Michael Shearin, CFP®
Executive Director, Wealth Management, Financial Advisor, Senior Portfolio Management Director
Phone:
(603) 629-0273(603) 629-0273
The Elm Street Group at Morgan Stanley
Michael Shearin, CFP®Betsy Bowen, CFP®Thomas Slattery, CFASeth P. McNally, CRPC®David J. Tierney IVDaniel Hartford, CFAIleana Ille, CEPA®Michael Bronson
Direct:
(603) 629-0214(603) 629-0214
Toll-Free:
(800) 726-6141(800) 726-6141
Industry Award WinnerOur Mission Statement
We help empower families to envision and achieve their goals through holistic planning, selfless advice, and vigilant stewardship of wealth.
A Personalized Approach to Family Wealth Management
At The Elm Street Group, we focus on what is most important to you. We provide the skills, strategies and resources needed to make informed, confident decisions about your life, your family and your finances. We are committed to helping make a meaningful difference in your life and strive to exceed your expectations every day.
We believe wealth is about more than investments and how you manage your money. It’s about your life and the people and passions that give your life meaning. Our comprehensive and consultative approach focuses on your full financial picture – from putting your children through college and preparing for retirement to caring for aging parents and leaving a lasting legacy.
As our relationship grows, we hope you will come to regard us as trusted stewards of your wealth, here to help you make more informed decisions on any financial issue you face. We are dedicated to helping you protect and build your wealth and will work to strengthen your family’s financial security for generations to come.
Getting started is easy. It begins with a conversation. We look forward to speaking with you soon. Give us a call: (603) 629-0214
We believe wealth is about more than investments and how you manage your money. It’s about your life and the people and passions that give your life meaning. Our comprehensive and consultative approach focuses on your full financial picture – from putting your children through college and preparing for retirement to caring for aging parents and leaving a lasting legacy.
As our relationship grows, we hope you will come to regard us as trusted stewards of your wealth, here to help you make more informed decisions on any financial issue you face. We are dedicated to helping you protect and build your wealth and will work to strengthen your family’s financial security for generations to come.
Getting started is easy. It begins with a conversation. We look forward to speaking with you soon. Give us a call: (603) 629-0214
Services Include
- Wealth ManagementFootnote1
- Asset Management
- Estate Planning StrategiesFootnote2
- Financial PlanningFootnote3
- LGBT+ Planning ServicesFootnote4
- Professional Portfolio ManagementFootnote5
- Retirement PlanningFootnote6
- Sustainable InvestingFootnote7
- 401(k) Rollovers
- Trust AccountsFootnote8
- Alternative InvestmentsFootnote9
- Business Succession PlanningFootnote10
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Managing Wealth, Helping Make a Difference
While each client has a unique set of goals and circumstances, they all have one thing in common: They need guidance in simplifying their finances and developing a comprehensive wealth strategy. Our role is to help you effectively manage and preserve your assets, so you may enjoy your wealth and leave the legacy you desire.
We have developed a strong and collaborative practice that includes a diverse group who need professional counselling on the following activities:
ㅤㅤㅤㅤ- Approaching a life-changing event with confidence
ㅤㅤㅤㅤ- Planning for a successful retirement
ㅤㅤㅤㅤ- Financing a major acquisition
ㅤㅤㅤㅤ- Diversifying highly concentrated positions in a tax-efficient manner
ㅤㅤㅤㅤ- Helping achieve charitable and philanthropic goals
We have developed a strong and collaborative practice that includes a diverse group who need professional counselling on the following activities:
ㅤㅤㅤㅤ- Approaching a life-changing event with confidence
ㅤㅤㅤㅤ- Planning for a successful retirement
ㅤㅤㅤㅤ- Financing a major acquisition
ㅤㅤㅤㅤ- Diversifying highly concentrated positions in a tax-efficient manner
ㅤㅤㅤㅤ- Helping achieve charitable and philanthropic goals
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Long-Term Relationships
We are dedicated to building deep relationships based on trust and integrity. We do this by working with a select group of clients who value our extensive experience in providing comprehensive solutions that go well beyond investments. The bonds we form are fundamental to our mission, and it is our hope they span generations.
Knowledge and Experience
With over 100 combined years of experience¹, we have acquired the wisdom and skills to help tackle the challenges of significant wealth. Our priority is to help you prepare for life’s milestones and be your first call for any financial matter.
