Yash V Dalal, CRPS®
Managing Director, Wealth Management, Financial Advisor, Family Wealth Director
Phone:
(201) 967-6356(201) 967-6356
The Dalal Group at Morgan Stanley
Direct:
(201) 967-6356(201) 967-6356
Toll-Free:
(800) 526-0829(800) 526-0829
Industry Award WinnerOur Mission Statement
At its core, our job is to get you to address your future financial obligations earlier than you would have yourself.
About Us
At the Dalal Group, we bring more than 65 collective years of financial industry experience to our clientele. Our common history contributes greatly to our ability to work effectively as a team, and to understand the specialized needs and challenges of multigenerational families. We have developed complementary strengths and a cohesive outlook. What's more, we trust one another, a critical waypoint on the path to earning the trust of our clients. When you work with one of us, you get the best of all of us.
Our mission — through creative, competent and consistent advice — is to help you manage your wealth more effectively so that you may reach your specific financial goals in today's complex global markets. We seek to accomplish this by continuously building a relationship with you based on trust, unsurpassed service and mutual respect. We use our financial knowledge and proven experience to create a customized financial plan that evolves with you through all stages of your life, enabling us to achieve comprehensive wealth management.
OUR COMMITMENT TO YOU:
We strongly believe that a disciplined philosophy and process are critical to achieving your investment goals in today's complex market environment. To that end, we believe in the following principles that serve as the foundation of our practice:
Building a Relationship: Each relationship begins with an understanding of your short- and long-term goals, expectations and tolerance for risk. We believe that before we can develop a comprehensive wealth management plan for you and your family, we need to understand who you are, what your life goals are and your investment time horizon. We believe when you succeed, we succeed.
Mutual Respect: Our relationship with you is based on respect, courtesy and trust. We will work hard to make your experience with us valuable, understandable and successful.
Service Excellence: Your satisfaction is our priority. We believe we can earn your trust not only through the quality of investment solutions we present to you, but also through the excellence with which we deliver them. We are committed to providing you with regular, proactive communication, resulting in unsurpassed service that is delivered in an unparalleled manner.
Services Include
- Wealth ManagementFootnote1
- Financial PlanningFootnote2
- Retirement PlanningFootnote3
- Estate Planning StrategiesFootnote4
- Trust ServicesFootnote5
- Alternative InvestmentsFootnote6
- Cash Management and Lending ProductsFootnote7
- 529 PlansFootnote8
- 401(k) Rollovers
- Professional Portfolio ManagementFootnote9
- Life InsuranceFootnote10
- AnnuitiesFootnote11
- Structured ProductsFootnote12
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Our Process
At the Dalal Group, we use a systematic consulting process to uncover your most important goals and to design and implement appropriate solutions to empower you to achieve and maintain financial success. Our distinctive, advanced planning process aims to add value by running a case study on your personal situation with our network of wealth management professionals.
More about Our Team
Click here to see the Dalal Group Brochure
"Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded Apr 2022) Data compiled by SHOOK Research LLC based on time period from 6/30/20 - 6/30/21."
"Barron's Top 100 Financial Advisors
Source: Barron's.com (Awarded Apr 2022) Data compiled by Barron's based on time period from Dec 2020 - Dec 2021."
Source: Forbes.com (Awarded Apr 2022) Data compiled by SHOOK Research LLC based on time period from 6/30/20 - 6/30/21."
"Barron's Top 100 Financial Advisors
Source: Barron's.com (Awarded Apr 2022) Data compiled by Barron's based on time period from Dec 2020 - Dec 2021."
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Learn MoreAWARD-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
61 South Paramus Road, 3rd
Fl
Paramus, NJ 07652
US
Direct:
(201) 967-6356(201) 967-6356
Toll-Free:
(800) 526-0829(800) 526-0829
Meet The Dalal Group
Mike Jackson, CEPA®
First Vice President, Wealth Management, Financial Advisor, Alternative Investments Director
Phone:
(201) 967-6245(201) 967-6245
Phone:
(201) 967-6203(201) 967-6203
Stacey Schaumberger
First Vice President, Group Director
Phone:
(201) 967-6252(201) 967-6252
Philip Sifakis, CFA®, CMT
Portfolio Management Associate Director
Phone:
(201) 967-3306(201) 967-3306
Nancy Legg
Vice President, Wealth Management Associate
Phone:
(201) 967-6244(201) 967-6244
Amy Miller
Associate Vice President, Wealth Management Associate
Phone:
(201) 967-6350(201) 967-6350
Katherine Ferriter
Portfolio Associate
Phone:
(201) 967-6221(201) 967-6221
Melanie Zartaloudis
Registered Client Service Associate
Phone:
(201) 967-6237(201) 967-6237
About Yash V Dalal
Yash has dedicated his entire 26 year career in financial services career to gaining a deep knowledge and global perspective of the financial markets, so he can educate his clients about their portfolios and help them develop holistic financial plans. He listens carefully to clients’ goals, values and concerns and works tirelessly to help them achieve their personal and financial objectives. Yash’s commitment to continuing education allows him to remain on the forefront of the latest and most effective wealth management strategies.
