David N Bower
Executive Director, Wealth Management, Financial Advisor, Financial Planning Specialist, Alternative Investments Director, Senior Investment Management Specialist
Phone:
(214) 696-7072(214) 696-7072
The Dallas Consulting Group at Morgan Stanley
David N BowerTimothy Peach, CFP®, CRPS®, QPFCKarch Weyermuller, CFP®Allison Sterling Davis, CFP®, CIMA®, CRPS®Kelsey Regan, CFP®Audra Lee Benge, CRPS®
Direct:
(214) 696-7100(214) 696-7100
Toll-Free:
(800) 933-3936(800) 933-3936
Our Mission Statement
Core Values:
• Integrity • Client Focus • Excellence • Teamwork • Inclusion
• Integrity • Client Focus • Excellence • Teamwork • Inclusion
Our Story
At the Dallas Consulting Group at Morgan Stanley, we are anything but your typical wealth management team.
Our engagement with a client often begins coincident with their sudden duty to manage the largest pool of assets with which they have ever been entrusted. Other times, they have realized that their unique circumstances have gradually outgrown their current advisor’s knowledge and capabilities.
Our process goes far beyond commonplace, retail-oriented models and tools. We seek to align our client’s income and cash flows using a process inspired by institutional methodologies, while reducing the impact of daily market forces on income generation. Alternative investments are used to reduce dependence on equity market and interest rate direction. Tax-efficient portfolio implementation is also an area of unique focus for our team. Proactive communication and collaboration with a client’s tax and legal advisors promotes clarity and synergy. We custom tailor the extraordinary resources of Morgan Stanley to meet the needs and goals of every client relationship.
Alongside overall wealth management, our keen focus on working with corporate executives allows us to provide differentiated advice around managing restricted stock and stock option awards. We seek to manage risk and tax implications within the context of a client’s total wealth management picture, while also taking into account the client’s expectations for their corporate stock. Finally, we carefully consider other factors, such as minimum holding requirements and insider trading compliance.
Our team understands that every pool of assets we manage has a mission. We seek to make a meaningful, positive difference to the well-being of our clients. Corporate executives, family stewards, foundation and endowment trustees, and retirement plan fiduciaries - both in the Dallas area and nationwide - have turned to our team for over 25 years. We know that your primary responsibility is the prudent stewardship of the assets under your control, and we are honored to share that responsibility with you.
Click the link down below to learn more about the full breadth of services we provide and how we help clients navigate key wealth management decisions.
Our engagement with a client often begins coincident with their sudden duty to manage the largest pool of assets with which they have ever been entrusted. Other times, they have realized that their unique circumstances have gradually outgrown their current advisor’s knowledge and capabilities.
Our process goes far beyond commonplace, retail-oriented models and tools. We seek to align our client’s income and cash flows using a process inspired by institutional methodologies, while reducing the impact of daily market forces on income generation. Alternative investments are used to reduce dependence on equity market and interest rate direction. Tax-efficient portfolio implementation is also an area of unique focus for our team. Proactive communication and collaboration with a client’s tax and legal advisors promotes clarity and synergy. We custom tailor the extraordinary resources of Morgan Stanley to meet the needs and goals of every client relationship.
Alongside overall wealth management, our keen focus on working with corporate executives allows us to provide differentiated advice around managing restricted stock and stock option awards. We seek to manage risk and tax implications within the context of a client’s total wealth management picture, while also taking into account the client’s expectations for their corporate stock. Finally, we carefully consider other factors, such as minimum holding requirements and insider trading compliance.
Our team understands that every pool of assets we manage has a mission. We seek to make a meaningful, positive difference to the well-being of our clients. Corporate executives, family stewards, foundation and endowment trustees, and retirement plan fiduciaries - both in the Dallas area and nationwide - have turned to our team for over 25 years. We know that your primary responsibility is the prudent stewardship of the assets under your control, and we are honored to share that responsibility with you.
Click the link down below to learn more about the full breadth of services we provide and how we help clients navigate key wealth management decisions.
