John Lin, CPWA®, CFP®, CEPA
Managing Director, Wealth Management, Financial Advisor, Family Wealth Director
Phone:
(415) 984-6638(415) 984-6638
The Cypress Group at Morgan Stanley
Direct:
(415) 984-6005(415) 984-6005
Our Mission Statement
Pairing our experience with the global resources and network of Morgan Stanley to help affluent families confidently make informed financial decisions
Our Story and Services
Your hard-earned wealth comes with both opportunity and responsibility. Our goal is to help simplify the management of your finances so you can more fully appreciate the richness of all dimensions of your life — from personal and professional achievements to extraordinary experiences and relationships.
The Cypress Group operates as a boutique, family office-style practice with team members in both San Francisco and Newport Beach. Our clients are affluent families up and down the Pacific Coast who have built and led successful enterprises and created personal wealth in the process. Our role on their team is to create, coordinate, implement and maintain highly customized strategies to protect their assets, support their lifestyle and leave enduring legacies.
Our highly decorated and diverse team consists of 6 partners and 3 analysts and includes two advisors who hold Morgan Stanley's coveted Family Wealth Director designation, a distinction held by less than 4% of advisors at Morgan Stanley. We combine our individual talents and perspectives into a cohesive practice that consistently provides a world class, white glove experience. Drawing upon our own unique experiences and the vast global resources of Morgan Stanley, we deliver comprehensive wealth management capabilities and dedicate ourselves to helping our clients make more enriching decisions.
- We focus exclusively on providing the highest level of personalized concierge service to a small number of families with significant financial resources and complexities.
- We follow a disciplined investment approach, establishing a core portfolio based on time-tested solutions for wealth preservation and accumulation. We believe this traditional foundation is essential for a carefully constructed portfolio. Our strategy is to manage customized portfolios grounded in conservative investments, while offering access to the market's latest growth opportunities.
- For over 30 years, we have helped successful entrepreneurs and executives create tax-efficient strategies for managing concentrated equity positions and low basis securities, transition family businesses and transfer wealth to younger generations.
Services Include
- Business Succession PlanningFootnote1
- Executive Financial ServicesFootnote2
- Financial PlanningFootnote3
- Estate Planning StrategiesFootnote4
- Trust Services*
- Philanthropic ManagementFootnote5
- Cash Management and Lending ProductsFootnote6
- Life InsuranceFootnote7
- Long Term Care InsuranceFootnote8
- Corporate Retirement PlansFootnote9
- Stock Option PlansFootnote10
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
For Corporate Executives
As a corporate insider with concentrated stock, you may be wondering about tax-efficient approaches to diversification. You may also be facing cash flow needs for real estate transactions, large purchases or tax payments, sometimes before stock liquidity is available due to lock-ups or tight trading windows.
At The Cypress Group, we have developed a comprehensive wealth management process tailored to busy executives. This process guides you through the complexities associated with pre- and post-IPO concentrated stock, taking into account tax optimization and immediate liquidity needs to construct a long-term strategy for diversification.
At The Cypress Group, we have developed a comprehensive wealth management process tailored to busy executives. This process guides you through the complexities associated with pre- and post-IPO concentrated stock, taking into account tax optimization and immediate liquidity needs to construct a long-term strategy for diversification.
Exchange Funds
Exchange funds provide diversification without triggering the taxable gains typically associated with diversification, as the exchange occurs within an IRS-approved tax-deferred investment vehicle. These funds are managed by portfolio managers who construct a portfolio such that each contributor of concentrated stock will ultimately receive a pro-rata allocation of the portfolio while retaining their original basis.
Learn MorePortfolio Line of Credit
To meet liquidity needs without triggering sales of concentrated stock, corporate executives may be able to borrow against the stock in a portfolio line to manage more immediate cash flow requirements. No underwriting is required, and there is no cost to setting up the portfolio line or keeping it open. Borrowing against the portfolio occurs as needed, with interest paid at a floating interest rate and no penalty at repayment.
10b5-1 Plans
10b5-1 plans are preset diversification plans for executives who want the flexibility to sell through open and closed windows, whether at market or specified limit prices. These plans are written trading plans approved by legal counsel and executed by a third party, which provides corporate executives an affirmative defense against claims of insider trading.