In 2018, Yash was awarded the title of Managing Director. In 2015, Yash earned Morgan Stanley’s title of Family Wealth Director – achieved by five percent of the advisors at the firm. By doing so, Yash has immediate access to the full scope and influence of the differentiating resources at Morgan Stanley to create greater financial opportunities for his clientele.
Yash holds numerous firm designations including; Alternatives Investment Director, Senior Portfolio Management Director, Senior Investment Management Consultant and Financial Planning Specialist, and industry designation of Certified Retirement Planning Specialist (CRPS®).
Yash received his B.A. from Rutgers University and his M.B.A. from Boston College.
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In 2018, Yash was awarded the title of Managing Director. In 2015, Yash earned Morgan Stanley’s title of Family Wealth Director – achieved by five percent of the advisors at the firm. By doing so, Yash has immediate access to the full scope and influence of the differentiating resources at Morgan Stanley to create greater financial opportunities for his clientele.
Yash holds numerous firm designations including; Alternatives Investment Director, Senior Portfolio Management Director, Senior Investment Management Consultant and Financial Planning Specialist, and industry designation of Certified Retirement Planning Specialist (CRPS®).
Yash received his B.A. from Rutgers University and his M.B.A. from Boston College.
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Securities Agent: NV, MA, TN, NC, MD, WA, OH, NY, LA, DE, NM, IN, SC, OR, DC, GA, MI, ME, CT, TX, RI, FL, AL, VA, PA, NJ, IL, IA, CO, CA, AZ; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1279057
NMLS#: 1279057
About Mike Jackson
Mike Jackson began his career in financial services in 2005. Before joining the Dalal Group in 2021, Mike served as the lead Private Banker at Morgan Stanley’s Wealth Management offices in northern New Jersey, where he was responsible for overseeing a team of bankers. Additionally, he has worked as a relationship strategist at PNC Wealth Management and has held a number of roles at UBS, including banking solutions specialist, financial advisor and options senior associate. Mike holds the Series 7 and 66 industry licenses and earned a B.S. in finance and history from Providence College.
Mike lives in Midland Park, New Jersey, with his wife, two children and their dog. Away from the office, he is an avid sports fan, and he enjoys playing soccer and softball and coaching his daughters’ sports teams. Mike is actively involved with the Covenant House participating in their annual sleepout each year.
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Mike lives in Midland Park, New Jersey, with his wife, two children and their dog. Away from the office, he is an avid sports fan, and he enjoys playing soccer and softball and coaching his daughters’ sports teams. Mike is actively involved with the Covenant House participating in their annual sleepout each year.
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Securities Agent: OH, IN, TN, LA, PA, NJ, AZ, MD, DE, WA, TX, NY, NM, MI, MA, CO, CA, SC, IA, CT, AL, ME, GA, IL, NV, VA, FL, DC, RI, OR, NC; General Securities Representative; Investment Advisor Representative
NMLS#: 1078930
NMLS#: 1078930
About Brooke Collins
Brooke joined the Dalal Group as a Financial Advisor in 2023 after starting her career on the Structured Investments Sales team within Morgan Stanley Wealth Management. In that role, Brooke served as a product specialist servicing financial advisors and clients, delivering cross-asset, tailored investment solutions. She holds the SIE and Series 7, 63, and 65 industry licenses, as well as the Chartered Retirement Plans Specialist designation, which furthers her commitment to our business-owner clients who offer qualified plans to their employees.
Brooke joined Morgan Stanley in 2020 after graduating from Villanova University with a BBA in Finance and Business Analytics. While at school, Brooke played on the club Women’s Ice Hockey team and remains an avid sports fan. She is originally from Boston and now resides in Bergen County with her husband and their dog.
Brooke joined Morgan Stanley in 2020 after graduating from Villanova University with a BBA in Finance and Business Analytics. While at school, Brooke played on the club Women’s Ice Hockey team and remains an avid sports fan. She is originally from Boston and now resides in Bergen County with her husband and their dog.