Services Include
- Alternative InvestmentsFootnote1
- Business PlanningFootnote2
- Corporate Pension FundsFootnote3
- Corporate Retirement PlansFootnote4
- Defined Contribution PlansFootnote5
- Divorce Financial AnalysisFootnote6
- Endowments and FoundationsFootnote7
- Estate Planning StrategiesFootnote8
- Executive Benefit ServicesFootnote9
- Executive Financial ServicesFootnote10
- Financial PlanningFootnote11
- Institutional ServicesFootnote12
- Philanthropic Services
- Qualified Retirement PlansFootnote13
- Retirement PlanningFootnote14
- Stock Option PlansFootnote15
- Stock Plan ServicesFootnote16
- Sustainable InvestingFootnote17
- Wealth ManagementFootnote18
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Matt Williams - Associate Private Banker
Matt Williams is an Associate Private Banker serving Morgan Stanley Wealth Management offices in Texas.
Associate Private Bankers partner with Private Bankers and 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.
Matt began his career in financial services in 2005 and joined Morgan Stanley in 2024 as an Associate Private Banker. Prior to joining the firm, he was a Financial Advisor at Merrill Lynch. He also served as a Wealth Management Lending Officer at Bank of America/Merrill Lynch.
Matt is a graduate of Baylor University, where he received a Bachelor of Business Administration in Marketing. He lives in Dallas, Texas with his family. Outside of the office, Matt enjoys running and spending time with his family.
NMLS#: 621903
Associate Private Bankers partner with Private Bankers and 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.
Matt began his career in financial services in 2005 and joined Morgan Stanley in 2024 as an Associate Private Banker. Prior to joining the firm, he was a Financial Advisor at Merrill Lynch. He also served as a Wealth Management Lending Officer at Bank of America/Merrill Lynch.
Matt is a graduate of Baylor University, where he received a Bachelor of Business Administration in Marketing. He lives in Dallas, Texas with his family. Outside of the office, Matt enjoys running and spending time with his family.
NMLS#: 621903
Jeff Holzbach - Senior Equity Planner
For 26 years, I have worked to guide families and companies with equity awards and financial planning. Analytics and a holistic education and discovery process enable me to identify and prioritize key considerations to help my clients make effective financial decisions.
After graduating from Duquesne University (Pittsburgh) in 1996 with a Bachelor of Science degree in Finance , I moved to Indianapolis IN to work for Charles Schwab. At Schwab, I grew in my role to eventually lead our Financial Planning division and earned the CERTIFIED FINANCIAL PLANNER™ designation in 2003. In addition, I have worked the past 10 years to develop knowledge and skills to help families and companies with equity award analysis and planning. This includes earning the Certified Equity Professional (CEP) designation in 2019. In 2021, I joined Morgan Stanley to support initiatives to enhance the depth and breadth of education and planning capabilities related to equity awards.
Outside of work, I have been married for 23 years and have two children. My time is spent finding ever smaller windows of time with my kids. My son is a Sophomore in college studying economics, and my daughter is a Senior in high school with a focus in the area of STEM. I enjoy outdoor activities including hiking, camping, and fishing.
After graduating from Duquesne University (Pittsburgh) in 1996 with a Bachelor of Science degree in Finance , I moved to Indianapolis IN to work for Charles Schwab. At Schwab, I grew in my role to eventually lead our Financial Planning division and earned the CERTIFIED FINANCIAL PLANNER™ designation in 2003. In addition, I have worked the past 10 years to develop knowledge and skills to help families and companies with equity award analysis and planning. This includes earning the Certified Equity Professional (CEP) designation in 2019. In 2021, I joined Morgan Stanley to support initiatives to enhance the depth and breadth of education and planning capabilities related to equity awards.
Outside of work, I have been married for 23 years and have two children. My time is spent finding ever smaller windows of time with my kids. My son is a Sophomore in college studying economics, and my daughter is a Senior in high school with a focus in the area of STEM. I enjoy outdoor activities including hiking, camping, and fishing.
Caroline Cecil- Senior Equity Planner
Caroline Cecil is a Senior Equity Compensation Planner at Morgan Stanley. She helps clients understand and manage their equity awards to achieve their financial goals.
Caroline began her career in consulting at a Big Four accounting firm, advising on stock plans for some of the largest organizations in the world. There, she gained a deep understanding of corporate issuers and worked cross-functionally to address their most complex tax, operational, and executive-focused equity compensation issues. At Morgan Stanley, she draws on this specialized expertise to help individuals make effective decisions with their equity awards.
