Steven Crowley
Senior Vice President, Wealth Management, Financial Advisor
Phone:
(404) 266-6799(404) 266-6799
Our Mission Statement
With deep experience, tailored counsel, and dedicated service, we provide comprehensive wealth management solutions for multigenerational needs.
Our Story and Services
The Dutcher Group was founded in 1987 by Bruce Dutcher, a former naval aviator, whose finance career began punching ticker tape on a trading floor in the 1960s.
Bruce’s assiduous commitment to his clients, and steadfast guidance through all market conditions, caused the practice to flourish. Over the decades, the group has grown to serve clients and their families across 37 states as of 2024.
Since Bruce’s passing in 2023, the practice has been led by Steven Crowley and Max Dutcher, who bring a wealth of knowledge and experience to the team.
For us, wealth management means more than providing clients with investment advice. It means helping them maintain the financial independence they've worked their whole lives to achieve. It means striving to help ensure they have the means to pursue what's most important to them.
And it means understanding them as people with unique goals, values and circumstances that determine the strategies we develop on their behalf.
Bruce’s assiduous commitment to his clients, and steadfast guidance through all market conditions, caused the practice to flourish. Over the decades, the group has grown to serve clients and their families across 37 states as of 2024.
Since Bruce’s passing in 2023, the practice has been led by Steven Crowley and Max Dutcher, who bring a wealth of knowledge and experience to the team.
For us, wealth management means more than providing clients with investment advice. It means helping them maintain the financial independence they've worked their whole lives to achieve. It means striving to help ensure they have the means to pursue what's most important to them.
And it means understanding them as people with unique goals, values and circumstances that determine the strategies we develop on their behalf.
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
How We Invest and Work With You
- We are long the American economy as a central principal, pursuing direct investments in cash-flow-positive businesses, and avoiding speculative investments.
- If we cannot explain it to a client in five minutes, then we will most likely not own it in our portfolios.
- We prefer holdings that can be easily liquidated to cash.
- We prefer holdings that provide an income stream through dividends or interest.
- We maintain keen focus on balancing cost to invest with strong investment performance.
- We take a risk-oriented approach to allocation, back-testing portfolios against past market conditions, and stress-testing to help navigate disruptive market events.
- We invest using meticulously maintained custom discretionary portfolios that serve client goals.
- Our investment ideas, strategy and implementation are directed fully by our team.
- We utilize external managers across a full spectrum of asset classes where appropriate, that can potentially provide leading performance and efficient costs to invest.
Our Philosophy
Our Process
Our service model seeks to provide you with the highest quality service based on your needs and situation. Our approach takes into account more than just your investments, but rather your entire financial infrastructure, including your business and family goals, outside assets, and charitable giving.
- Goal-Based Financial Planning
- Balance Sheet Analysis
- Retirement Planning
- Social Security, Long-Term Care, Pension Support
- Education/College Funding
- World-Class Investment Resources
- Model Portfolio Solutions
- Tax Management Solutions
- Targeted Risk & Liability Management
- Alternative Investments
- Financial Education & Advocacy
- Flexible & Evolving Financial Guidance
- Coordination with Other Advisors (CPAs, Attorneys, Etc.)
- Legacy and Estate Planning Strategies
- Family Governance Services
- Philanthropy Support
- Donor Advised Funds
Financial Planning
Wealth Management
Advisory Services
Legacy
Location
3280 Peachtree Rd NE
Suite 1900
Atlanta, GA 30305
US
Direct:
(404) 266-6086(404) 266-6086
Meet The Dutcher Group
Max Dutcher
First Vice President, Wealth Management, Financial Advisor
Phone:
(404) 266-6056(404) 266-6056
Mary Boyce
Portfolio Associate
Phone:
(404) 266-7302(404) 266-7302
Charmaine A. Sylvester
Portfolio Associate
Phone:
(404) 266-6302(404) 266-6302
About Steven Crowley
Steven Crowley is a Financial Advisor and partner at The Dutcher Group. He is dedicated to helping clients achieve all their retirement and investing goals.