Securities Agent: HI, AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY; General Securities Representative; Investment Advisor Representative
NMLS#: 2554452
NMLS#: 2554452
About Stacey Schaumberger
Stacey Schaumberger joined the Dalal Group as Group Director – First Vice President in 2019. Stacey graduated from Franklin and Marshall College with a degree in business management and started her career with our predecessor firm, Shearson Lehman, as a Client Service Associate. She has been with our firm for over 30 years in a multitude of managerial capacities, most recently as a Business Service Manager with one of the top complexes in New York City. Through the various positions she has developed excellent organizational and communication skills which lends itself well to her role on our team. Stacey is thoroughly familiar with the firm’s best practices for client services and has a wealth of knowledge and experience in that space. Her number one focus is assisting the team to provide top notch customer service and deliver on assisting you to meet your financial goals. Stacey holds her series 7, 66 and series 8 licenses.
Stacey resides in Bergen County with her husband, David and their 3 children. She gets great enjoyment watching her kids play sports and through the years has volunteered at their schools and with their sports teams. She is an animal lover - especially her dog and cat and has a special fondness for animal rescue charities. In her spare time, she enjoys working out and Pilates.
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Stacey resides in Bergen County with her husband, David and their 3 children. She gets great enjoyment watching her kids play sports and through the years has volunteered at their schools and with their sports teams. She is an animal lover - especially her dog and cat and has a special fondness for animal rescue charities. In her spare time, she enjoys working out and Pilates.
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About Philip Sifakis
Philip Sifakis joined The Dalal Group in 2025 as a Portfolio Management Associate Director. Phil brings with him over 15 years of experience in financial services, including more than 11 years at Morgan Stanley. Born in California, Philip moved to Greece at a young age, where he later began his career on the trading desk at Piraeus Bank in Athens. During the debt crisis, he returned to the United States, where he has focused on assisting top Wealth Management teams with managing their clients’ portfolios. He holds a BS in Banking and Finance from the London School of Economics and Political Science and has earned both the Chartered Financial Analyst (CFA) and Chartered Market Technician (CMT) designations. His passion for managing investments will make him a valuable addition to our team. Philip resides in Florham Park, NJ with his wife Stacie, and their 3 sons.
About Nancy Legg
Nancy Legg is our senior team member, having been an integral part of the Dalal Group for over 8 years. She joined The Dalal Group in 2013 and brought with her 15 years of experience in the financial services industry. In her current role as Wealth Management Associate, she partners with team members to address the specific needs and service issues of our clients in order to cultivate existing client relationships and enhance business development.
Prior to joining Morgan Stanley, she worked in Boston as a Financial Analyst at both Massachusetts Financial Services Company (MFS) and New England Financial. Additionally, Nancy worked in Fixed Income Trading at The Boston Company and as a Sales Assistant in Retirement Plans Marketing at MFS Financial Services Inc.
Nancy earned a Bachelor of Science degree in Finance from Ithaca College, and has both her Series 7 and 66 licenses. She is a mental health advocate for the AFSP public policy team and is a long-standing volunteer at The Father English Center in Paterson, New Jersey. Nancy lives in Ridgewood, NJ with her family and two dogs.
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Prior to joining Morgan Stanley, she worked in Boston as a Financial Analyst at both Massachusetts Financial Services Company (MFS) and New England Financial. Additionally, Nancy worked in Fixed Income Trading at The Boston Company and as a Sales Assistant in Retirement Plans Marketing at MFS Financial Services Inc.
Nancy earned a Bachelor of Science degree in Finance from Ithaca College, and has both her Series 7 and 66 licenses. She is a mental health advocate for the AFSP public policy team and is a long-standing volunteer at The Father English Center in Paterson, New Jersey. Nancy lives in Ridgewood, NJ with her family and two dogs.
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About Amy Miller
Amy Miller joined the Dalal Group in May 2014 and holds the title of Portfolio Associate. Her responsibilities on the team include all aspects of client support, new account opening and documentation, processing account maintenance requests, among others.
She began her career with Morgan Stanley in 2010 at the Operations Center in Columbus, Ohio. Prior to joining Morgan Stanley, Amy was employed at Nationwide Insurance and Chase Bank, where she focused on insurance specialty line support and mutual fund operations.
Amy earned a Paralegal Certificate from Capital University Law School in Columbus, Ohio. Amy also attended The Ohio State University and Franklin University in Columbus, Ohio and holds a Bachelor of Science in Business Administration with a concentration in Finance.