Caroline holds a Bachelor’s in Business Administration from the University of New Mexico and a Master’s in Professional Accounting from the University of Texas. She is a licensed CPA and regular speaker at events for the National Association of Stock Plan Professionals.
Caroline began her career in consulting at a Big Four accounting firm, advising on stock plans for some of the largest organizations in the world. There, she gained a deep understanding of corporate issuers and worked cross-functionally to address their most complex tax, operational, and executive-focused equity compensation issues. At Morgan Stanley, she draws on this specialized expertise to help individuals make effective decisions with their equity awards.
Caroline holds a Bachelor’s in Business Administration from the University of New Mexico and a Master’s in Professional Accounting from the University of Texas. She is a licensed CPA and regular speaker at events for the National Association of Stock Plan Professionals.
Equity Compensation Planning
For many, equity in their company is an important piece of their full financial picture and since everyone's situation is unique, we can help create a plan that caters specifically to your needs and goals. As Dedicated Equity Plan Specialists we are financial advisors who focus on company specific plans to serve our clients' needs.
Being designated advisors, we can help you determine how your equity compensation fits into your overall goals and financial strategy, through personalized financial plans and tailored strategies. We are positioned to service and educate on the full suite of workplace benefits and can help you address questions related to grants/awards, vesting events, restricted stock units, and more.
Being designated advisors, we can help you determine how your equity compensation fits into your overall goals and financial strategy, through personalized financial plans and tailored strategies. We are positioned to service and educate on the full suite of workplace benefits and can help you address questions related to grants/awards, vesting events, restricted stock units, and more.
Equity Compensation 101
When you own company equity, you become a shareholder in your company. Equity programs vary widely, so it's important to understand the details and how it fits into your financial plan.
Employee Stock Purchase Plans (ESPP)
An Employee Stock Purchase Program (ESPP) is an optional benefit some companies offer. Through payroll deductions, employees may be able to purchase company stock at a discount to the current market price.
Restricted Stock Units (RSU)
RSUs are usually given to reward employees for their hard work, giving ownership in the company they're helping grow. RSU is a promise to deliver stock to the holder on a specified event or date.
Stock Options
Stock Options give employees the right – but not the obligation – to purchase shares at a fixed price. If the value of the stock increased over time, the holder can earn a profit. The two types of stock options, Incentive Stock Options (ISOs) and Non–Qualified Stock Options (NQSOs), differ in their tax treatment.
Concentrated Stock Solutions Brochure
The Concentrated Stock Solutions brochure outlines key considerations for executives and employees whose equity compensation creates meaningful single stock exposure—including diversification, tax efficiency and risk management themes—and provides an overview of approaches that may be used to help align concentrated equity with broader objectives as circumstances and timelines evolve.
Concentrated Stock Solutions BrochureFinding a Solution Unique to Your Needs
At Morgan Stanley, we have a vast array of solutions available to our clients – but we ensure our approach is tailored to each client's specific needs. We partner with you to deliver personalized solutions that are in line with your financial goals.
Financial Planning
A variety of planning-related tools—including our award-winning Goals Planning System (GPS) and LifeView—which enable us to provide a single, comprehensive snapshot of your finances and adapt a wealth plan to your ever-changing life demands and modify goals as needed.
Morgan Stanley Goals-Based Wealth Management
Total Tax 365
Taxes can be a substantial drag on investment returns. Morgan Stanley Total Tax 365 offers access to a broad range of tax-efficient strategies to help you integrate tax planning into your investment process all year long, maximize portfolio after-tax return potential and help keep more of what you earn.
Learn More
Insured Solutions
As a leader in the distribution of insurance and annuities, our offerings include disability, long-term care and property and casualty insurance, as well as fixed, indexed and variable annuities. Morgan Stanley offers these products in conjunction with its licensed insurance agency affiliates.
Morgan Stanley Insured Solutions
Morgan Stanley Portfolio Solutions
Portfolios that harness Morgan Stanley's industry-leading advice, resources and risk management—calibrated to your specific goals.
Alternative Investments
Our leading alternatives platform offers 160+ third-party and proprietary funds, including first look and exclusive opportunities, that may help qualified investors enhance returns, reduce volatility, manage taxes and generate income—while maintaining a goals-based approach for asset allocation.
