State Wealth Advisors for 2020, 2021, 2022, 2023, 2024.
Disclosure(s):
2024-2025 Forbes Best-In-State Wealth Management Teams
Source: Forbes.com (Awarded 2024-2025). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
2020-2024 Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded 2020-2024). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
VALUABLE TOOLS AND RESOURCES
We believe financial education leads to better insights into our investment strategy and discipline, and ultimately, better long-term decisions. As a result, we are committed to providing you with important information about managing your wealth more effectively in today’s global markets.
We have assembled the following resources that reinforce the fundamental investment strategies and concepts of our practice. We’ve provided links to these materials, where available, and hope you’ll return often to learn more about the topics that impact your overall wealth.
We have assembled the following resources that reinforce the fundamental investment strategies and concepts of our practice. We’ve provided links to these materials, where available, and hope you’ll return often to learn more about the topics that impact your overall wealth.
Thoughts On the Market Podcast
With perspectives on the forces shaping the market, join Morgan Stanley's Chief Investment Officer and Chief US Equity Strategist as he and his colleagues discuss their viewpoints regarding the latest trends in the financial marketplace.
Check out the latest episode
Alternative Investments
Alternative investment strategies span across private equity, private credit, hedge funds, real estate, infrastructure and managed futures markets. We are dedicated to serving the unique needs of financial advisors and their clients by delivering exceptional portfolios and custom alternative investment programs.
Learn more about Alternative Investments
Now, What's Next Podcast Morgan Stanley
A Morgan Stanley podcast that explores the human stories behind the big, sometimes hidden economic forces that shape how we live, what we value and how we make choices. This season: the supply chain.
Check out the latest episodeModern Wealth Management Tools and Resources
Morgan Stanley's comprehensive suite of digital resources has carefully been designed to help enhance each aspect of your financial portfolio. Take some time to learn about some of the many Modern Wealth Management resources that we offer to our clients.
Total Wealth View
Complete your financial profile with Total Wealth View. By linking your external account information, you will benefit from more educated and holistic wealth planning, and convenient connectivity.
Learn More About Total Wealth View
Lifeview
LifeView is a suite of planning tools that creates a realistic, integrated strategy meant to incorporate aspects of an individual’s financial life, including investments and cash management needs. It also provides progress-to-goals reporting which illustrate complex planning strategies.
Access the LifeView Risk Tolerance Questionnaire
Online Security Center
Safeguarding your assets and personal information is among our highest priorities here at the Hubbard Team. Learn about our extensive security measures and take advantage of our vast array of resources and ideas that are geared towards helping you stay protected on the World Wide Web.
Learn more about the Online Security CenterLocation
4350 La Jolla Village Dr
Ste 1000
San Diego, CA 92122
US
Direct:
(858) 597-7762(858) 597-7762
Toll-Free:
(800) 821-4593(800) 821-4593
Fax:
(858) 997-0995(858) 997-0995
Meet The Welch Group
James Friedlan
First Vice President, Executive Financial Services Director, Financial Advisor, Lending Specialist
Phone:
(858) 597-7786(858) 597-7786
Michelle Gray, CFP®
Financial Advisor, Associate Vice President, CERTIFIED FINANCIAL PLANNER®, Alternative Investments Director
Phone:
(858) 597-7722(858) 597-7722
Tom Hoang
Wealth Management Associate, Assistant Vice President
Phone:
(858) 597-7800(858) 597-7800
Josh Bristol, CIMA®
Consulting Group Analyst *Disclaimer: This role cannot solicit or provide investment advice
Phone:
(858) 597-7753(858) 597-7753
Nicole Miller
Registered Client Service Associate
Phone:
8585977777485859777774
About Michael M Welch
Mike has been providing financial advice to high-net-worth individuals, families, and corporations since 2001. Mike developed the strategic planning process that the team utilizes, which provides clients with customized strategies while providing financial education. Areas of emphasis include cash flow, concentration risk, wealth transfer, wealth preservation, and charitable giving. Mike’s training, experience and professional contacts help create a tailored service experience for his clients. Mike is a CERTIFIED FINANCIAL PLANNER™ and a CERTIFIED INVESTMENT MANAGEMENT ANALYST™. Additionally, Mike has earned Morgan Stanley’s FAMILY WEALTH DIRECTOR designation after completing a rigorous qualification process. His licenses include FINRA Series 7, 63, 65 and 3. Mike graduated with a Bachelor of Science from Babson College with a specialty in finance in 2001. Originally from Boston, Mike lives in San Diego is married with four children.
