Eric Hokanson
Managing Director, Wealth Management, Financial Advisor, Senior Portfolio Management Director
Phone:
(508) 790-9621(508) 790-9621
The Boardwalk Group at Morgan Stanley
Direct:
(508) 790-9600(508) 790-9600
Toll-Free:
(800) 347-8057(800) 347-8057
Industry Award WinnerOur Mission Statement
Unbiased
Uncompromising
Uncomplicated
Our team believes there is a better way of handling wealth and we invite you to see what that means.
Uncompromising
Uncomplicated
Our team believes there is a better way of handling wealth and we invite you to see what that means.
About US
Over the years, all of us at The Boardwalk Group have spoken to our clients about building and protecting their financial security and the importance of taking steps to prepare for the future. We believe it is our job to provide clients with the highest quality of service and most complete and effective wealth management experience possible. Establishing a strong support system for our clients requires a team of people with tenured professional experience and strong educational backgrounds who pay close attention to clients’ wellbeing. As a group, we are passionate about what we do and equally as passionate about how we do it.
Services Include
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
The Boardwalk Group at Morgan Stanley
The Boardwalk Group at Morgan Stanley creates a monthly newsletter for clients and client's friends with content related to timely financial topics. The newsletter also provides a personalized look into our practice to give people a better understanding of who we are and what we do. Click the links below to view our most recent and past newsletters.
At The Boardwalk Group, we deeply value the trust and support our clients consistently place in us. This trust forms the foundation of our relationships and inspires us to uphold a strong tradition of giving back to the community. We are committed to making meaningful contributions to charitable organizations that resonate with our core values and are close to our hearts.
This year we are proud to support the following causes:
The PJT Memorial Foundation - the foundation seeks to support charities whose missions coincide with Paul's commitment to community service, youth outreach, and local community sports.
The Atlantic White Shark Conservancy - is focused on white shark behavior and conservation with a special emphasis on public safety.
Brighter Beginnings - uses a holistic approach including trauma-informed care, somatic psychotherapy, and systemic healing to nurture the mental and emotional well-being of children and adolescents.
The Center for Coastal Studies – conducts research to protect and preserve marine ecosystems and the coastal environment with an emphasis on the marine mammals of the western North Atlantic and coastal habitats of the Gulf of Maine.
Orleans Afterschool Activities Program – provides a safe, nurturing, creative and fun environment for children of working parents afterschool.
Cape Kid Meals – provides food for the school-ages children of Cape Cod families facing hunger when school meal programs are not available.
Video Library
Irrevocable Life Insurance Trust (ILIT)
Learn how you can use an Irrevocable Life Insurance Trust in your estate plan.
Total Tax 365 - Tax Management Services
Learn how Morgan Stanley Tax Management Services can help efficiently manage your capital gains with a complimentary and fully personalized experience.
Experience
Eric Hokanson, Managing Director, Senior Portfolio Management Director, and Financial Advisor, brings over 30 years of experience in the financial industry. He specializes in estate planning strategies, asset allocation, and comprehensive financial planning, leveraging Morgan Stanley’s resources to help clients build and preserve their wealth.
Ryan McMullen, Senior Vice President, Portfolio Management Director, Insurance Planning Director, and Financial Advisor, has over 14 years of experience in financial services. With an MBA in Finance and a Master’s in Accounting from Saint Peter’s University, he specializes in cash flow strategies and fixed income planning for high-net-worth clients.
Cam Morris, Vice President, Senior Portfolio Manager, and Financial Advisor, has over 20 years of experience in financial services. He focuses on financial planning, asset management, and portfolio construction. A graduate of the University of Massachusetts with a degree in Economics, Cam plays a key role in developing customized strategies for clients.
Colin Hokanson, Financial Advisor and Financial Planning Specialist, joined the team last year, bringing a fresh perspective and deep knowledge of technology to enhance the client experience. His focus is on integrating innovative tools and strategies to help clients achieve their financial goals.
Ryan McMullen, Senior Vice President, Portfolio Management Director, Insurance Planning Director, and Financial Advisor, has over 14 years of experience in financial services. With an MBA in Finance and a Master’s in Accounting from Saint Peter’s University, he specializes in cash flow strategies and fixed income planning for high-net-worth clients.