Morgan Stanley Alternative Investments
Portfolio Risk Platform
Our Portfolio Risk Platform, backed by institutional-caliber analytics, assesses thousands of risk factors using a holdings-based approach to assess a portfolio's exposures, analyze how securities behave together across portfolios and forecast how they influence risk and return moving forward.
Portfolio Risk PlatformAWARD-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
8383 Preston Center Plz
Ste 400
Dallas, TX 75225
US
Direct:
(214) 696-7100(214) 696-7100
Toll-Free:
(800) 933-3936(800) 933-3936
Meet The Dallas Consulting Group
Timothy Peach, CFP®, CRPS®, QPFC
Senior Vice President, Financial Advisor, Alternative Investments Director, Corporate Retirement Director, Workplace Advisor - Equity Compensation, CERTIFIED FINANCIAL PLANNER®, CHARTERED RETIREMENT PLANS SPECIALIST, Qualified Plan Financial Consultant
Phone:
(214) 696-7113(214) 696-7113
Associate Vice President, Wealth Management, Financial Advisor, CERTIFIED FINANCIAL PLANNER®, Workplace Advisor - Equity Compensation
Phone:
(214) 696-7069(214) 696-7069
Allison Sterling Davis, CFP®, CIMA®, CRPS®
Financial Advisor, CERTIFIED FINANCIAL PLANNER®, Certified Investment Management Analyst
Phone:
(214) 661-7072(214) 661-7072
Phone:
(972) 943-7170(972) 943-7170
Phone:
(214) 696-7088(214) 696-7088
Hanna R. Loew
Senior Registered Client Service Associate
Phone:
(214) 696-7047(214) 696-7047
Tyler L. Clark
Consulting Group Analyst
Phone:
(214) 696-7013(214) 696-7013
Rachel Patton
Registered Client Service Associate
Phone:
(214) 696-7154(214) 696-7154
Ryan Buccellato
Client Service Associate
Phone:
(214) 696-7015(214) 696-7015
About David N Bower
David N. Bower concentrates in alternative investments, capital markets, and trading, with a career spanning over 35 years at Morgan Stanley. As an Alternative Investments Director, David harnesses his market insights and extensive experience to offer strategic investment solutions, catering to high-net-worth families and institutions. His work in investment consulting has earned him the accolade of Forbes Best-In-State Wealth Advisor for 2024.
David's educational background includes a Bachelor of Science in Management (B.S.M.) from Tulane University, which laid the foundation for his successful career. Notably, he is a founding member of the Dallas Consulting Group, a 10 person team dedicated to providing investment advice to families, corporate executives, endowments and institutional clients.
Beyond his professional achievements, David is a proud family man, married with three grown boys. He enjoys spending his leisure time on the golf course, where he finds both relaxation and enjoyment.
Forbes Best-In-State Wealth Advisor 2024
Source: Forbes.com (Awarded Jan 2024) Data compiled by SHOOK Research LLC based on time period from 3/31/22-3/31/23.
David's educational background includes a Bachelor of Science in Management (B.S.M.) from Tulane University, which laid the foundation for his successful career. Notably, he is a founding member of the Dallas Consulting Group, a 10 person team dedicated to providing investment advice to families, corporate executives, endowments and institutional clients.
Beyond his professional achievements, David is a proud family man, married with three grown boys. He enjoys spending his leisure time on the golf course, where he finds both relaxation and enjoyment.
Forbes Best-In-State Wealth Advisor 2024
Source: Forbes.com (Awarded Jan 2024) Data compiled by SHOOK Research LLC based on time period from 3/31/22-3/31/23.
Securities Agent: PA, WI, VA, TX, MS, AR, SC, NV, NC, MO, MI, MA, UT, IL, OH, LA, AL, WY, NJ, MT, GA, DE, DC, OK, NY, FL, CT, NH, TN, OR, NM, KS, IN, IA, MN, MD, HI, CO, AZ, RI, ID, CA, WA; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1297931
CA Insurance License #: 0B70629
AR Insurance License #: 576147
NMLS#: 1297931
CA Insurance License #: 0B70629
AR Insurance License #: 576147
About Timothy Peach
Tim began his career at Morgan Stanley as a summer intern in 2005, with plans at the time to go to law school. He quickly learned how much he loves working in wealth management, and he’s never left. Tim joined the firm's Financial Advisor training program immediately after graduating from University of Maryland, where he earned bachelor’s degrees in Economics and Government.