Amy is involved and supports many nonprofit organizations, but the two she holds closest to her heart are the Ramapo-Bergen Animal Refuge and the Pulmonary Fibrosis Foundation. In her spare time Amy enjoys reading, traveling and rooting for The Buckeyes! She lives in Midland Park with her family.
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She began her career with Morgan Stanley in 2010 at the Operations Center in Columbus, Ohio. Prior to joining Morgan Stanley, Amy was employed at Nationwide Insurance and Chase Bank, where she focused on insurance specialty line support and mutual fund operations.
Amy earned a Paralegal Certificate from Capital University Law School in Columbus, Ohio. Amy also attended The Ohio State University and Franklin University in Columbus, Ohio and holds a Bachelor of Science in Business Administration with a concentration in Finance.
Amy is involved and supports many nonprofit organizations, but the two she holds closest to her heart are the Ramapo-Bergen Animal Refuge and the Pulmonary Fibrosis Foundation. In her spare time Amy enjoys reading, traveling and rooting for The Buckeyes! She lives in Midland Park with her family.
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About Katherine Ferriter
Kathy Ferriter joined the Dalal Group in February 2020 and is a Registered Associate. She has more than 28 years of experience in the financial services industry. Kathy began her financial career in New York as a Management Trainee at Pershing where she also worked in Asset Management Operations, Relationship Management for both domestic and international clients and as Compliance Officer. Most recently she worked as consultant to Deutsche Bank’s Compliance Department in New York, performing quality assurance assessments to validate the design effectiveness of controls to mitigate risks.
Kathy earned a Bachelor of Science in Business Administration from Marist College and a Master of Business Administration in International Business from Pace University. Additionally, she completed SIFMA’s Security Industry Institute at Wharton School of the University of Pennsylvania.
Charity work includes volunteering for the Morgan Hoffmann Foundation, USGA and PGA. In her spare time, Kathy enjoys playing golf and spending time with her family and currently resides in Ramsey with her husband and 2 children.
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Kathy earned a Bachelor of Science in Business Administration from Marist College and a Master of Business Administration in International Business from Pace University. Additionally, she completed SIFMA’s Security Industry Institute at Wharton School of the University of Pennsylvania.
Charity work includes volunteering for the Morgan Hoffmann Foundation, USGA and PGA. In her spare time, Kathy enjoys playing golf and spending time with her family and currently resides in Ramsey with her husband and 2 children.
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About Melanie Zartaloudis
Melanie Zartaloudis joined the Dalal Group in August 2023 as a Registered Client Service Associate, where she supports complex wealth management initiatives and delivers high-touch client service for high-net-worth and institutional relationships. She is an honors graduate of Rutgers University Business School and is currently pursuing a Master’s in Finance at NYU Stern School of Business. Melanie brings experience in financial analysis, risk management, and client relationship strategy from her previous role at JPMorgan Chase, and applies a disciplined, analytical approach to portfolio support and client service execution. She is committed to contributing to the Dalal Group’s continued growth by enhancing operational efficiency, strengthening client engagement, and supporting investment and planning strategies with precision and professionalism. Melanie resides in Bergen County, New Jersey, and is actively engaged in community philanthropy. In her free time, she enjoys traveling, golfing, cycling, and spending time with family.
Contact Yash V Dalal
Contact Mike Jackson
Contact Brooke Collins
Awards and Recognition
Barron's Top 1,500 Financial Advisors: State-by-State
2022-2026 Barron's Top 1,500 Financial Advisors: State-by-State (formerly referred to as Barron's Top 1,200 Financial Advisors: State-by-State, Barron's Top 1,000 Financial Advisors: State-by-State)Source: Barrons.com (Awarded 2022-2026). Data compiled by Barron's based on 12-month period concluding in Sept of the year prior to the issuance of the award.
Forbes Best-In-State Wealth Advisors
2018-2026 Forbes Best-In- State Wealth Advisors Source: Forbes.com (Awarded 2018-2026). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
Forbes Best-In-State Wealth Management Teams
2024-2026 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2024-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
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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
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 Dalal Group today.
1Morgan 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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.
3When 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.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
5Morgan Stanley 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.
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 and other legal matters.
6Alternative 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.
7Morgan 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
8Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
9Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
11Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
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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.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley 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.
3When 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.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
5Morgan Stanley 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.
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 and other legal matters.
6Alternative 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.
7Morgan 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
8Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
9Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
11Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
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.
CRC 4665150 (8/2025), 5378280 (5/2026)