He is registered in 37 states and holds numerous financial licenses including the Series 7 and 66. He is also a member of Morgan Stanley’s Pacesetter’s Club, a global recognition for Financial Advisors who have demonstrated the highest professional standards and first-class client service early in their career.
He has been named to the 2025 Forbes Best-In-State Next-Gen Wealth Advisors list, recognizing his accomplishments and potential in the financial advisory field and has been highlighted in other publications including Fortune and Entrepreneur Magazine.
Prior to being a Financial Advisor, Steven was an entrepreneur and helped start and run various businesses including a pipeline equipment rental company. Steven held a real estate license in Georgia and was actively involved in the Georgia real estate market prior. Steven graduated with a B.S. in agricultural business and management from the University of Georgia in 2013 and was a member of the Alpha Gamma Rho Fraternity.
Outside of the office, Steven, and his wife Patce live in Atlanta with their two children and two chocolate labs. In his free time, Steven enjoys golf, tennis, wildlife habitat management, and spending quality time with his family.
Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State
Source: Forbes.com (Awarded Aug 2025) Data compiled by SHOOK Research LLC for the period 3/31/24 - 3/31/25.
He is registered in 37 states and holds numerous financial licenses including the Series 7 and 66. He is also a member of Morgan Stanley’s Pacesetter’s Club, a global recognition for Financial Advisors who have demonstrated the highest professional standards and first-class client service early in their career.
He has been named to the 2025 Forbes Best-In-State Next-Gen Wealth Advisors list, recognizing his accomplishments and potential in the financial advisory field and has been highlighted in other publications including Fortune and Entrepreneur Magazine.
Prior to being a Financial Advisor, Steven was an entrepreneur and helped start and run various businesses including a pipeline equipment rental company. Steven held a real estate license in Georgia and was actively involved in the Georgia real estate market prior. Steven graduated with a B.S. in agricultural business and management from the University of Georgia in 2013 and was a member of the Alpha Gamma Rho Fraternity.
Outside of the office, Steven, and his wife Patce live in Atlanta with their two children and two chocolate labs. In his free time, Steven enjoys golf, tennis, wildlife habitat management, and spending quality time with his family.
Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State
Source: Forbes.com (Awarded Aug 2025) Data compiled by SHOOK Research LLC for the period 3/31/24 - 3/31/25.
Securities Agent: ID, TN, MS, GA, WA, FL, DC, ME, HI, SC, NM, IN, AZ, AL, WV, VA, IL, OK, NH, MI, CT, CA, UT, NJ, OR, MD, VI, PA, NY, NC, MO, CO, AR, KY, TX, MT, OH; General Securities Representative; Investment Advisor Representative
NMLS#: 2170781
NMLS#: 2170781
About Max Dutcher
Max is a Financial Advisor at The Dutcher Group, with over a decade of experience in the financial industry. His practice focuses on high-impact financial planning and portfolio management for families, individuals, estates, family businesses and foundations.
He loves empowering and enabling clients to establish their legacies and optimize their hard-earned wealth. He is registered in 37 states and holds financial licenses including the Series 7 and 66.
He is a member of the 2025 Forbes Best-in-State Next-Gen Wealth Advisor list, recognizing his accomplishments and potential in the field, and his work with The Dutcher Group has been highlighted in other publications including Fortune and Entrepreneur Magazine.
He is also a member of Morgan Stanley’s Pacesetter’s Club, a global recognition for Financial Advisors who have demonstrated the highest professional standards and first-class client service early in their career.
Before joining Morgan Stanley, Max enjoyed a career in the financial sector in New York City, supporting institutional clients through mergers, public offerings, and special situations at both boutique and global firms including Gladstone Place Partners and Deloitte. He holds a B.A. in Business Administration from Furman University and a Master’s in Valuation Accountancy from Vanderbilt University’s Owen Graduate School of Management.
