Douglas Bott, CRPS®
Senior Vice President, Financial Advisor, CHARTERED RETIREMENT PLANS SPECIALIST, Corporate Retirement Director
Phone:
(209) 476-2881(209) 476-2881
The Bott Group at Morgan Stanley
Direct:
(209) 478-2230(209) 478-2230
Toll-Free:
(800) 745-2230(800) 745-2230
Our Mission Statement
We help professionals, business owners and their families with financial guidance and personalized service.
Welcome
The only constant in life is change. We face change every day and it is often unpredictable. Our job as financial advisors is to prepare for this and put you in the best position to adapt and help you meet your financial goals in spite of the unpredictable.
Our process involves getting to know what you value most, understanding your goals and creating an investment strategy where you assume no more risk than necessary.
We work with a wide range of clients that include high net worth families, business owners and working professionals, and deliver a comprehensive wealth management approach that, of course, includes investment management but also estate planning strategies, lending solutions, philanthropy and everything else that encompasses your financial wellbeing.
Our process involves getting to know what you value most, understanding your goals and creating an investment strategy where you assume no more risk than necessary.
We work with a wide range of clients that include high net worth families, business owners and working professionals, and deliver a comprehensive wealth management approach that, of course, includes investment management but also estate planning strategies, lending solutions, philanthropy and everything else that encompasses your financial wellbeing.
Services Include
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Category of One
Why Us?
Here at the Bott Group we regard each of our clients financial objectives, past and present in order to formulate a comprehensive and personalized approach to your finances. We are no stranger to complex financial situations.
Our Process
We also work closely with you to understand your needs while maintaining the focus and discipline to help guide your portfolio through the most challenging market cycles. We are in a category of one.
Here at the Bott Group we regard each of our clients financial objectives, past and present in order to formulate a comprehensive and personalized approach to your finances. We are no stranger to complex financial situations.
Our Process
We also work closely with you to understand your needs while maintaining the focus and discipline to help guide your portfolio through the most challenging market cycles. We are in a category of one.
TRUST and EXPERIENCE
Trusting someone with your financial future is not easy, and we don’t take it lightly. We have spent our careers studying financial markets, financial planning, individual retirement needs and the demands of business owners so that our clients are confident with their finances.
Step 1: Set your Financial Objectives
Set Your Financial Objectives
- Help you develop an investment strategy
- Strategy is based on your:
- Specific Goals
- Time horizon
- Tolerance for risk
- Appetite for market volatility
- Help you develop an investment strategy
- Strategy is based on your:
- Specific Goals
- Time horizon
- Tolerance for risk
- Appetite for market volatility
OBJECTIVE and PERSONALIZED SOLUTIONS
While planning for retirement is a common goal, the approach we take for each individual client is never the same. We listen first to understand your goals and values, and then we help formulate a plan tailored specifically to your needs.
Step 2: Define an Investment Strategy
- Asset allocation recommendation
- Model and portfolio construction
- Part of a diversified investment strategy
- Model and portfolio construction
- Part of a diversified investment strategy
INSTITUTIONAL ACCESS
As your assets grow over time, it becomes increasingly difficult to know not only what to invest in but how to do it. By leveraging the resources of Morgan Stanley, we’re able to find you the appropriate investments at a fair cost.
Step 3: Evaluate and Select Investments
- Implementation of asset allocation strategy
- Investment selection based on your best interests
- Investment selection based on your best interests
TIME: YOUR MOST VALUABLE ASSET
After a successful career of working and saving to achieve your retirement goals, the last thing you want to do is spend your time researching and trading investments. Let us do the hard work so you can enjoy your best years.
Step 4: Ongoing Review Process
- Assessment of your investment performance
- Make appropriate adjustments
- Adapt strategy to changes in your personal and professional life
- Make appropriate adjustments
- Adapt strategy to changes in your personal and professional life
Modern Wealth Digital Tools
Morgan Stanley boasts an array of straightforward digital resources right at your fingertips. Whether it is to access your accounts at a moment's notice, safeguard your assets effectively, and many more.
Our comprehensive suite of digital tools are designed to help enhance every aspect of your financial life. Below are a few of the technologies that we offer our clients.
Welcome to the Modern Wealth Tool Digital Suite
Our comprehensive suite of digital tools are designed to help enhance every aspect of your financial life. Below are a few of the technologies that we offer our clients.
Welcome to the Modern Wealth Tool Digital Suite
Morgan Stanley Online
Morgan Stanley Online allows you to seamlessly and securely manage your investments and everyday finances in one place.