Cam Morris, Vice President, Senior Portfolio Manager, and Financial Advisor, has over 20 years of experience in financial services. He focuses on financial planning, asset management, and portfolio construction. A graduate of the University of Massachusetts with a degree in Economics, Cam plays a key role in developing customized strategies for clients.
Colin Hokanson, Financial Advisor and Financial Planning Specialist, joined the team last year, bringing a fresh perspective and deep knowledge of technology to enhance the client experience. His focus is on integrating innovative tools and strategies to help clients achieve their financial goals.
Location
45 North Street
Hyannis, MA 02601
US
Direct:
(508) 790-9600(508) 790-9600
Toll-Free:
(800) 347-8057(800) 347-8057
Fax:
(508) 790-9650(508) 790-9650
Meet The Boardwalk Group
Ryan McMullen
Senior Vice President, Wealth Management, Financial Advisor, Portfolio Management Director
Phone:
(508) 790-9645(508) 790-9645
James Cameron Morris
Vice President, Wealth Management, Financial Advisor, Senior Portfolio Manager
Phone:
(508) 790-9622(508) 790-9622
Colin Hokanson
Financial Advisor, Financial Planning Specialist
Phone:
(508) 790-9631(508) 790-9631
Vera Nigmatullina, CRPC®*
Wealth Management Associate
Phone:
(508) 790-9607(508) 790-9607
Caroline Clabault
Team Administrator
Phone:
(508) 790-9696(508) 790-9696
Matthew Sweet
Registered Client Service Associate
Phone:
(508) 790-9662(508) 790-9662
About Eric Hokanson
Eric’s personal goal as a Managing Director and Financial Advisor is to build strong, lasting relationships with his clients that go beyond their portfolios. He takes time to understand what his clients value and what is most important to them. Eric believes in proactive communication to ensure everyone is aligned every step of the way.
As the co-founder of The Boardwalk Group, Eric overseas daily operations and takes an active role in strategic wealth planning. He lives by the philosophy that the key to successful investing is discipline and patience. With over 35 years of experience in financial services, Eric has been recognized on Forbes Best-In- State Wealth advisors list in 2019, 2020, 2021, 2022, 2023, 2024, and 2025. He is a graduate of Stonehill College with a Bachelor of Arts in Public Administration.
Under his leadership, The Boardwalk Group has also been named one of Forbes Best-In-State Wealth Management Teams for the last 3 years. Working closely with his team, Eric explores multiple areas beyond traditional financial planning, including:
• Tax efficient strategies
• Estate and trust planning
• Alternative investments
• Corporate options and benefit analysis
• Insurance planning
• Monitoring of concentrated positions
• Philanthropic giving strategies
• Educational planning
Eric and his wife, Kendra, feel blessed to have two children, Colin and Carly. Colin joined The Boardwalk Group in 2024 and Carly is a nurse at Massachusetts General Hospital.
Eric has lived in Sandwich, MA, for over 25 years. Outside of work, he enjoys traveling, golfing, and supporting local charities, and spending time with his family.
2019 - 2025 Forbes Best-In- State Wealth Advisors
Source: Forbes.com (Awarded 2019 - 2025). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
As the co-founder of The Boardwalk Group, Eric overseas daily operations and takes an active role in strategic wealth planning. He lives by the philosophy that the key to successful investing is discipline and patience. With over 35 years of experience in financial services, Eric has been recognized on Forbes Best-In- State Wealth advisors list in 2019, 2020, 2021, 2022, 2023, 2024, and 2025. He is a graduate of Stonehill College with a Bachelor of Arts in Public Administration.
Under his leadership, The Boardwalk Group has also been named one of Forbes Best-In-State Wealth Management Teams for the last 3 years. Working closely with his team, Eric explores multiple areas beyond traditional financial planning, including:
• Tax efficient strategies
• Estate and trust planning
• Alternative investments
• Corporate options and benefit analysis
• Insurance planning
• Monitoring of concentrated positions
• Philanthropic giving strategies
• Educational planning
Eric and his wife, Kendra, feel blessed to have two children, Colin and Carly. Colin joined The Boardwalk Group in 2024 and Carly is a nurse at Massachusetts General Hospital.