Tim and his wife Courtney reside in Dallas, sharing their home with two children and two West Highland White Terriers. Tim’s son is an avid ice hockey player, and his daughter is a cheerleader; both children are competitive swimmers. Tim and his family are members of the Church of the Incarnation in Dallas. His hobbies include hunting, fishing, hiking, pickleball, overland/off-road driving, classic/collectible automobiles, and the Oxford comma.
“Everything our team does for our clients revolves around reaching their goals while managing risks or obstacles. Our team is focused on detailed financial planning as the core of our client relationships. We utilize Morgan Stanley resources strategically, tailoring them to each client’s unique situation. Members of our team include early, mid, and late career professionals in both advice and service. We are stewards of something larger than ourselves as individuals, and working as a team to maintain our reputation is very rewarding.”
Tim and his wife Courtney reside in Dallas, sharing their home with two children and two West Highland White Terriers. Tim’s son is an avid ice hockey player, and his daughter is a cheerleader; both children are competitive swimmers. Tim and his family are members of the Church of the Incarnation in Dallas. His hobbies include hunting, fishing, hiking, pickleball, overland/off-road driving, classic/collectible automobiles, and the Oxford comma.
“Everything our team does for our clients revolves around reaching their goals while managing risks or obstacles. Our team is focused on detailed financial planning as the core of our client relationships. We utilize Morgan Stanley resources strategically, tailoring them to each client’s unique situation. Members of our team include early, mid, and late career professionals in both advice and service. We are stewards of something larger than ourselves as individuals, and working as a team to maintain our reputation is very rewarding.”
Securities Agent: MS, AL, UT, NM, AZ, AR, OH, NY, WA, PA, KS, IL, HI, SC, MN, CO, WI, TX, MT, MI, LA, WY, NJ, DC, TN, OR, ID, IA, FL, CT, NH, NV, MO, DE, NC, MA, GA, CA, VA, OK, MD, IN; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 2098962
AR Insurance License #: 13828708
NMLS#: 2098962
AR Insurance License #: 13828708
About Karch Weyermuller
Karch joined Morgan Stanley in his hometown of Chicago as a Digital/Wealth Advisor in 2017 after graduating from the University of Iowa with a B.A. in Political Science. In the summer of 2019, Karch moved to Texas where he became a Financial Advisor for the Dallas Consulting Group. His main focus is on corporate services, including equity compensation, stock plans, financial planning, and digital engagement. He is well versed in Morgan Stanley’s financial planning and digital tools available to clients.
Karch lives in the DFW area with his wife and two daughters. In his free time, he enjoys spending time with his family, traveling the country, playing golf, and officiating ice hockey where he has been an official with USA Hockey and the American Collegiate Hockey Association since 2010.
Karch lives in the DFW area with his wife and two daughters. In his free time, he enjoys spending time with his family, traveling the country, playing golf, and officiating ice hockey where he has been an official with USA Hockey and the American Collegiate Hockey Association since 2010.
Securities Agent: CA, FL, SC, NY, IN, ID, MD, LA, AL, OR, MS, KS, GA, AR, OK, OH, HI, UT, TN, NJ, WY, MO, IL, IA, CT, CO, AZ, VA, MA, DC, NH, WA, PA, NV, MT, DE, WI, TX, MN, MI, NM, NC; General Securities Representative; Investment Advisor Representative
NMLS#: 1889162
CA Insurance License #: 4316030
NMLS#: 1889162
CA Insurance License #: 4316030
About Allison Sterling Davis
Allison is a native of Dallas, Texas and began her career in Wealth Management in 2014, joining Morgan Stanley in 2016. She is passionate about providing people with confidence and clarity regarding their financial and personal goals, advising on customized strategies to help improve expected outcomes while managing risks.
Allison is a CFP® (CERTIFIED FINANCIAL PLANNER™) practitioner and holds the CIMA® (CERTIFIED INVESTMENT MANAGEMENT ANALYST®) designation. After graduating from Ursuline Academy of Dallas, she earned her Bachelor’s degree in Accounting and Finance from Texas Christian University, and a Financial Planning Certificate from the University of Texas.