Securities Agent: FL, MA, IN, UT, TN, SC, IA, DC, WY, TX, NE, ID, GA, AZ, PA, OR, MN, ME, CA, WA, NH, DE, CO, AL, VA, NY, NV, NM, LA, KY, PR, NC, MD, AK, OH, MI, IL, NJ, KS, HI, CT, RI, MO; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1272792
CA Insurance License #: 0E66056
NMLS#: 1272792
CA Insurance License #: 0E66056
About James Friedlan
James joined Salomon Smith Barney, a predecessor to Morgan Stanley, while attending San Diego State in 1999 and has been assisting clients with their financial needs ever since. Between 2005 and 2013, James spent time working at Wells Fargo Advisors (formerly Wachovia Securities) and UBS Financial. In 2014, James rejoined Morgan Stanley as a Financial Advisor with The Welch Group. Drawing on both his professional and personal experiences, James provides a unique perspective when developing true holistic strategies for the individuals and families he assists. James understands first-hand the importance of financial planning and strives to be a resource clients can turn to during all stages of life. He holds the FINRA Series 7 and 66 licenses, is CA insurance licensed, and has earned Morgan Stanley’s LENDING SPECIALIST designation. As a San Diego native, James loves cheering on his Padres and still enjoys exploring the city like a tourist with his daughter and extended family.
Securities Agent: MI, KY, MA, HI, CT, VA, PA, NY, NJ, MN, DC, NV, NC, MO, MD, GA, WA, OR, OH, NM, IL, AZ, TN, MT, LA, IN, CA, SC, RI, KS, CO, AK, TX, IA, UT, NE, ID, FL, DE; General Securities Representative; Investment Advisor Representative
NMLS#: 1262038
CA Insurance License #: 0I95290
NMLS#: 1262038
CA Insurance License #: 0I95290
About Michelle Gray
Michelle joined Morgan Stanley and The Welch Group in 2013. As a CERTIFIED FINANCIAL PLANNER™, she specializes in providing comprehensive financial planning services, with a focus on advocating for women in their financial journeys. Michelle is passionate about empowering her clients through education and tailored advice, helping them navigate complex financial situations with confidence. Michelle’s approach is rooted in building strong relationships, taking time to understand each person’s unique goals and aspirations. This allows her to create customized financial strategies that address both immediate and long-term needs. Michelle is actively involved in philanthropic efforts that support her community, including being a member of the Board of Directors for the MiraCosta College Foundation. She holds Series 7, Series 66, and California insurance licenses. She graduated from the University of Oklahoma with a Bachelor of Arts in 2010. Michelle resides in Encinitas with her partner and their pets.
Securities Agent: MA, KY, WA, OH, NE, DC, PR, MI, IL, AK, WV, OR, CA, NJ, NC, GA, CO, MN, MD, AZ, TX, SC, RI, ND, LA, KS, FL, PA, MO, DE, TN, NY, NM, HI, VA, UT, NV, CT, AL, ID, IA; General Securities Representative; Investment Advisor Representative
NMLS#: 1558037
CA Insurance License #: 0K71992
NMLS#: 1558037
CA Insurance License #: 0K71992
About Armand Magcalas
Armand joined Morgan Stanley in 2014 working with one of the top teams in the Los Angeles area. He relocated to San Diego before joining The Welch Group in 2020. Armand believes retirement planning means more than providing clients with investment advice. He is dedicated to helping his clients maintain the financial independence they’ve worked their whole lives to achieve. It means striving to ensure they have the means to pursue what’s most important to them and requires understanding them as people with unique goals, values and circumstances to develop strategies that fit their needs. Armand graduated from California State University, Fullerton with a BA in Business Management and Legal Studies in 2010 and completed the certification for Personal Financial Planning from UCLA in 2018. He has his Series 7, Series 66 and Insurance licenses. Outside of work he enjoys spending time with his wife Adrienne, their three lively daughters and 2 dogs.