Let's talk about how we can partner with you on your overall strategy
Contact Us to schedule a brief introductory callFor Business Owners
You’ve put your heart and soul into your business, with an intense focus on profitability and providing for the ones you love. With all that you’ve invested, you want to know that when the time comes to transition your business – whether it’s to a family member, key employee, or outside strategic – you can maximize the value of your company.
Planning for business succession or transition is a complex, technical endeavor. You are faced with difficult questions:
Planning for business succession or transition is a complex, technical endeavor. You are faced with difficult questions:
• How much is my business really worth?
• What factors dictate my company’s valuation?
• Who will carry on my vision?
• Do I want to maintain some control?
• Will the proceeds from the sale of my business be enough to support the lifestyle and retirement I envision? If not, how do I make up the shortfall?
• What tax and estate planning issues do I need to be thinking about?
• What factors dictate my company’s valuation?
• Who will carry on my vision?
• Do I want to maintain some control?
• Will the proceeds from the sale of my business be enough to support the lifestyle and retirement I envision? If not, how do I make up the shortfall?
• What tax and estate planning issues do I need to be thinking about?
For Equity Compensation
Your equity awards are recognition of your hard work and can play an important role in enabling you to achieve your most important goals. At The Cypress Group, we help cut through the complexities and nuances of equity compensation and provide the perspective you need to make more informed decisions.
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
555 California St 35th
35th Floor
San Francisco, CA 94104
US
Direct:
(415) 984-6005(415) 984-6005
800 Newport Center Dr
Ste 500
Newport Beach, CA 92660
US
Direct:
(949) 717-5300(949) 717-5300
Meet The Cypress Group
Phone:
(949) 717-5304(949) 717-5304
Marco Salerno, CPWA®, CFP®
Senior Vice President, Financial Advisor, Senior Portfolio Management Director, Executive Financial Services Director
Phone:
(415) 955-1661(415) 955-1661
Phone:
(415) 984-6514(415) 984-6514
Associate Vice President, Financial Advisor, Portfolio Manager, Financial Planning Specialist, Workplace Advisor - Equity Compensation
Phone:
(415) 984-6035(415) 984-6035
Tobias Leonardos, CFP®
Financial Advisor, Financial Planning Specialist
Phone:
(415) 984-6097(415) 984-6097
Rajvi Berry, CPWA®
Senior Vice President, Financial Advisor, Alternative Investments Director
Phone:
(415) 693-6667(415) 693-6667
Keaton Covillo
Vice President, Director of Business Strategy
Phone:
(415) 984-6662(415) 984-6662
Elio Issa
Wealth Management Analyst
Nidhi Gupta
Registered Client Service Associate
Phone:
(415) 984-6005(415) 984-6005
Kelly Tung
Registered Client Service Associate
Phone:
(949) 809-1308(949) 809-1308
Chalita Sitt
Registered Client Service Associate
Phone:
(415) 984-6007(415) 984-6007
David Pritkin
Registered Client Service Associate
Phone:
(415) 984-6063(415) 984-6063
About John Lin
John Lin works with business owners, entrepreneurs, corporate executives, and multi-generational families on complex wealth planning and investment decisions. His clients include business owners and founders of privately held companies, as well as executives managing significant equity compensation or concentrated stock positions. He also advises families stewarding significant wealth across generations.
Much of his work involves helping clients prepare for and navigate important financial transitions, including business sales, liquidity events, generational wealth transfers, and executive compensation planning.
He regularly collaborates with clients’ CPAs, estate attorneys, and other professional advisors to help ensure investment strategies align with broader tax and estate planning considerations.
He believes wealth planning is most effective when investment strategy, tax considerations, and estate planning are thoughtfully coordinated.
John holds the Certified Financial Planner™ (CFP®) designation, the Certified Private Wealth Advisor® (CPWA®) certification, and the Certified Exit Planning Advisor (CEPA®) designation. He has been a member of Morgan Stanley’s President’s Club (2022–2026) and Master’s Club (2015–2021).
Prior to joining Morgan Stanley, he worked in his family’s privately owned real estate sales business. He earned his BA in International Business with a minor in Business Law from California Polytechnic State University.
Born in Taiwan, he is conversational in Taiwanese and Mandarin. He lives in San Francisco with his wife Julie and their two daughters.
Much of his work involves helping clients prepare for and navigate important financial transitions, including business sales, liquidity events, generational wealth transfers, and executive compensation planning.
He regularly collaborates with clients’ CPAs, estate attorneys, and other professional advisors to help ensure investment strategies align with broader tax and estate planning considerations.