A Team Approach
Each member of our team is devoted to helping meet the needs of you and your family. We work with your accountant, attorney and other professionals to build a comprehensive plan that encompasses various aspects of your life.
Personalized Service
We recognize every client is different. Some require in-depth explanations of investment concepts, while others understand those concepts and prefer advisors with whom they can formulate strategies. We help you achieve your goals in a manner that aligns with your expectations of a concierge experience.
Giving Back
We have deep roots in our community and a deeper commitment to sustaining its character for future generations. Through a variety of efforts, we are deeply engaged in creating a better and brighter future. Our partnerships with various organizations support important initiatives, with a special emphasis on financial literacy, land conservation and environmental protection.
Disclaimer: 1, Length of service as of 2025: Michael Shearin, 32 years; Elizabeth Bowen, 38 years; Seth McNally, 18; Daniel Hartford, 5; Ileana Ille, 5; David Tierney, 8; and Michael Bronson 2
Dedicated to Investor Success
Helping chart a clear, confident course to financial success begins with understanding your values, priorities and aspirations. Together, we will define what is most important to you and your family and then develop the strategies to help get you there.
Introductions
We begin with an informal conversation to determine how we can help add value to your situation. This is your opportunity to learn about our capabilities, as we get to know you. Once we agree to move forward, we’ll request important information for our next discussion.
Discovery
We continue the dialogue by fostering an in-depth, face-to-face conversation. We learn about the values that shape your decisions and identify any unique circumstances. We also review the documents you’ve prepared and begin to define your priorities.
Analysis & Strategy
Here, we review the information collected and provide important details on our investment philosophy. We utilize proprietary financial planning tools and our investment guidelines to develop a personalized strategy to help you grow, preserve and transfer your wealth. This analysis serves as the foundation for building your initial plan, as well as future investment decisions.
Recommendations & Implementation
In this step, we present appropriate investment options that, once executed, are designed to work together to help achieve your financial goals. Upon your approval, we will execute the recommendations and begin to implement the additional strategies we’ve discussed. These often encompass risk management, as well as estate, trust and philanthropic services.
Ongoing Stewardship
Committed to concierge service, we focus on developing relationships that can provide value to you and your family. As we activate each strategy, we’ll set up a variety of tools to provide immediate access to your accounts. And because markets and personal needs evolve, we’ll set up ongoing meetings to help ensure your plan remains on track.
Contact us to schedule time to discuss your financial future. Phone: 603.629.0214
Contact us to schedule time to discuss your financial future. Phone: 603.629.0214
Disclaimer:
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.
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.
Sustainable Investing
The Elm Street Group at Morgan Stanley believes that clients should not have to sacrifice their values to seek financial returns. We offer strategies that seek to invest in stocks with attractive fundamental investment cases that also create a positive social or environmental impact. Many clients place a high value in being able to invest in a socially and environmentally conscious way. We work with our clients to understand what is important to them and we assist them in creating a portfolio that captures their values. Through the use of Morgan Stanley’s Impact Quotient, we are able to better understand and improve clients’ portfolio alignment with a customizable set of environmental, social, and governance (ESG) impact objectives. We use proprietary analytics and third-party data to measure how well portfolios reflect clients’ sustainable investing priorities. It can also evaluate how well a client’s investments align with the United Nation’s Sustainable Development Goals.
Restriction Screening
Manage Exposures by intentionally avoiding investments that generate income from objectionable activities, sectors, or geographies.
Environmental, Social, and Governance Integration
Proactively consider ESG criteria alongside Financial Analysis to identify opportunities and risks during the investment process.
Thematic Exposure
Focus on themes and sectors dedicated to solving sustainability related domestic and global challenges.
Impact Investing
Allocate funds focused on private enterprises that are structured to deliver specific positive social and/or environmental impact.
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2026 Federal Tax Tables
This helpful resource outlines the 2026 tax rate schedule, education and health savings account limits, retirement contribution and deduction limits, among other information. With tax season seemingly always right around the corner, it's best to be as informed as possible.
Access the 2026 Federal Tax Tables
2026 Maximum Benefit and Contribution Limits
Take a look at the maximum benefit and contribution limits for retirement accounts up until the year of 2026. Click below to view.