Eric has lived in Sandwich, MA, for over 25 years. Outside of work, he enjoys traveling, golfing, and supporting local charities, and spending time with his family.
2019 - 2025 Forbes Best-In- State Wealth Advisors
Source: Forbes.com (Awarded 2019 - 2025). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
Securities Agent: VT, DC, RI, NV, CO, VI, NY, NJ, MD, IN, AZ, OH, IL, CT, MN, VA, WI, TX, PA, NH, MS, FL, CA, SC, OR, MT, ME, MA, HI, WA, NC, MI, GA; BM/Supervisor; General Securities Representative; Investment Advisor Representative
NMLS#: 1398721
CA Insurance License #: 0162327
NMLS#: 1398721
CA Insurance License #: 0162327
About Ryan McMullen
Ryan McMullen, Senior Vice President, Portfolio Management Director, brings experience in personal Wealth Management and asset management. Ryan provides clients with comprehensive and personalized financial advice following a holistic approach to Wealth Management. He focuses on client values, concerns and long term objectives by creating tailored financial solutions that speak to their unique financial situation.
Prior to his work at Morgan Stanley, Ryan worked with ultra-high net worth clients focusing on tax free investing at The GMS Group.
Ryan earned his MBA in Finance and MS in Accounting from Saint Peter’s University Graduate School of Business. Ryan holds undergraduate degrees in Marketing and Economics from Saint Peter’s University.
Ryan McMullen’s personal goal as a Financial Advisor and Senior Vice President is to have multi-generational relationships with his clients and work to build a family legacy. Ryan believes that by working with his clients to understand the families long term goals, we can create wealth strategies for future generations.
As a co-founder of The Boardwalk Group, Ryan maintains oversight of daily operations and takes an active role in strategic wealth planning and portfolio construction. Ryan is a Portfolio Management Director as well as an Insurance Planning Director within the firm. With over 15 years of experience working in financial services, Ryan is a proud graduate of Saint Peters University with Bachelor of Arts Degrees in both Marketing and Economics. Ryan furthered his education at Saint Peter’s University and received his Masters of Science in Accountancy and his Masters of Business Administration.
Working together with his team, Ryan explores a multitude of areas that go beyond the typical financial planning process, including:
• Tax efficient strategies
• Estate planning / Trust strategies
• Alternative investments
• Corporate options and benefits analysis
• Insurance Planning
• Monetization of concentrated positions
• Philanthropic giving strategies
• Income planning
• Educational Planning
Ryan lives in Duxbury, MA and has three beautiful children. Grayson, Lincoln and Sienna. Ryan is a Trustee of Mosaic Lodge and through their efforts enjoys supporting local charities. During his time away from the office Ryan enjoys golf at Marshfield Country Club, traveling to new destinations around the world, skiing at Stowe Mountain in Vermont, basketball, volleyball, sailing and swimming.
Prior to his work at Morgan Stanley, Ryan worked with ultra-high net worth clients focusing on tax free investing at The GMS Group.
Ryan earned his MBA in Finance and MS in Accounting from Saint Peter’s University Graduate School of Business. Ryan holds undergraduate degrees in Marketing and Economics from Saint Peter’s University.
Ryan McMullen’s personal goal as a Financial Advisor and Senior Vice President is to have multi-generational relationships with his clients and work to build a family legacy. Ryan believes that by working with his clients to understand the families long term goals, we can create wealth strategies for future generations.
As a co-founder of The Boardwalk Group, Ryan maintains oversight of daily operations and takes an active role in strategic wealth planning and portfolio construction. Ryan is a Portfolio Management Director as well as an Insurance Planning Director within the firm. With over 15 years of experience working in financial services, Ryan is a proud graduate of Saint Peters University with Bachelor of Arts Degrees in both Marketing and Economics. Ryan furthered his education at Saint Peter’s University and received his Masters of Science in Accountancy and his Masters of Business Administration.