He believes wealth planning is most effective when investment strategy, tax considerations, and estate planning are thoughtfully coordinated.
John holds the Certified Financial Planner™ (CFP®) designation, the Certified Private Wealth Advisor® (CPWA®) certification, and the Certified Exit Planning Advisor (CEPA®) designation. He has been a member of Morgan Stanley’s President’s Club (2022–2026) and Master’s Club (2015–2021).
Prior to joining Morgan Stanley, he worked in his family’s privately owned real estate sales business. He earned his BA in International Business with a minor in Business Law from California Polytechnic State University.
Born in Taiwan, he is conversational in Taiwanese and Mandarin. He lives in San Francisco with his wife Julie and their two daughters.
Securities Agent: MO, AL, HI, SC, IN, SD, PR, NY, NC, MA, KS, GA, WA, UT, PA, MN, ID, FL, CA, MT, WI, MD, LA, OH, NJ, IL, VA, NV, ND, TN, OR, CT, CO, AZ, VT, TX, OK, NM, MI, DE, DC, RI, NE; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1255397
CA Insurance License #: 0D85958
NMLS#: 1255397
CA Insurance License #: 0D85958
About Scott Caston
Scott Caston is an Executive Director at Morgan Stanley. Since joining the firm in 2005, he has worked with corporate executives, business owners, and families on wealth planning, investment and risk management, tax planning strategies, concentrated stock and equity compensation planning, and estate planning strategies.
Scott is a Certified Private Wealth Advisor® (CPWA®) and Certified Financial Planner™ (CFP®). He is also a Family Wealth Director, a distinction held by fewer than five percent of advisors at the firm. He holds a Bachelor's degree in Finance from California State University, Fullerton.
Scott and his wife, Lauren, live in Orange County with their two sons.
Scott is a Certified Private Wealth Advisor® (CPWA®) and Certified Financial Planner™ (CFP®). He is also a Family Wealth Director, a distinction held by fewer than five percent of advisors at the firm. He holds a Bachelor's degree in Finance from California State University, Fullerton.
Scott and his wife, Lauren, live in Orange County with their two sons.
Securities Agent: PA, NY, NJ, FL, VA, MN, MI, MA, CA, MD, LA, HI, DE, VT, RI, IL, DC, OH, ND, ID, GA, WI, TX, OK, NV, MT, CT, SD, NC, KS, IN, NE, AL, WA, OR, NM, ME, KY, UT, TN, SC, CO, AZ; General Securities Representative; Investment Advisor Representative
NMLS#: 1290463
CA Insurance License #: 0G49645
NMLS#: 1290463
CA Insurance License #: 0G49645
About Marco Salerno
Marco is a Senior Vice President, Senior Portfolio Management Director, and Executive Financial Services Director with Morgan Stanley in San Francisco, CA.
Prior to joining Morgan Stanley in 2012, Marco proudly served five years active duty overseas in the United States Navy where he acquired a true appreciation for the value of working as a team and having an exceptionally high attention to detail. Those lessons continue to be practiced and have carried over into his role on the team. Working predominately with affluent senior executives and serial entrepreneurs, his primary focus is providing a high-touch, custom approach to comprehensive wealth management.
Marco earned the designation of Certified Financial Planner™ (CFP®), a designation awarded by the Certified Financial Planner Board of Standards. He later earned the Certified Private Wealth Advisor® (CPWA®) designation from Investments & Wealth Institute™ and Yale School of Management. He also received a B.A. in Finance from San Francisco State University – College of Business.
Keeping in line with the military’s core value of selfless service, Marco donates much of his time across a variety of non-profits, most notably American Corporate Partners and The Guardsmen. Marco lives in Burlingame with his wife, Elena, and their son & daughter.
Prior to joining Morgan Stanley in 2012, Marco proudly served five years active duty overseas in the United States Navy where he acquired a true appreciation for the value of working as a team and having an exceptionally high attention to detail. Those lessons continue to be practiced and have carried over into his role on the team. Working predominately with affluent senior executives and serial entrepreneurs, his primary focus is providing a high-touch, custom approach to comprehensive wealth management.
Marco earned the designation of Certified Financial Planner™ (CFP®), a designation awarded by the Certified Financial Planner Board of Standards. He later earned the Certified Private Wealth Advisor® (CPWA®) designation from Investments & Wealth Institute™ and Yale School of Management. He also received a B.A. in Finance from San Francisco State University – College of Business.