Access The 2026 Maximum Benefit and Contribution Limits
Basic Estate Planning
Estate planning can be an emotionally and financially complex task, but a well-informed plan can make a big difference for your loved ones.
Learn More
Financial Literacy
Financial literacy means being equipped with the knowledge to make smart financial decisions during every stage of your life. No matter your current priorities, a strong financial literacy foundation can help you meet your goals.
Financial Literacy for Any Stage of Your Life
Legacy & Estate Planning Playbook
Estate planning is the strategy designed to preserve, manage, and distribute your assets in line with your vision both during and after your lifetime, while helping to minimize taxation. Read the playbook to learn more
Read the playbook to learn more
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Morgan Stanley Online
Beyond viewing your account balance and activity, Morgan Stanley Online (MSO) has a suite of features that allow you to manage your everyday finances from paying bills and sending money to transferring funds and authorizing transactions with eAuthorizations.
Learn More About Morgan Stanley Online
Total Wealth View
It’s hard to see the complete picture with only half the details. As a Morgan Stanley client, you can now conveniently view your accounts from other financial institutions on Morgan Stanley Online or by using the Morgan Stanley Mobile App, giving you a more complete financial picture.
Learn More About Total Wealth View
Morgan Stanley Mobile App
Securely access your Morgan Stanley account from virtually anywhere. Simply download it on your mobile device and use your Morgan Stanley Online username and password to log in. From there you will have resources of MSO on the go.
Learn More About Our Mobile App
Digital Vault
Easily and conveniently manage and share life’s most important documents, such as wills, deeds and estate plans, as well as financial statements and tax filings. Digital Vault allows for easy document sharing, convenient access, and encrypted files.
Access Digital Vault
eAuthorizations
With eAuthorizations, you can electronically authorize domestic and international, one-time/recurring transactions through Morgan Stanley Online and the Morgan Stanley Mobile App within minutes.
Enroll in eAuthorizations
eDelivery
eDelivery provides you with the ability to view statements and other firm documents electronically in lieu of paper. Clients who are registered in Morgan Stanley Online may enroll in eDelivery.
Enroll in eDelivery
AWARD-WINNING WEALTH MANAGEMENT. FOCUSED ON YOU.
With the guidance of a Morgan Stanley Financial Advisor and the strength of a five-time award-winning wealth management platform<sup> <a href="#wm-disclosure-1" class="Link--underline"> <span class="sr-only">Footnote</span> 1 </a> </sup>, you can build, preserve, and manage your wealth with precision and purpose. For every stage of your financial journey.
Tax-Smart Solutions
Leading tax optimization capabilities\<sup\> \<a href="#wm\-disclosure\-2" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 2 \</a\> \</sup\> designed to deliver year\-round tax management with an eye toward reducing taxes and boosting after\-tax returns.
Seamless Cash Management Integration
A comprehensive, coordinated strategy with access to competitive yields, flexible financing options, and exclusive cash management resources.
Premier Risk Management and Cyber Defense
Industry\-acclaimed risk management tools\<sup\> \<a href="#wm\-disclosure\-3" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 3 \</a\> \</sup\> to help drive smarter portfolio decisions. In\-house team of cybersecurity experts dedicated to help protect you from cyber threats.
Personalized Legacy Planning
Guidance from experienced professionals across estate, trust, philanthropy, and financial planning to help preserve and grow your legacy.
An Industry-Leading Platform
Expert insights from 500+ equity analysts to help unlock your portfolio's potential and investment guidance.
Liquidity When You Need It
Industry\-leading securities\-based lending solutions to help access liquidity without selling assets or disrupting your investment strategy.\<sup\> \<a href="#wm\-disclosure\-4" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 4 \</a\> \</sup\>
Robust Concentrated Stock Solutions
Powerful tools and strategies to help manage concentrated stock positions and look to optimize portfolio outcomes.
Alternatives & Private Markets Access
A comprehensive alternative investments platform offering tailored solutions, early access to select offerings, and competitive pricing structures. Exclusive private market and pre\-IPO opportunities that were previously reserved for institutions.