Working together with his team, Ryan explores a multitude of areas that go beyond the typical financial planning process, including:
• Tax efficient strategies
• Estate planning / Trust strategies
• Alternative investments
• Corporate options and benefits analysis
• Insurance Planning
• Monetization of concentrated positions
• Philanthropic giving strategies
• Income planning
• Educational Planning
Ryan lives in Duxbury, MA and has three beautiful children. Grayson, Lincoln and Sienna. Ryan is a Trustee of Mosaic Lodge and through their efforts enjoys supporting local charities. During his time away from the office Ryan enjoys golf at Marshfield Country Club, traveling to new destinations around the world, skiing at Stowe Mountain in Vermont, basketball, volleyball, sailing and swimming.
Securities Agent: IL, CT, VI, NJ, MA, WA, OH, AZ, MD, GA, OR, NY, NV, NH, MT, HI, MS, ME, IN, DC, CO, VA, NC, MN, PA, WI, VT, SC, CA, MI, FL, TX, RI, PR; General Securities Representative; Investment Advisor Representative
NMLS#: 1272866
NMLS#: 1272866
About James Cameron Morris
J. Cameron Morris, Financial Advisor and Vice President joined Morgan Stanley in the fall of 2008. Cam prides himself on attention to detail and building trust. His focus includes working closely with clients and their families to create comprehensive financial planning and portfolio management. He believes achieving financial goals starts with taking a holistic approach to wealth management.
One of Cam’s passions is ocean conservation and specifically that of the great white shark. He’s been able to observe these fish up close not only in the local waters of Cape Cod, but also at the remote island of Guadalupe Mexico, cage diving over the last several years.
Cam holds a degree in Economics from the University Of Massachusetts, Amherst and lives in Cummaquid, MA with his wife Brenda. Outside of the office he can be found on the water, golfing, traveling, and spending time with family.
One of Cam’s passions is ocean conservation and specifically that of the great white shark. He’s been able to observe these fish up close not only in the local waters of Cape Cod, but also at the remote island of Guadalupe Mexico, cage diving over the last several years.
Cam holds a degree in Economics from the University Of Massachusetts, Amherst and lives in Cummaquid, MA with his wife Brenda. Outside of the office he can be found on the water, golfing, traveling, and spending time with family.
Securities Agent: NV, MD, VT, OR, CO, CA, WA, MN, NY, NC, MS, ME, IL, FL, CT, WI, TX, MT, MI, IN, HI, GA, DC, SC, PA, OH, MA, AZ, NJ, VI, VA, RI, NH; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1758105
NMLS#: 1758105
About Colin Hokanson
Colin joined the Boardwalk Group in 2024. Joining as a Financial Advisor Associate with extensive experience in enterprise sales, Colin brings a unique perspective to wealth management by leveraging his deep understanding of client needs to deliver customized financial strategies. By utilizing advanced technology, he enhances the client experience, streamlines portfolio management processes, and ensures that each individual client receives strategies tailored to their financial goals and long-term objectives.
Before transitioning into his current role, Colin honed his expertise working with some of the world’s largest organizations, where he focused on creating innovative solutions that drive success and growth. His ability to merge technology with strategic financial planning has made him a trusted advisor in both the business and financial sectors.
Colin is honored to join Morgan Stanley as a Financial Advisor Associate alongside his father, Eric Hokanson. Having grown up immersed in the financial industry and previously interning for The Boardwalk Group in 2014.
Colin lives in Kingston with his wife Taylor in their first house together. Outside of work, Colin enjoys being on the Cape, traveling, the outdoors, boating, fishing, golfing and snowboarding.
Before transitioning into his current role, Colin honed his expertise working with some of the world’s largest organizations, where he focused on creating innovative solutions that drive success and growth. His ability to merge technology with strategic financial planning has made him a trusted advisor in both the business and financial sectors.
Colin is honored to join Morgan Stanley as a Financial Advisor Associate alongside his father, Eric Hokanson. Having grown up immersed in the financial industry and previously interning for The Boardwalk Group in 2014.
Colin lives in Kingston with his wife Taylor in their first house together. Outside of work, Colin enjoys being on the Cape, traveling, the outdoors, boating, fishing, golfing and snowboarding.