Keeping in line with the military’s core value of selfless service, Marco donates much of his time across a variety of non-profits, most notably American Corporate Partners and The Guardsmen. Marco lives in Burlingame with his wife, Elena, and their son & daughter.
Securities Agent: NE, MI, VT, TX, SD, PA, NY, NJ, FL, WA, SC, OH, NM, ND, CO, UT, RI, MD, LA, KS, IN, AZ, TN, MN, MA, DC, VA, OR, NC, ID, GA, DE, NV, MT, IL, CT, AL, HI, CA, WI; General Securities Representative; Investment Advisor Representative
NMLS#: 1265337
CA Insurance License #: 0J18745
NMLS#: 1265337
CA Insurance License #: 0J18745
About Peter Waterloo
Peter Waterloo is a Senior Vice President and Senior Portfolio Management Director within Morgan Stanley’s Wealth Management division. Peter brings over four decades of experience to The Cypress Group, with more than 20 years of combined service at Morgan Stanley.
Peter works closely with clients to develop tailored investment strategies that reflect their individual goals, risk tolerance, and life priorities. His approach emphasizes comprehensive financial planning, covering everything from capital preservation and retirement planning to tax strategies, portfolio construction, and risk management.
Known for his balanced, client-centered philosophy, Peter helps individuals and families pursue long-term financial security with thoughtful guidance and disciplined execution. Peter prides himself in providing opportunities for clients to engage in insightful discussions and exclusive events, making wealth management a collaborative and enriching experience.
Outside of the office, Peter enjoys spending time in both Healdsburg and Palm Springs, where he finds inspiration and balance in the communities he calls home.
Peter works closely with clients to develop tailored investment strategies that reflect their individual goals, risk tolerance, and life priorities. His approach emphasizes comprehensive financial planning, covering everything from capital preservation and retirement planning to tax strategies, portfolio construction, and risk management.
Known for his balanced, client-centered philosophy, Peter helps individuals and families pursue long-term financial security with thoughtful guidance and disciplined execution. Peter prides himself in providing opportunities for clients to engage in insightful discussions and exclusive events, making wealth management a collaborative and enriching experience.
Outside of the office, Peter enjoys spending time in both Healdsburg and Palm Springs, where he finds inspiration and balance in the communities he calls home.
Securities Agent: MT, CT, MD, IL, WI, NM, NJ, KS, GA, AL, TN, HI, OR, NV, MN, DE, AZ, SD, PA, LA, WA, RI, OH, NY, NE, IN, FL, DC, VT, VA, MI, ID, UT, NC, TX, MA, CO, CA, ND, SC; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1782931
CA Insurance License #: 0B59117
NMLS#: 1782931
CA Insurance License #: 0B59117
About Michal Grommunt
As a Financial Advisor, Michal enjoys solving complex wealth management issues and helping clients navigate life transitions that may impact their financial footing. He is committed to serving as a go-to resource for clients by educating them and their next generation to boost financial literacy and providing them with the necessary knowledge to confidently make informed financial decisions. His clients are primarily corporate executives and owners of closely-held, family-owned businesses, each with a unique story, priorities, and vision for the future.
Michal holds a Financial Planning Specialist designation and volunteers on the Diversity and Inclusion Council at Morgan Stanley. He joined the Cypress Group in 2019. Since joining the team, he has had myriad opportunities to work closely with the business owners we serve, gaining valuable insight into how their businesses work and what challenges they face in balancing their business plans with their personal goals and aspirations.
Michal has always been fascinated with the markets and the dynamics of money. He feels privileged to be able to use his diverse background and knowledge to help clients translate their wealth into opportunities to enhance not only their own lives, but also the lives of those around them and in the community. Having previously founded and/or operated several small businesses, he also has firsthand experience with business ownership.
Born in Poland, Michal moved to the US on his own at age 18 to pursue the American Dream. Instilled with a sense of discipline and diligence since childhood, he was the Polish champion in the martial art of wushu. Outside of work, he is passionate about alternative energy, home automation, cars and motorcycles and finds joy in keeping up with modern trends in music, electronics, and efficiency solutions.
Michal holds a Financial Planning Specialist designation and volunteers on the Diversity and Inclusion Council at Morgan Stanley. He joined the Cypress Group in 2019. Since joining the team, he has had myriad opportunities to work closely with the business owners we serve, gaining valuable insight into how their businesses work and what challenges they face in balancing their business plans with their personal goals and aspirations.