Max lives in Atlanta with his wife Catherine their two dogs, and enjoys spending time with his family, woodworking, golf, and gardening.
Morgan Stanley Wealth Management Pacesetters Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Pacesetters Club membership is no guarantee of future performance.
2025 Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State (formerly referred to as Forbes America's Top Next-Gen Wealth Advisors, Forbes Top 1,000 Next-Gen Wealth Advisors, Forbes Top 500 Next Generation Wealth Advisors)
Source: Forbes.com (Awarded 2025). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.
He loves empowering and enabling clients to establish their legacies and optimize their hard-earned wealth. He is registered in 37 states and holds financial licenses including the Series 7 and 66.
He is a member of the 2025 Forbes Best-in-State Next-Gen Wealth Advisor list, recognizing his accomplishments and potential in the field, and his work with The Dutcher Group has been highlighted in other publications including Fortune and Entrepreneur Magazine.
He is also a member of Morgan Stanley’s Pacesetter’s Club, a global recognition for Financial Advisors who have demonstrated the highest professional standards and first-class client service early in their career.
Before joining Morgan Stanley, Max enjoyed a career in the financial sector in New York City, supporting institutional clients through mergers, public offerings, and special situations at both boutique and global firms including Gladstone Place Partners and Deloitte. He holds a B.A. in Business Administration from Furman University and a Master’s in Valuation Accountancy from Vanderbilt University’s Owen Graduate School of Management.
Max lives in Atlanta with his wife Catherine their two dogs, and enjoys spending time with his family, woodworking, golf, and gardening.
Morgan Stanley Wealth Management Pacesetters Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Pacesetters Club membership is no guarantee of future performance.
2025 Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State (formerly referred to as Forbes America's Top Next-Gen Wealth Advisors, Forbes Top 1,000 Next-Gen Wealth Advisors, Forbes Top 500 Next Generation Wealth Advisors)
Source: Forbes.com (Awarded 2025). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.
Securities Agent: CO, WV, VA, NH, ID, TX, NM, NJ, MT, MD, GA, LA, WA, NC, MS, ME, KY, AZ, AL, SC, CT, CA, UT, PA, NY, MO, FL, AR, OR, OH, MN, IN, IL, DC, TN, OK, MI, VI, KS, HI; General Securities Representative; Investment Advisor Representative
NMLS#: 2409493
NMLS#: 2409493
About Mary Boyce
Mary Boyce assists clients with their everyday needs as a Portfolio Associate for the Dutcher Group. Mary has been employed with Morgan Stanley since 2005 and began working with the Dutcher Group in 2013. She grew up in New Orleans, Louisiana and holds a Bachelor of Science in Business Administration from the University of New Orleans. Mary is fully licensed and holds the SIE, Series 7 and Series 66 licenses.
Mary and her husband, Kevin, live in Acworth with their son, Reilly. They are members of St. Clare of Assisi Church. Outside of the office, Mary and her husband Kevin enjoy volunteering at their son’s school, North Cobb Christian, watching their son compete in sports, and spending time with their Bernese Mountain Dog, Ralphy.
Mary and her husband, Kevin, live in Acworth with their son, Reilly. They are members of St. Clare of Assisi Church. Outside of the office, Mary and her husband Kevin enjoy volunteering at their son’s school, North Cobb Christian, watching their son compete in sports, and spending time with their Bernese Mountain Dog, Ralphy.
About Charmaine A. Sylvester
Charmaine Sylvester, Portfolio Associate & Registered Client associate has been in the financial industry for over 25 years. She was born on the Caribbean island of Grenada and migrated to the United States at the age of 10 with her parents and siblings. She currently lives outside of Atlanta, GA nearby to her 3 children, but previously lived in Brooklyn, New York for over 30+ years. She started her career at Merrill Lynch in 1994 as a receptionist, then quickly moved into the role of Client Associate where she discovered her passion for the financial industry. During her time at Merrill Lynch, Charmaine obtained her Series 7 and Series 66 licenses.