Securities Agent: WA, OH, VT, UT, OK, IN, IL, HI, CA, AZ, AK, TX, PR, MS, MN, ME, MD, CO, VA, RI, NJ, VI, SC, NH, TN, LA, WI, NC, MT, MA, PA, MI, GA, DC, OR, NY, MO, NV, IA, FL, CT; General Securities Representative; Investment Advisor Representative
About Vera Nigmatullina
Vera joined The Boardwalk Group at Morgan Stanley in December 2019. Vera is responsible for assisting our clients with all service related matters.
Previously Vera worked at Morgan Stanley in Boston as a Registered Associate in institutional equities, and has a few years of experience working in wealth management roles in Boston and Washington D.C.
Vera is a graduate of the United Nations International School in Manhattan and has a Bachelor of Arts Degree in Economics and Political Science from the University of Wisconsin – Madison. Vera resides on Lower Cape Cod and enjoys watching her son play in school sports. Vera currently holds FINRA Series 7 and Series 66 registrations, Chartered Retirement Planning CounselorSM* designation, and Life insurance license.
*Disclaimer: This role cannot solicit or provide investment advice
Previously Vera worked at Morgan Stanley in Boston as a Registered Associate in institutional equities, and has a few years of experience working in wealth management roles in Boston and Washington D.C.
Vera is a graduate of the United Nations International School in Manhattan and has a Bachelor of Arts Degree in Economics and Political Science from the University of Wisconsin – Madison. Vera resides on Lower Cape Cod and enjoys watching her son play in school sports. Vera currently holds FINRA Series 7 and Series 66 registrations, Chartered Retirement Planning CounselorSM* designation, and Life insurance license.
*Disclaimer: This role cannot solicit or provide investment advice
About Caroline Clabault
Caroline is the Team Administrator for the Boardwalk Group at Morgan Stanley. She joined the team in May 2023.
Caroline grew up on Cape Cod and has enjoyed spending many summers on the beach. She studied Engineering and Packaging Science at Clemson University and plans to continue her studies in the future.
Currently, she resides in Plymouth and loves walking her dog and playing volleyball in her free time.
Caroline grew up on Cape Cod and has enjoyed spending many summers on the beach. She studied Engineering and Packaging Science at Clemson University and plans to continue her studies in the future.
Currently, she resides in Plymouth and loves walking her dog and playing volleyball in her free time.
About Matthew Sweet
Matthew is the newest member of The Boardwalk Group at Morgan Stanley. He is responsible for assisting our clients with all of their service related needs.
Prior to joining The Boardwalk Group Matthew worked as a Foreign Exchange Associate at First Republic Bank in Boston and, most recently, as a trader at Tradelink Securities in Miami, FL. He holds FINRA Series 7, 57, 66, and 79 registrations.
Matthew is a Graduate from the University of Miami and an avid Canes football fan. He briefly walked on the football team as well. In his free time Matthew enjoys spending time with his wife and studying the Hawaiian language.
Prior to joining The Boardwalk Group Matthew worked as a Foreign Exchange Associate at First Republic Bank in Boston and, most recently, as a trader at Tradelink Securities in Miami, FL. He holds FINRA Series 7, 57, 66, and 79 registrations.
Matthew is a Graduate from the University of Miami and an avid Canes football fan. He briefly walked on the football team as well. In his free time Matthew enjoys spending time with his wife and studying the Hawaiian language.
Contact Eric Hokanson
Contact Ryan McMullen
Contact James Cameron Morris
Awards and Recognition
Forbes Best-In-State Wealth Management Teams
2023-2025 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2023-2025). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
Forbes Best-In-State Wealth Advisors
2019-2025 Forbes Best-In- State Wealth Advisors Source: Forbes.com (Awarded 2019-2025). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
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Wealth Management
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- 401(k) Rollovers
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Rational Investing in an Age of Uncertainty
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Creating customized financial strategies for the challenges that today’s families face.
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529 Plans: A Powerful Tool to Save for Education
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Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
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Financial Planning for Life After Selling a Business
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Ready to start a conversation? Contact The Boardwalk Group today.
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.
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 Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
5Morgan 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.
6Morgan 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.
7Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
8Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
9Investors 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.
10Alternative 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.
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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 Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
5Morgan 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.
6Morgan 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.
7Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
8Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
9Investors 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.
10Alternative 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.
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CRC 4665150 (8/2025)