Michal has always been fascinated with the markets and the dynamics of money. He feels privileged to be able to use his diverse background and knowledge to help clients translate their wealth into opportunities to enhance not only their own lives, but also the lives of those around them and in the community. Having previously founded and/or operated several small businesses, he also has firsthand experience with business ownership.
Born in Poland, Michal moved to the US on his own at age 18 to pursue the American Dream. Instilled with a sense of discipline and diligence since childhood, he was the Polish champion in the martial art of wushu. Outside of work, he is passionate about alternative energy, home automation, cars and motorcycles and finds joy in keeping up with modern trends in music, electronics, and efficiency solutions.
Securities Agent: PR, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY, NV, NM, NJ, RI, NH, NE, ND, NC, MT, MS, MO, MN, MI, ME, MD, MA, LA, KY, KS, IN, IL, ID, IA, HI, GA, FL, DE, DC, CT, CO, CA, AZ, AR, AL, AK, NY, OH, OK, OR, PA; General Securities Representative; Investment Advisor Representative
NMLS#: 2432106
CA Insurance License #: 4269197
NMLS#: 2432106
CA Insurance License #: 4269197
About Tobias Leonardos
Tobias works with tech executives, corporate leaders, and engineers to simplify the financial complexity that comes with career success — from equity compensation and concentrated stock positions to comprehensive financial planning and tax strategy.
As a CFP® and Morgan Stanley-designated Portfolio Manager and Workplace Advisor in Equity Compensation, he concentrates on helping clients turn their equity awards — RSUs, PSUs, options, and pre-IPO holdings — into long-term wealth strategies that align with their life goals.
Tobias has been apart of The Cypress Group at Morgan Stanley since 2020. The group together brings decades of combined experience working with corporate executives, business owners, and high-net-worth families across California and nationally.
His background includes a dual degree in Business and Economics, CFP® coursework through UC Berkeley, and four years as a collegiate football athlete — which shaped how he approaches client relationships: with preparation, accountability, and a long-term mindset.
As a CFP® and Morgan Stanley-designated Portfolio Manager and Workplace Advisor in Equity Compensation, he concentrates on helping clients turn their equity awards — RSUs, PSUs, options, and pre-IPO holdings — into long-term wealth strategies that align with their life goals.
Tobias has been apart of The Cypress Group at Morgan Stanley since 2020. The group together brings decades of combined experience working with corporate executives, business owners, and high-net-worth families across California and nationally.
His background includes a dual degree in Business and Economics, CFP® coursework through UC Berkeley, and four years as a collegiate football athlete — which shaped how he approaches client relationships: with preparation, accountability, and a long-term mindset.
Securities Agent: CA, AZ, NY, NE, ND, OR, WI, OH, MN, MI, MA, LA, RI, MT, MD, FL, VT, TX, NJ, KS, PA, NC, IN, DE, VA, UT, TN, NM, ME, CT, SC, PR, HI, AL, WA, SD, NV, IL, ID, GA, DC, CO; General Securities Representative; Investment Advisor Representative
NMLS#: 2464701
NMLS#: 2464701
About Rajvi Berry
I provide a comprehensive financial plan with investments designed to fit my clients' life goals. I have over twenty-five years of financial services' experience. In addition to providing personalized care, I utilize Morgan Stanley’s expansive resources including diversification of concentrated stock positions and form strategic alliances with other advisors within the firm to provide the best for you and your family.
Blessed to connect deeply with my clients, I value the art of listening and find that this easily develops into a collaborative discussion about what clients want and need, and how this fits into a quantitative plan for their benefit. My own experiences and personal understanding of large market devastation helps me maintain awareness of the challenges associated with juggling top priorities on multiple fronts. As a result, I’m a conscientious advisor, focused on the importance of building a financial plan as a family, and utilizing diversified holdings and strong investments.
As a mother of three myself, it’s very important to me that, when appropriate and approved by the parents, children are involved in planning. If and when net worth is passed down, the next generation should be as informed as possible without compromising their own ambitions.