In 2007, she made a life changing decision to leave NY to move to GA along with her children to be closer to family. She accepted a position as a Registered Client Associate with Smith Barney, where she was responsible for the daily administrative and operational tasks for the team. Charmaine is the mother of three beautiful adult children and the grandmother to two sweetest grandchildren. In her spare time, she enjoys spending quality time with family, reading, cooking, and gardening. Charmaine is one of the best cooks in her family and enjoys entertaining friends and family, especially during the holidays. She also enjoys traveling to various places, but her favorite of them all is the island of Grenada, where she was born.
In 2007, she made a life changing decision to leave NY to move to GA along with her children to be closer to family. She accepted a position as a Registered Client Associate with Smith Barney, where she was responsible for the daily administrative and operational tasks for the team. Charmaine is the mother of three beautiful adult children and the grandmother to two sweetest grandchildren. In her spare time, she enjoys spending quality time with family, reading, cooking, and gardening. Charmaine is one of the best cooks in her family and enjoys entertaining friends and family, especially during the holidays. She also enjoys traveling to various places, but her favorite of them all is the island of Grenada, where she was born.
Contact Steven Crowley
Contact Max Dutcher
Hear From Our Clients
In 2010 my father recommended I contact Bruce for advice on an IRA rollover. I spoke with Bruce and was impressed by his relaxed, low pressure approach to investing. Entrusting my IRA to Bruce and Morgan Stanley turned out to be a great decision and blessing. A little over 2 years ago, Bruce introduced me to Steven who has done a tremendous job of presenting various investment options for my different accounts. Steven is very responsive, provides sound advice and working with him is a pleasure.
Derek
Verified ClientJanuary 23, 2025
My wife and I started our financial journey with Bruce in June 2000. We knew immediately that Bruce was a good decision, after meeting with quite a few FAs. Over 23 years, never once did we feel uneasy about our investments with Bruce. Mary has been fantastic to deal with everything from withdrawals to tax changes. I got to watch Steven and Max join the Dutcher Group—they’re well versed in the financial world and hit the ground running. Mary, Steven, and Max are far ahead of the
competition.
Richard
Verified ClientMarch 3, 2025
I am a long-term conservative investor over many decades with this same investment firm as were my parents, and grandparents. I was introduced to Bruce Dutcher some 15-20 years ago after my pervious financial advisor with the firm had retired. He highly recommended Bruce of The Dutcher Group, and now following his passing, the son and son-in-law are continuing his wonderful legacy. I have been very happy with their management of my financial affairs, and their sound financial advice.
Dr Ashley
Verified ClientMay 8, 2025
Over 20 years ago, I worked in the same building, where we met to discuss my retirement. He committed to work with me to meet my goal, which I really appreciated. He answered questions, offered suggestions, and set a plan. He would call me frequently to review new events and make adjustments. Today, Max, Steven, and Mary continue to help ensure I remain on track. Looking back, I know I made the right and best decision in selecting The Dutcher Group and highly recommend this firm.
Doug
Verified ClientMay 15, 2025
I met Bruce Dutcher in Atlanta in 1990 when I was working for Chevron. Many of my coworkers spoke highly of Bruce in our conversations about financial planning and retirement. We spent time getting to know each other and discussing life in general, like old friends do. I went home and told my wife I think I’ve found the guy to help us with our financial future. 35 years later, we are still with Bruce through The Dutcher Group and couldn’t be happier with the transition to Steven, Max, and Mary.
Paul
Verified ClientJune 11, 2025
The Dutcher Group has been our financial advisors for almost 30 years. We felt that they always put their clients' interests first. Therefore, we feel them to be trustworthy, courteous and personal. They always provide regular updates on our investments. Their advice on investments have served us well over the years. We are grateful for their service and highly recommend them.