Outside of the office, Allison is an avid rower and belongs to the Dallas Rowing Club. She started the sport in high school and learned many valuable lessons that have translated into her career as a Financial Advisor. Allison says “In rowing, we can't control the wind or the water, but through preparation and discipline we can set ourselves up for better outcomes.”
In her free time, she also enjoys spending time with her family, cooking, traveling, and cheering on the TCU Horned Frogs in football. Allison lives in Dallas with her husband, Philip.
Allison is a CFP® (CERTIFIED FINANCIAL PLANNER™) practitioner and holds the CIMA® (CERTIFIED INVESTMENT MANAGEMENT ANALYST®) designation. After graduating from Ursuline Academy of Dallas, she earned her Bachelor’s degree in Accounting and Finance from Texas Christian University, and a Financial Planning Certificate from the University of Texas.
Outside of the office, Allison is an avid rower and belongs to the Dallas Rowing Club. She started the sport in high school and learned many valuable lessons that have translated into her career as a Financial Advisor. Allison says “In rowing, we can't control the wind or the water, but through preparation and discipline we can set ourselves up for better outcomes.”
In her free time, she also enjoys spending time with her family, cooking, traveling, and cheering on the TCU Horned Frogs in football. Allison lives in Dallas with her husband, Philip.
Securities Agent: OK, FL, VA, PR, NJ, MI, LA, WY, UT, PA, WA, TN, OR, MD, ID, CO, NH, NC, MT, MA, AL, NY, NE, KS, GA, DE, AZ, HI, SC, NM, IN, IL, WI, MO, IA, DC, AR, KY, TX, CT, CA, OH, NV, MS, MN; General Securities Representative; Investment Advisor Representative
NMLS#: 2628987
NMLS#: 2628987
About Kelsey Regan
Kelsey Regan, CFP® is a Vice President – Financial Advisor at the Dallas Consulting Group. With a strong wealth management background and a passion for helping clients navigate complex financial decisions, she has worked in the industry since 2015 and has experience supporting individuals, families, and executives.
As a CERTIFIED FINANCIAL PLANNER™ professional, Kelsey is committed to comprehensive, goals-based planning. She also has experience advising clients on equity compensation and providing consultative support to corporate executives—capabilities that further strengthen the team’s ability to serve clients with sophisticated planning needs.
At the Dallas Consulting Group, Kelsey partners with the team to deliver a service model that blends an institutional consulting perspective with tailored wealth strategies designed to meet each client’s unique circumstances.
Outside of the office, Kelsey enjoys spending time with her son and her schnauzer. She is also active in competitive fitness.
As a CERTIFIED FINANCIAL PLANNER™ professional, Kelsey is committed to comprehensive, goals-based planning. She also has experience advising clients on equity compensation and providing consultative support to corporate executives—capabilities that further strengthen the team’s ability to serve clients with sophisticated planning needs.
At the Dallas Consulting Group, Kelsey partners with the team to deliver a service model that blends an institutional consulting perspective with tailored wealth strategies designed to meet each client’s unique circumstances.
Outside of the office, Kelsey enjoys spending time with her son and her schnauzer. She is also active in competitive fitness.
Securities Agent: IA, TX, RI, NY, HI, NH, MD, MA, IL, WA, TN, NC, GA, NV, NJ, MI, FL, CT, WI, UT, PA, CO, CA, VA, MO, SC, ID, DE, AR, OK, OH, MS, OR, KS, IN, DC, MT, MN, AL, WY, NM, LA, AZ; General Securities Representative; Investment Advisor Representative
NMLS#: 1451458
NMLS#: 1451458
About Audra Lee Benge
Bringing more than 15 years of wealth management and financial planning experience to her clients, Audra crafts comprehensive solutions to help highly accomplished entrepreneurs and executives protect their assets and pursue their goals.