Location
1155 Elm Street
6th Floor
Manchester, NH 03101
US
Direct:
(603) 629-0214(603) 629-0214
Toll-Free:
(800) 726-6141(800) 726-6141
1 Harbour Place
Suite 125
Portsmouth, NH 03801
US
14 Country Club Road
Gilford, NH 03249
US
Meet The Elm Street Group
Betsy Bowen, CFP®
Senior Vice President, Wealth Management, Financial Advisor, Senior Portfolio Management Director
Phone:
(603) 629-0271(603) 629-0271
Thomas Slattery, CFA
Executive Director, Wealth Management, Financial Advisor, Senior Portfolio Management Director
Phone:
(603) 629-0201(603) 629-0201
Seth P. McNally, CRPC®
Vice President, Wealth Management, Financial Advisor, Financial Planning Specialist, Senior Portfolio Manager
Phone:
(603) 629-0238(603) 629-0238
David J. Tierney IV
Financial Advisor
Phone:
(603) 629-0295(603) 629-0295
Daniel Hartford, CFA
Financial Advisor, Senior Portfolio Manager
Phone:
(603) 629-0263(603) 629-0263
Ileana Ille, CEPA®
Financial Advisor, Financial Planning Specialist, Workplace Advisor - Equity Compensation
Phone:
(603) 629-0281(603) 629-0281
Michael Bronson
Financial Advisor, Financial Planning Specialist, Workplace Advisor - Equity Compensation
Phone:
(603) 629-0290(603) 629-0290
Morgan Berberian, CRPC®
Vice President, Group Director
Phone:
(603) 629-0207(603) 629-0207
Jill Loveren
Portfolio Associate
Phone:
(603) 629-0247(603) 629-0247
Laura J. Stewart
Senior Registered Client Service Associate
Phone:
(603) 629-0214(603) 629-0214
Melissa A. Harrington
Portfolio Associate
Phone:
(603) 629-0272(603) 629-0272
Stacey L. Girard
Registered Client Service Associate
Phone:
(603) 629-0269(603) 629-0269
Dawn Zarta
Senior Client Service Associate
Phone:
(603) 527-4105(603) 527-4105
About Michael Shearin
Mike Shearin began his financial services career in 1992. Over the years, he has helped clients navigate the many complexities associated with personal finances. Mike believes that the importance of a planned solution to helping clients achieve their goals never fades and such a blueprint ensures families adapt effectively to changing economic and market conditions, tax policy changes and other variables impacting their financial life. Professional success for Mike is measured in terms of client well-being and goal achievement.
As a founding partner of the Elm Street Group, Mike directs the Investment Management for the team. He leads the team with a focus on discipline and process, innate skills reinforced during his college years at the United States Military Academy at West Point and ensuing military service. Mike is a Certified Financial Planner ®, an Accredited Domestic Partnership Advisor ™, and has earned a Master’s of Science degree in Personal Financial Planning. Mike has been recognized by Forbes as a Best-in-State Wealth Advisor from 2020-2026.
Away from work, Mike enjoys time spent with his wife Patty and their two sons Brendon and Sam. Sports activities, adventure travel, movies & restaurants are among his favorite family undertakings. Living on a small farm gets him outside where he enjoys being most. When not fixing fences, tending gardens or caring for animals, Mike likes to hike, fish or sit by a fire. He spends considerable time as a community volunteer involved with land conservation & environmental protection, food pantries and local church building and grounds maintenance.
Source: Forbes.com (Awarded 2020-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in Sept of year prior to the issuance of the award.
As a founding partner of the Elm Street Group, Mike directs the Investment Management for the team. He leads the team with a focus on discipline and process, innate skills reinforced during his college years at the United States Military Academy at West Point and ensuing military service. Mike is a Certified Financial Planner ®, an Accredited Domestic Partnership Advisor ™, and has earned a Master’s of Science degree in Personal Financial Planning. Mike has been recognized by Forbes as a Best-in-State Wealth Advisor from 2020-2026.
Away from work, Mike enjoys time spent with his wife Patty and their two sons Brendon and Sam. Sports activities, adventure travel, movies & restaurants are among his favorite family undertakings. Living on a small farm gets him outside where he enjoys being most. When not fixing fences, tending gardens or caring for animals, Mike likes to hike, fish or sit by a fire. He spends considerable time as a community volunteer involved with land conservation & environmental protection, food pantries and local church building and grounds maintenance.
Source: Forbes.com (Awarded 2020-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in Sept of year prior to the issuance of the award.