Securities Agent: NJ, IL, CO, MT, TX, PR, NY, MD, KS, HI, AZ, WI, VT, OR, NV, NH, NC, IA, AK, SC, MN, MA, KY, ID, DE, CT, CA, WA, MO, DC, AL, VA, NM, LA, GA, RI, NE, UT, PA, FL, MI, TN, OH; General Securities Representative; Investment Advisor Representative
NMLS#: 1898516
NMLS#: 1898516
About Tom Hoang
Tom joined Morgan Stanley in 2014. Before joining The Welch Group, he supported a San Francisco-based Private Wealth Management team. Tom is responsible for ensuring the efficiency of the team operations and streamlining the processes for clients. Tom’s passion for providing exceptional client service sets our team apart. Tom graduated with a Bachelor of Science in business from San Diego State University. He holds the FINRA Series 7 and 66 licenses. Tom is a native San Diegan.
Securities Agent: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
Securities Agent: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
About Josh Bristol
Josh is the Portfolio Associate with The Welch Group, joining Morgan Stanley in 2016. His responsibilities include assisting Financial Advisors with providing an exceptional and professional client experience and assisting the team with analytical projects. Josh currently holds the SIE, Series 7, 63, 65 securities licenses. He is also insurance licensed and holds the distinguished Certified Investment Management Analyst ® (CIMA ®) designation. The CIMA® designation exhibits knowledge and skill in multiple topical areas: investment management analysis, portfolio theory and behavioral analysis, portfolio construction and risk management, and applications of the investment consulting process. Josh graduated with a B.S. degree in Finance from the University of Scranton. Outside of the office he enjoys, surfing, snowboarding, golfing, playing guitar, hiking/camping, yoga, traveling the world and playing soccer.
Securities Agent: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
Securities Agent: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
About Nicole Miller
Nicole was born and raised in Louisville, Kentucky. She graduated from The University of Mississippi with a BA in 2014. She began her financial services career at local investment firm in 2015. From there she decided to pursue a career in Wealth Management, and moved to Chicago where she began working for Morgan Stanley. During the past nine years, she has focused on delivering exceptional client service while building lasting relationships. She just recently joined the Welch Group in San Diego as a Registered Client Service Associate. She is fully registered with her Series 7, Series 66 and Series 63 FINRA licenses. In her spare time, she enjoys spending time with her husband, children and golden retriever.
Securities Agent: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
Securities Agent: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
Contact Michael M Welch
Contact James Friedlan
Contact Michelle Gray
Contact Armand Magcalas
Wealth Management
Global Investment Office
Portfolio Insights
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
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
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
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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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
Donor Advised Funds: A Smart Way to Manage Your Giving
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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.
Mosaic
Explore ideas and inspiration with captivating, original lifestyle stories created exclusively for Morgan Stanley clients.
A Change of Greenery
Article Image
Ready to start a conversation? Contact The Welch Group today.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
1Morgan 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2When 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.
3Morgan 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.
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.
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.
5When 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.
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.
7Alternative 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.
8Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
9Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
10Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
11Morgan 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.
12Morgan 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
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 Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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
1Morgan 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2When 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.
3Morgan 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.
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.
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.
5When 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.
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.
7Alternative 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.
8Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
9Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
10Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
11Morgan 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.
12Morgan 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
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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.
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.
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Awards Disclosures
CRC 6491812 (04/2024)