Lawrence
Verified ClientJune 23, 2025
Testimonial(s) solicited by Morgan Stanley and provided by current client(s) at the time of publication. No compensation of any kind was provided in exchange for the client testimonial(s) presented. Client testimonials may not be representative of the experience of other clients and are not a guarantee of future performance or success.
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The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Brian Ford
Private Banker
Jay Zaffos, CFP®
Financial Planning Director, Vice President
About Brian Ford
Brian Ford is a Private Banker serving Morgan Stanley Wealth Management offices in Georgia.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Brian Ford began his career in financial services in 2006, and joined Morgan Stanley in 2015 as an Associate Private Banker. Prior to joining the firm, he served as a Regional Private Banker at Wells Fargo, as well as a Financial Advisor at Ameriprise Financial.
Brian is a graduate of the Georgia Institute of Technology, where he received a Bachelor of Science in Management. He and his family reside in Cumming, Georgia. Outside of the office, Brian dedicates his time to developing future leaders in youth athletics, serving as a Coach on his children’s baseball teams. When not on the field, he also enjoys running, traveling, watching sports, and spending time with his family.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Brian Ford began his career in financial services in 2006, and joined Morgan Stanley in 2015 as an Associate Private Banker. Prior to joining the firm, he served as a Regional Private Banker at Wells Fargo, as well as a Financial Advisor at Ameriprise Financial.
Brian is a graduate of the Georgia Institute of Technology, where he received a Bachelor of Science in Management. He and his family reside in Cumming, Georgia. Outside of the office, Brian dedicates his time to developing future leaders in youth athletics, serving as a Coach on his children’s baseball teams. When not on the field, he also enjoys running, traveling, watching sports, and spending time with his family.
NMLS#: 687710
About Jay Zaffos
Jay Zaffos is a Vice President and Financial Planning Director serving Morgan Stanley’s Wealth Management offices in Atlanta, Georgia. He is responsible for helping Financial Advisors with their clients' and prospects' financial planning needs.
Jay began his career in financial services in 2012, and joined Morgan Stanley in 2021. Prior to his current position, he supported a Wealth Management Advisor at Northwestern Mutual in a financial planning role.
Jay graduated from Kennesaw State University with a Bachelors degree in English and holds his Certified Financial Planner® and Retirement Income Certified Professional® designations. Jay lives in Marietta, Georgia with his spouse and three children. Outside of work, Jay enjoys spending time with family, playing electric guitar in the worship band at his church, running, and playing chess.
Jay began his career in financial services in 2012, and joined Morgan Stanley in 2021. Prior to his current position, he supported a Wealth Management Advisor at Northwestern Mutual in a financial planning role.
Jay graduated from Kennesaw State University with a Bachelors degree in English and holds his Certified Financial Planner® and Retirement Income Certified Professional® designations. Jay lives in Marietta, Georgia with his spouse and three children. Outside of work, Jay enjoys spending time with family, playing electric guitar in the worship band at his church, running, and playing chess.
Private Bankers, Ultra High Net Worth ("UHNW") Specialists, PBG Market Managers, Lending Advisors, Mortgage Consultants, Regional Mortgage Specialist, Cash Management Specialists, Associate Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
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 consult with your Financial Advisor to understand these differences.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
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 consult with your Financial Advisor to understand these differences.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
Wealth Management
Global Investment Office
Portfolio Insights
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
A Simple Six-Step Retirement Checkup
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Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
529 Plans: A Powerful Tool to Save for Education
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Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Ready to start a conversation? Contact The Dutcher Group today.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
3When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
4Alternative 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.
5Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
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Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
7Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
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For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
3When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
4Alternative 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.
5Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
6Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
7Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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Awards Disclosures | Morgan Stanley
CRC 4665150 (8/2025)