Education
MBA, University of Chicago-Booth School of Business, 1994
BS & MS in Accounting/Taxation, University of Southern California, 1986
Securities Agent: MA, TX, VA, NM, SC, OH, AZ, WA, OR, IL, ID, DC, AL, MT, MD, HI, GA, CT, CA, VT, UT, PA, FL, CO, NY, NH, MI, NV, NJ, NC, MO; General Securities Representative; Investment Advisor Representative
Blessed to connect deeply with my clients, I value the art of listening and find that this easily develops into a collaborative discussion about what clients want and need, and how this fits into a quantitative plan for their benefit. My own experiences and personal understanding of large market devastation helps me maintain awareness of the challenges associated with juggling top priorities on multiple fronts. As a result, I’m a conscientious advisor, focused on the importance of building a financial plan as a family, and utilizing diversified holdings and strong investments.
As a mother of three myself, it’s very important to me that, when appropriate and approved by the parents, children are involved in planning. If and when net worth is passed down, the next generation should be as informed as possible without compromising their own ambitions.
Education
MBA, University of Chicago-Booth School of Business, 1994
BS & MS in Accounting/Taxation, University of Southern California, 1986
Securities Agent: MA, TX, VA, NM, SC, OH, AZ, WA, OR, IL, ID, DC, AL, MT, MD, HI, GA, CT, CA, VT, UT, PA, FL, CO, NY, NH, MI, NV, NJ, NC, MO; General Securities Representative; Investment Advisor Representative
Securities Agent: ID, DC, AL, NY, NH, MI, NV, NM, NJ, NC, MO, MA, TX, ME, VA, IN, MT, MD, HI, GA, CT, CA, VT, UT, PA, FL, CO, SC, OH, AZ, WA, OR, IL; General Securities Representative; Investment Advisor Representative
About Keaton Covillo
Keaton has been with Morgan Stanley since 2015, both as part of The Cypress Group and in a leadership role as a Business Service Manager for the San Francisco/Hawaii Complex. He uses this unique combination of client-facing and administrative experience to deliver exceptional care and balanced advice to every client we serve. Prior to joining Morgan Stanley, Keaton lived in New York City, where he worked for some of the top banks in the nation.
Keaton holds a Master of Business Administration from the Quantic School of Business and Technology, a Master of Music from New York University, and a Bachelor of Music from the University of Denver, where he received a scholarship for opera. He lives in San Francisco with his partner, Amir, and their dog, Alvin.
Keaton holds a Master of Business Administration from the Quantic School of Business and Technology, a Master of Music from New York University, and a Bachelor of Music from the University of Denver, where he received a scholarship for opera. He lives in San Francisco with his partner, Amir, and their dog, Alvin.
About Elio Issa
Elio is a Wealth Management Analyst with a background shaped by international experience, rigorous academic training, and hands-on exposure to global financial markets. He began his career through internships in Dubai, where he supported advisory teams across high-net worth clients. His work there strengthened his ability to analyze portfolios, interpret market movements, and contribute to the team's effort in a fast-moving financial environment.
He graduated from the American University of Beirut with a degree in specializing in Business, where he built a strong foundation in corporate finance, venture capital management, investment management. He later earned a Master's in Financial Management from Boston University, deepening his expertise in asset allocation, risk management, investment analysis.
In his current role, Elio focuses on delivering precise research, clear insights, and reliable support to help clients pursue their long-term financial objectives. His analytical discipline is complemented by an ability to work effectively across cultures - a skill shaped by having lived in multiple countries and by speaking English, French, Arabic, and Spanish.
Outside the office, Elio maintains an active lifestyle. He has sailed in Croatia, Italy, and Turkey, and is an avid tennis player. Now based in San Francisco, he enjoys exploring the city's restaurant scene and continues to travel frequently, valuing the perspective and connections that come from engaging with people around the world.
He graduated from the American University of Beirut with a degree in specializing in Business, where he built a strong foundation in corporate finance, venture capital management, investment management. He later earned a Master's in Financial Management from Boston University, deepening his expertise in asset allocation, risk management, investment analysis.
In his current role, Elio focuses on delivering precise research, clear insights, and reliable support to help clients pursue their long-term financial objectives. His analytical discipline is complemented by an ability to work effectively across cultures - a skill shaped by having lived in multiple countries and by speaking English, French, Arabic, and Spanish.
Outside the office, Elio maintains an active lifestyle. He has sailed in Croatia, Italy, and Turkey, and is an avid tennis player. Now based in San Francisco, he enjoys exploring the city's restaurant scene and continues to travel frequently, valuing the perspective and connections that come from engaging with people around the world.
About Nidhi Gupta
Nidhi joined The Cypress Group at Morgan Stanley in November of 2022 as a Client Service Associate where she handles daily operations and client service.