Register for Morgan Stanley Online today
eDelivery
Sign up for eDelivery today and start receiving email notifications as soon as your account documents are available on Morgan Stanley Online or the Morgan Stanley Mobile App. It's quick, convenient & secure.
Enroll Today
Digital Vault
Digital Vault lets you easily and securely manage and share important documents such as account statements, authorizations, tax filings and other relevant documents with your Financial Advisor.
Get started today
Security Center
Learn about our latest security measures, how we are safeguarding your assets and personal information and find actionable insights and resources on important cybersecurity topics to enhance your own online security.
Visit our Security Center
Total Wealth View
Complete your financial picture with Total Wealth View. By linking your account information, you will benefit from more informed wealth planning, more secure data access, and convenient connectivity.
Learn More About Total Wealth View
Goals Based Planning
Working with us, paired with our technology, is a great way to access advice and build a wealth plan. Read more about the advantages of working with our planning technology in reaching your financial goals.
Learn About our Planning ToolsWe Offer Comprehensive Solutions
We help working professionals, retirees, and business owners manage their financial life, no matter the complexity of the specific situation.
Insurance Services
- Permanent Life
- Term Life
- Long-Term Care
- Disability
- Term Life
- Long-Term Care
- Disability
Investment Advice
- Thought Leadership
- Asset Allocation
- Portfolio Construction
- Investment Manager Selection
- Asset Allocation
- Portfolio Construction
- Investment Manager Selection
Trust, Estate & Legacy Planning
- Wealth Transfer Strategies
- Trust, Estate and Legacy Planning Strategies
- Trust and Estate Professionals
Click here for more info:- Trust, Estate and Legacy Planning Strategies
- Trust and Estate Professionals
Investment Solutions
- Advisory
- Brokerage
- Traditional Products
- Alternatives
- Annuities
- Investing with Impact
- Brokerage
- Traditional Products
- Alternatives
- Annuities
- Investing with Impact
Philanthropy Services
- Charitable Lead Trusts
- Charitable Reminder Trusts
- Family Foundations
- Donor-Advised Funds
- Charitable Reminder Trusts
- Family Foundations
- Donor-Advised Funds
Digital Offerings
- Morgan Stanley Online
- Morgan Stanley Mobile App
- eDelivery
- Bill Pay
- Transfers
- Mobile Check Deposit Authorizations
-Morgan Stanley Send Money with Zelle®
To learn more and to log in to MSO, click here:- Morgan Stanley Mobile App
- eDelivery
- Bill Pay
- Transfers
- Mobile Check Deposit Authorizations
-Morgan Stanley Send Money with Zelle®
Media and Research
Here at Morgan Stanley, we strive to make complex financial ideas more digestible so that our clients understand what is being done on their behalf to plan for their financial future. The Bott Group is a firm believer of giving their clients as many resources as possible so they can stay informed about the latest market trends, outlooks, and breakdowns. The links below provide detailed analysis on interesting topics that are affecting the finance and business worlds.
2026 Income Tax Tables
If you are interested in seeing the updated income tax tables and other details for 2026, see all additional information here.
See the Latest Tax Tables
All Your Assets In One Place
Instead of managing multiple financial accounts across different firms, you can use Morgan Stanley's Wealth Management Tool to link your external accounts through Morgan Stanley Online (MSO). This allows you to see your entire wealth picture all in one place and helps ensure your complete financial picture is considered when assessing and implementing a strategy for your account with us.
Learn More
Financial Literacy for Any Stage of Your Life
Financial literacy means bring equipped with the knowledge to make smart financial decisions during every stage of your life. No matter your current priorities, a strong financial literacy foundation can help you meet your goals.
Learn More
Planning to Fund Long-Term Care Expenses
Health care costs are rising—especially for retirees, and some may need long-term care. Learn the moves you can make to help prepare yourself.
Learn More
The Next Generation Journey Placemat
Generational Wealth can be complicated for next generation members of wealth families. This Journey Placemat offers fruitful content including the next generation into the conversation of navigating legacy
Read More
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
The Morgan Stanley Minute
Explore our 1-minute investment insights videos, in this on-going series, from our firm’s leading thinkers. Discover current investment trends and topics like green bonds, active investment, monetizing small businesses, cybercrime and more.
Watch Here
Wealth Management Insight Audiocasts
Wealth Management Insights brings you the latest investment advice from thought leaders within Wealth Management Investment Resources (WMIR). They provide their latest thinking on various market topics in 3-5 minute audiocasts.
Listen Here
On the Market Research Report
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 ReportDetailed market commentary from Morgan Stanley's thought leaders on topics such as global equities, fixed income, monetary policy and more.