Originally from Dallas, TX, Audra began her career in Wealth Management working part time as a Client Service Associate, earning Series 7 and 66 licenses while simultaneously completing her bachelor’s degree in economics from Eugene Lang, The New School for Liberal Arts in New York City. She went on to get a Masters of Science in Global Finance from Fordham University and joined UBS full time shortly after. While with UBS, she moved to Los Angeles and continued her focus on Retirement Planning by earning a Chartered Retirement Plan Specialist designation, in addition to obtaining Life and Health Insurance licenses. Continuing her career with a move to Alex Brown and a transition to Financial Advisor in 2017, Audra eventually joined Morgan Stanley in 2021. Having since joined the Dallas Consulting Group, she continues to provide sophisticated and holistic guidance in all areas of clients’ financial lives - Audra is a strong believer in helping clients find and achieve their own version of success.
Having since moved back to Dallas, TX, Audra lives downtown in a historic loft building with her partner, his two cats, and her teacup poodle named Rhubarb. In addition to Pilates and reading, she spends free time volunteering with the Junior League of Dallas, playing poker with her North Texas Mensa group, and practicing her Spanish.
Originally from Dallas, TX, Audra began her career in Wealth Management working part time as a Client Service Associate, earning Series 7 and 66 licenses while simultaneously completing her bachelor’s degree in economics from Eugene Lang, The New School for Liberal Arts in New York City. She went on to get a Masters of Science in Global Finance from Fordham University and joined UBS full time shortly after. While with UBS, she moved to Los Angeles and continued her focus on Retirement Planning by earning a Chartered Retirement Plan Specialist designation, in addition to obtaining Life and Health Insurance licenses. Continuing her career with a move to Alex Brown and a transition to Financial Advisor in 2017, Audra eventually joined Morgan Stanley in 2021. Having since joined the Dallas Consulting Group, she continues to provide sophisticated and holistic guidance in all areas of clients’ financial lives - Audra is a strong believer in helping clients find and achieve their own version of success.
Having since moved back to Dallas, TX, Audra lives downtown in a historic loft building with her partner, his two cats, and her teacup poodle named Rhubarb. In addition to Pilates and reading, she spends free time volunteering with the Junior League of Dallas, playing poker with her North Texas Mensa group, and practicing her Spanish.
Securities Agent: CT, DE, WY, NV, KS, GA, CO, VA, OK, NM, MN, SC, NH, MA, UT, MT, MS, IL, AR, TX, MO, MD, LA, IN, ID, CA, OH, NJ, MI, NC, IA, DC, WA, NY, AZ, AL, PA, OR, HI, FL, WI, TN, SD; General Securities Representative; Investment Advisor Representative
NMLS#: 2269989
CA Insurance License #: 0K70164
NMLS#: 2269989
CA Insurance License #: 0K70164
About Hanna R. Loew
Hanna Loew is a Senior Registered Client Service Associate for the Dallas Consulting Group. She began in the financial services industry in 2011 and joined Morgan Stanley in 2022. Hanna got into the business through interviewing for a part time receptionist role at another firm while she was a college student and ended up accepting a full-time job managing the Operations department. As a client service associate, Hanna is passionate about helping with the day-to-day requests from client’s and Financial Advisors, as well as finding unique ways to make processes easier and more efficient. She prides herself on quick responses and finding solutions to complex issues.
Hanna moved from Los Angeles to Dallas in December of 2022 with her Chihuahua, Peanut who she rescued from an animal shelter in 2010. As a native of Los Angeles, she has volunteered with numerous local charities in the area including Cards for Hospitalized Kids, Operation Backpack, the Los Angeles Food Bank, and Operation Gratitude. Outside of work, Hanna enjoys hiking, cooking, traveling, volunteering, and spending time with her dog.
Hanna moved from Los Angeles to Dallas in December of 2022 with her Chihuahua, Peanut who she rescued from an animal shelter in 2010. As a native of Los Angeles, she has volunteered with numerous local charities in the area including Cards for Hospitalized Kids, Operation Backpack, the Los Angeles Food Bank, and Operation Gratitude. Outside of work, Hanna enjoys hiking, cooking, traveling, volunteering, and spending time with her dog.