Prior to joining Morgan Stanly Nidhi built an extensive background working in the operations department of several global investment banks. She holds a Masters in Finance and a Chartered Financial Analyst from ICFAI Business School, India.
Nidhi recently returned to the Bay Area with her Husband, Varun and their 2 young children - Gianna and Yuvan. Outside of work Nidhi is a self-described “foodie” seeking out the amazing and diverse cuisines San Francisco has to offer. In addition she loves to travel and has keen interest in outdoor activities such as hiking, jogging, walking, cycling.
Prior to joining Morgan Stanly Nidhi built an extensive background working in the operations department of several global investment banks. She holds a Masters in Finance and a Chartered Financial Analyst from ICFAI Business School, India.
Nidhi recently returned to the Bay Area with her Husband, Varun and their 2 young children - Gianna and Yuvan. Outside of work Nidhi is a self-described “foodie” seeking out the amazing and diverse cuisines San Francisco has to offer. In addition she loves to travel and has keen interest in outdoor activities such as hiking, jogging, walking, cycling.
About Kelly Tung
Kelly joined The Cypress Group at Morgan Stanley as a Registered Client Service Associate in 2024. She brings a strong background in banking and wealth management to every client relationship. Known for her responsiveness and attention to detail, she plays a vital role in ensuring a seamless client experience, supporting both day-to-day operations and long-term financial goals.
Kelly earned her master’s degree from the University of Southern California, where she focused on building a deep understanding of business and finance. Prior to joining Morgan Stanley, she worked as a Relationship Banker at Cathay Bank, gaining valuable experience assisting clients with their banking and lending needs.
Outside the office, Kelly enjoys spending time by the ocean, exploring local beaches, traveling, and staying active outdoors.
Kelly earned her master’s degree from the University of Southern California, where she focused on building a deep understanding of business and finance. Prior to joining Morgan Stanley, she worked as a Relationship Banker at Cathay Bank, gaining valuable experience assisting clients with their banking and lending needs.
Outside the office, Kelly enjoys spending time by the ocean, exploring local beaches, traveling, and staying active outdoors.
About Chalita Sitt
Chalita Sitt is a Registered Client Service Associate with the Cypress Group at Morgan Stanley. She manages day-to-day administrative and operational tasks related to client accounts while ensuring compliance and risk oversight. She collaborates with financial advisors to build and maintain strong client relationships by delivering personalized service and proactive support.
Her career in finance began at Chase Bank as a teller before advancing to the role of personal banker. Her passion for strengthening meaningful client relationships led her to pursue a career in wealth management. Prior to joining Morgan Stanley in August 2025, Chalita supported Private Wealth Advisors and service ultra-high-net-worth clients at Merrill. Beyond her role and core responsibilities, she served on the board of The Women's Exchange, a women-led networking group, and contributed to the office events team.
She earned a bachelor’s degree in Social Sciences and Psychology from Warner Pacific University in Portland, Oregon where she was raised. Chalita relocated to San Francisco in October 2024. Outside of work, she explores her interests in event planning and marketing through volunteer initiatives and side projects. In her free time, she enjoys watercolor painting, drawing, paddle boarding, hiking, and discovering new restaurants.
Her career in finance began at Chase Bank as a teller before advancing to the role of personal banker. Her passion for strengthening meaningful client relationships led her to pursue a career in wealth management. Prior to joining Morgan Stanley in August 2025, Chalita supported Private Wealth Advisors and service ultra-high-net-worth clients at Merrill. Beyond her role and core responsibilities, she served on the board of The Women's Exchange, a women-led networking group, and contributed to the office events team.
She earned a bachelor’s degree in Social Sciences and Psychology from Warner Pacific University in Portland, Oregon where she was raised. Chalita relocated to San Francisco in October 2024. Outside of work, she explores her interests in event planning and marketing through volunteer initiatives and side projects. In her free time, she enjoys watercolor painting, drawing, paddle boarding, hiking, and discovering new restaurants.
About David Pritkin
David Pritikin brings over two decades of experience in financial services to The Cypress Group at Morgan Stanley. Since beginning his career in wealth management in 1999, David has held client-focused roles at Charles Schwab, Merrill Lynch, and Scottrade. He joined Morgan Stanley in 2020 and plays a vital role in ensuring a seamless and responsive client experience.