AWARD-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
3421 Brookside Road
Suite A
Stockton, CA 95219
US
Direct:
(209) 478-2230(209) 478-2230
Toll-Free:
(800) 745-2230(800) 745-2230
Meet The Bott Group
Anthony C Bott, CFP®
Senior Vice President, Wealth Management, Financial Advisor, Branch Manager
Phone:
(209) 476-2885(209) 476-2885
Michael Bott
Financial Advisor
Phone:
(209) 476-2888(209) 476-2888
Debora Kenyon
Portfolio Associate
Phone:
(209) 476-2830(209) 476-2830
Trisha Wilson
Client Service Associate
Phone:
(209) 476-2831(209) 476-2831
About Douglas Bott
Doug Bott spent the first half of his career managing a family business, balancing the needs of employees and customers. For the last nearly 25 years, he has worked with retirees and business owners, in creating strategies for business and personal financial goals, while simultaneously managing his practice.
Mr. Bott focuses on helping retirees, small and medium-sized business owners and their employees handle the complicated tasks involved in planning for their own financial goals by helping to develop succession plans for owners, establishing qualified retirement plans and strategies for attracting and retaining employees.
A Stockton native, he’s an Eagle Scout who graduated with honors from Edison High, where he lettered in basketball, was the Student Body Vice President and the school’s representative to California Boys’ State. He then graduated from the University of San Francisco and has lived in Stockton since, where he is active in local organizations and charities.
Mr. Bott was the president of the board of directors of the YMCA of San Joaquin County, served as the Nation Chief of Y-Indian Guides and Princesses and has coached numerous baseball, basketball and softball teams. He and his wife, Becky, have three children, all of whom work in finance. In his spare time, Doug likes to fish, ski, hike and spend time with his family.
Mr. Bott focuses on helping retirees, small and medium-sized business owners and their employees handle the complicated tasks involved in planning for their own financial goals by helping to develop succession plans for owners, establishing qualified retirement plans and strategies for attracting and retaining employees.
A Stockton native, he’s an Eagle Scout who graduated with honors from Edison High, where he lettered in basketball, was the Student Body Vice President and the school’s representative to California Boys’ State. He then graduated from the University of San Francisco and has lived in Stockton since, where he is active in local organizations and charities.
Mr. Bott was the president of the board of directors of the YMCA of San Joaquin County, served as the Nation Chief of Y-Indian Guides and Princesses and has coached numerous baseball, basketball and softball teams. He and his wife, Becky, have three children, all of whom work in finance. In his spare time, Doug likes to fish, ski, hike and spend time with his family.
Securities Agent: CO, IL, UT, OR, KY, HI, GA, AZ, NV, CA, SD, NY, IN, NM, LA, ID, IA, WI, NC, KS, WA, MT, SC, OK, FL, OH, TX; BM/Supervisor; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 308385
NMLS#: 308385
About Anthony C Bott
Anthony Bott is a financial advisor, branch manager of Morgan Stanley's Stockton, CA office, Senior Vice President and CERTIFIED FINANCIAL PLANNER™. Mr. Bott graduated from California State University, Fullerton with a Bachelor of Arts Degree in Economics and started his career in financial services early while finishing college. He and his team work tirelessly to help clients achieve their financial goals. Whether it be high net worth families, retirees, business owners or institutions, The Bott Group has the experience to get you on the right path.
Since returning to his hometown Stockton in 2018, he’s been active in the community regularly speaking at local high schools and universities to promote financial literacy, a topic he's passionate about. He serves as board member and is vice chair of the St. Joseph’s Foundation of San Joaquin, a Dignity Health Member, where he promotes access to affordable, quality healthcare within the economically challenged inner-city community of Stockton. He also supports the arts and preservation of San Joaquin Valley's history by serving on the board of the Haggin Museum in Stockton. Mr. Bott and his wife Yoly have two children, Lucca and Camila.
Since returning to his hometown Stockton in 2018, he’s been active in the community regularly speaking at local high schools and universities to promote financial literacy, a topic he's passionate about. He serves as board member and is vice chair of the St. Joseph’s Foundation of San Joaquin, a Dignity Health Member, where he promotes access to affordable, quality healthcare within the economically challenged inner-city community of Stockton. He also supports the arts and preservation of San Joaquin Valley's history by serving on the board of the Haggin Museum in Stockton. Mr. Bott and his wife Yoly have two children, Lucca and Camila.