About Tyler L. Clark
Tyler L. Clark, Consulting Group Analyst is a team member of the Dallas Consulting Group. He graduated from TCU with a degree in Energy, Technology & Engineering, and has been with Morgan Stanley since 2019. Tyler handles operations, technology, and alternative investments, in which he handles a unique blend of responsibilities that allows him to develop ways to integrate each further into practice. The part of the business that he enjoys the most is alternatives; he helps develop alternative investment strategies and handles all alternative operations. Tyler also enjoys the aspect of the business that there is always something more to do and always more to learn. Tyler believes the Dallas Consulting Group stands out due to its unique blend of backgrounds, specialties, and personalities while also remaining relatively small. This allows the team to adapt to pretty much any situation. Tyler has lived in Dallas Fort Worth for 11 years. He is married and has one daughter.
About Rachel Patton
Rachel joined the Dallas Consulting Group in 2026 as a Client Service Associate. A proud Horned Frog, Rachel graduated from Texas Christian University with a Bachelor of Business Administration in Finance and Management. Rachel aims to deliver personalized and exceptional support to our clients through attention to detail and efficient responses.
Rachel grew up in Atlanta, Georgia and moved to Dallas after graduation. She enjoys spending time with her family and friends, as well as stitching, cooking, and spending time outside.
Rachel grew up in Atlanta, Georgia and moved to Dallas after graduation. She enjoys spending time with her family and friends, as well as stitching, cooking, and spending time outside.
About Ryan Buccellato
Ryan Buccellato attended Southern Methodist University (SMU), where he earned a Bachelor of Science in Financial Economics. He grew up in Long Island, New York, in the town of Garden City. Outside of work, Ryan enjoys playing soccer and spending time with friends and family.
Ryan previously worked with Morgan Stanley Wealth Management in New York, an experience that led him to join the firm in Dallas following his graduation from SMU. He is committed to serving Morgan Stanley clients effectively and efficiently, and to providing support in any way possible.
Ryan previously worked with Morgan Stanley Wealth Management in New York, an experience that led him to join the firm in Dallas following his graduation from SMU. He is committed to serving Morgan Stanley clients effectively and efficiently, and to providing support in any way possible.
Contact David N Bower
Contact Timothy Peach
Contact Karch Weyermuller
Contact Allison Sterling Davis
Contact Kelsey Regan
Contact Audra Lee Benge
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
Aseah Rahman
Wealth Solutions Associate - Cash Management
Thomas Salvatore
Wealth Solutions Associate - Alternative Investments
About Aseah Rahman
Aseah Rahman is a Wealth Solutions Associate & Cash Engagement Specialist at Morgan Stanley providing dedicated support to Financial Advisors and their teams. Operating as an extension of the FA/Team, Aseah collaborates with clients to discover how best to engage and enroll in the services available at Morgan Stanley during their onboarding journey, specifically cash management. Aseah provides guidance across a wide suite of cash management offerings and is able to help open cash management accounts, transfer funds, assist with credit cards and provide education on the breadth of what Morgan Stanley has to offer in the cash management space.
About Thomas Salvatore
Tom Salvatore is a Wealth Solutions Associate and Alternative Investments Specialist at Morgan Stanley, providing dedicated support to Financial Advisors and their teams. Operating as an extension of the FA/Team, Tom collaborates with clients through the processing of alternative investments. Tom is able to assist across the alternative investment lifecycle, from facilitating new subscription transactions to supporting the ongoing maintenance of existing positions.
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
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
Wealth Management
Global Investment Office
Portfolio Insights
This is a video content
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
Article Image
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
Article Image
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
Article Image
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
Article Image
Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Retirement for Plan Sponsors
End-to-End Services, Made Simple:
We can provide the tools and guidance to help you manage a retirement plan.
We can provide the tools and guidance to help you manage a retirement plan.
- Plan Evaluation
- Investment Management
- Plan Management Support
- Plan Participant Education
Small Business Retirement Plans
Article Image
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 Dallas Consulting Group today.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
1Alternative 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.
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 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.
4When 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.
5When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
6Morgan 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.
7Morgan 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.
8Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
9When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should 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.
11Morgan 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.
12Morgan 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.
13When 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.
14When 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.
15Morgan 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.
16Morgan 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.
17Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
18Morgan 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.
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.
1Alternative 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.
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 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.
4When 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.
5When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
6Morgan 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.
7Morgan 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.
8Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
9When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should 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.
11Morgan 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.
12Morgan 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.
13When 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.
14When 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.
15Morgan 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.
16Morgan 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.
17Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
18Morgan 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.
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), 4763067 (9/2025), 5378280 (5/2026)