David is committed to delivering high-touch, white-glove service to help clients stay on track toward their financial goals and aspirations. He holds Series 7, 63, and 66 licenses and brings a thoughtful, solutions-oriented approach to every client interaction.
Originally from Miami Beach, Florida, David earned his bachelor’s degree from the University of Florida. His career has taken him from South Florida to Atlanta before settling on the West Coast. Outside of the office, David can often be found cycling throughout California in search of the perfect coffee and pastry stop—a pursuit that reflects both his sense of adventure and his appreciation for life’s small pleasures.
David is committed to delivering high-touch, white-glove service to help clients stay on track toward their financial goals and aspirations. He holds Series 7, 63, and 66 licenses and brings a thoughtful, solutions-oriented approach to every client interaction.
Originally from Miami Beach, Florida, David earned his bachelor’s degree from the University of Florida. His career has taken him from South Florida to Atlanta before settling on the West Coast. Outside of the office, David can often be found cycling throughout California in search of the perfect coffee and pastry stop—a pursuit that reflects both his sense of adventure and his appreciation for life’s small pleasures.
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The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Wendy Fortenberry
Private Banker
Ron Basu
Managing Director, Private Wealth Management, Private Wealth Advisor, Senior Institutional Consultant, International Client Advisor
About Wendy Fortenberry
Wendy Fortenberry is a Private Banker serving Morgan Stanley Wealth Management offices in California and Hawaii.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Wendy began her career in financial services in 2001 and joined Morgan Stanley in 2015 as a Private Banker. Prior to joining the firm, she was a Wealth Management Banker at Merrill Lynch.
Wendy is a graduate of San Diego State University, where she received a Bachelor of Arts degree in Economics. She lives in the Bay Area. Outside of the office, Wendy enjoys attending professional baseball games and performing arts events as well as spending time with family and friends.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Wendy began her career in financial services in 2001 and joined Morgan Stanley in 2015 as a Private Banker. Prior to joining the firm, she was a Wealth Management Banker at Merrill Lynch.
Wendy is a graduate of San Diego State University, where she received a Bachelor of Arts degree in Economics. She lives in the Bay Area. Outside of the office, Wendy enjoys attending professional baseball games and performing arts events as well as spending time with family and friends.
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Private Banking Group (PBG) Market Managers, Senior Private Bankers, Private Bankers, and Associate Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley Wealth Management Financial Advisors can conduct their business in several ways: individually, as a member of a team of Financial Advisors, or through the formation of a Strategic Partnership with another Financial Advisor or team of Financial Advisors. A Strategic Partnership is an arrangement between a Financial Advisor or a team of Financial Advisors with another Financial Advisor or team of Financial Advisors that has a unique focus or knowledge regarding a specific business concentration, product area, and/or client type. If your account is with an individual Financial Advisor, that Financial Advisor services all facets of your account. If your account is with a Financial Advisor who is a member of a team, any Financial Advisor on the team can service your account. If your Financial Advisor is part of a Strategic Partnership, his or her role in that Strategic Partnership may be limited to a specific business and/or product area and may not cover all facets of your account. The use of the terms “Partner” or “Strategic Partner” and/or “Partnership” or “Strategic Partnership” are used as terms of art and not used to imply or connote any legal relationship.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley Wealth Management Financial Advisors can conduct their business in several ways: individually, as a member of a team of Financial Advisors, or through the formation of a Strategic Partnership with another Financial Advisor or team of Financial Advisors. A Strategic Partnership is an arrangement between a Financial Advisor or a team of Financial Advisors with another Financial Advisor or team of Financial Advisors that has a unique focus or knowledge regarding a specific business concentration, product area, and/or client type. If your account is with an individual Financial Advisor, that Financial Advisor services all facets of your account. If your account is with a Financial Advisor who is a member of a team, any Financial Advisor on the team can service your account. If your Financial Advisor is part of a Strategic Partnership, his or her role in that Strategic Partnership may be limited to a specific business and/or product area and may not cover all facets of your account. The use of the terms “Partner” or “Strategic Partner” and/or “Partnership” or “Strategic Partnership” are used as terms of art and not used to imply or connote any legal relationship.
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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,
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- Set themselves apart by offering comprehensive financial wellness benefits.
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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.
1Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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.
3Morgan 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.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
5Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
6Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
8Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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 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.
10Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
1Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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.
3Morgan 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.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
5Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
6Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
8Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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 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.
10Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
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CRC 4665150 (8/2025), 4763067 (9/2025), 5378280 (5/2026)