Securities Agent: OH, VI, WV, TN, PR, NC, DC, HI, MA, MN, WY, WI, WA, VT, VA, UT, TX, SD, SC, RI, PA, OR, OK, NY, NV, NM, NJ, NH, NE, ND, MT, MS, MO, MI, ME, MD, LA, KY, KS, IN, IL, ID, IA, GA, FL, DE, CT, CO, CA, AZ, AR, AL, AK; BM/Supervisor; General Securities Representative; Investment Advisor Representative
NMLS#: 1760553
NMLS#: 1760553
About Michael Bott
Michael “Mike” Bott is a Financial Advisor with Morgan Stanley, focused on helping individuals and families replace uncertainty with clear, confident financial decisions. Mike is known for a grounded, direct style shaped by a wide range of prior experience, including work as a carpenter, maintenance mechanic, sales professional, and in mortgage lending—which helps him connect with clients from many walks of life and translate complex topics into practical next steps.
Mike approaches planning the way he approaches building: by designing a “blueprint” clients can follow to pursue their goals. His team’s experience spans planning needs that may include estate planning considerations, business exit strategies, real estate exchange strategies, and other solutions intended to support clients’ long-term objectives, including retirement and legacy goals. Mike began his financial services career in 2016 and joined Morgan Stanley in 2025. He holds Series 7 and Series 66 registrations, the NQPC and QPFC designations, and a California state insurance license.
Outside of work, Mike is a Stockton, California native, an assistant coach for his sons’ baseball teams, and a devoted husband and father of three.
Mike approaches planning the way he approaches building: by designing a “blueprint” clients can follow to pursue their goals. His team’s experience spans planning needs that may include estate planning considerations, business exit strategies, real estate exchange strategies, and other solutions intended to support clients’ long-term objectives, including retirement and legacy goals. Mike began his financial services career in 2016 and joined Morgan Stanley in 2025. He holds Series 7 and Series 66 registrations, the NQPC and QPFC designations, and a California state insurance license.
Outside of work, Mike is a Stockton, California native, an assistant coach for his sons’ baseball teams, and a devoted husband and father of three.
Securities Agent: VA, VT, SC, RI, ND, UT, TN, OH, NY, AR, ME, MA, CT, SD, NE, MI, TX, IN, ID, WV, WA, PR, NH, NC, IL, AL, NV, IA, WI, MT, MS, LA, DC, CO, CA, WY, NM, NJ, KS, AK, OR, OK, MO, MN, MD, GA, FL, AZ, VI, PA, KY, HI, DE; General Securities Representative; Investment Advisor Representative
NMLS#: 1521282
NMLS#: 1521282
About Debora Kenyon
Debbie Kenyon joined Morgan Stanley in 1999 and has been a Portfolio Associate in the Stockton branch since 2007. Debbie holds Associate degrees from Lane Community College, has been married for over 25 years, and in her spare time enjoys trips to the beach and spending quality time with her family.
Debbie is Series 7, 63, 66, and insurance licensed.
Email: Debora.Kenyon@morganstanley.com
Phone: (209) 476-2830
Debbie is Series 7, 63, 66, and insurance licensed.
Email: Debora.Kenyon@morganstanley.com
Phone: (209) 476-2830
About Trisha Wilson
Trisha Wilson is a Client Service Associate in the Stockton branch. She worked as an Operations Associate for over 20 years in San Jose, CA. In 2023, she progressed her career as a client service associate here at Morgan Stanley.
She resides in Manteca, CA with her husband and two daughters and she enjoys spending time and traveling with her friends and family.
Email: Trisha.Wilson@morganstanley.com
Phone: 209-476-2831
She resides in Manteca, CA with her husband and two daughters and she enjoys spending time and traveling with her friends and family.
Email: Trisha.Wilson@morganstanley.com
Phone: 209-476-2831
Contact Douglas Bott
Contact Anthony C Bott
Contact Michael Bott
Wealth Management
Global Investment Office
Portfolio Insights
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Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
A Simple Six-Step Retirement Checkup
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Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Iran Conflict: Seven Takeaways for Investors
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Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
529 Plans: A Powerful Tool to Save for Education
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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
Retirement for Plan Sponsors
End-to-End Services, Made Simple:
We can provide the tools and guidance to help you manage a retirement plan.
We can provide the tools and guidance to help you manage a retirement plan.
- Plan Evaluation
- Investment Management
- Plan Management Support
- Plan Participant Education
Small Business Retirement Plans
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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.
Ready to start a conversation? Contact The Bott Group today.
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.
1When 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.
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.
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 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.
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.
7Morgan 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.
8Morgan 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.
9When 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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
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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.
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*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.
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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.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
1When 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.
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.
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 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.
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.
7Morgan 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.
8Morgan 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.
9When 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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
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The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4665150 (8/2025), 5378280 (5/2026)