Securities Agent: FL, CT, OK, MI, CA, AZ, TX, KY, KS, HI, WA, LA, AL, RI, OH, NM, ME, MT, GA, PA, NC, WI, VA, SC, NY, NJ, MD, DC, CO, AK, OR, MA, DE, IL, ID, VT, NH, IA; BM/Supervisor; General Securities Representative; Investment Advisor Representative
NMLS#: 176226
NMLS#: 176226
About Betsy Bowen
Betsy Bowen is a Certified Financial Planner® and Morgan Stanley accredited Family Wealth Advisor with over 35 years of experience in the financial services industry. She is a founding partner of The Elm Street Group, where she directs relationship management and oversees team operations. Betsy’s passion for exceptional service has her working closely with the group’s staff to keep the team committed to providing clients with proactive, personalized and meaningful service.
Driven by her disciplined talents Betsy is enthusiastic to educate clients and strives to enable them to succeed financially. She is a dedicated advocate for families needing assistance that can bring order and simplicity to personal finances. She was recognized by Forbes as a Top Women Advisor from 2020-2025 and as a Best-in-State Wealth Advisor from 2022-2026.
Outside of the office, Betsy enjoys exercise, outdoor activities, and travel with her husband David. Betsy’s roots on Cape Cod draw her home often where she connects with family and friends. Betsy’s interest in client education make her a tireless educator who is committed to helping others improve their financial literacy.
2020-2025 Forbes America's Top Women Wealth Advisors & Forbes Top Women Wealth Advisors Best-In- State (formerly referred to as Forbes Top Women Wealth Advisors, Forbes America's Top Women Wealth Advisors)
Source: Forbes.com (Awarded 2020-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in Sept of year prior to the issuance of the award.
Driven by her disciplined talents Betsy is enthusiastic to educate clients and strives to enable them to succeed financially. She is a dedicated advocate for families needing assistance that can bring order and simplicity to personal finances. She was recognized by Forbes as a Top Women Advisor from 2020-2025 and as a Best-in-State Wealth Advisor from 2022-2026.
Outside of the office, Betsy enjoys exercise, outdoor activities, and travel with her husband David. Betsy’s roots on Cape Cod draw her home often where she connects with family and friends. Betsy’s interest in client education make her a tireless educator who is committed to helping others improve their financial literacy.
2020-2025 Forbes America's Top Women Wealth Advisors & Forbes Top Women Wealth Advisors Best-In- State (formerly referred to as Forbes Top Women Wealth Advisors, Forbes America's Top Women Wealth Advisors)
Source: Forbes.com (Awarded 2020-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in Sept of year prior to the issuance of the award.
Securities Agent: FL, CA, OR, DC, AK, WV, PA, KY, CT, NJ, IN, IA, DE, WA, VA, MN, MI, HI, CO, AL, VT, OK, AZ, WI, ME, LA, KS, TX, RI, MD, MT, GA, NY, NC, ID, SC, OH, NH, MA, IL; General Securities Representative; Investment Advisor Representative
NMLS#: 176163
NMLS#: 176163
About Thomas Slattery
Thomas Slattery, CFA, Executive Director of Wealth Management at Morgan Stanley, brings over four decades of experience to the investment management field, beginning his career in 1982 at EF Hutton. Dedicated to professional excellence, he became a member of the CFA Institute, the New York Society of Security Analysts, the Boston Society of Security Analysts and served on the Board of the Portfolio Management Institute from 2011 to 2014.
In his role at Morgan Stanley, Thomas serves as Senior Portfolio Management Director and Family Wealth Director. His extensive experience has allowed him to guide clients through various financial complexities, including challenging economic conditions, market fluctuations, and tax policy changes, focusing on helping them achieve their financial objectives. Thomas has been recognized for his dedication, appearing in the Forbes Best-In-State Wealth Advisors ranking from 2020-2026. What sets Thomas apart is his dedication to clients; he prioritizes understanding each client's unique needs, provides tailored solutions, and offers a consistently responsive and meticulous approach.
Disclaimer:
2020-2026 Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded 2020-2026). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
In his role at Morgan Stanley, Thomas serves as Senior Portfolio Management Director and Family Wealth Director. His extensive experience has allowed him to guide clients through various financial complexities, including challenging economic conditions, market fluctuations, and tax policy changes, focusing on helping them achieve their financial objectives. Thomas has been recognized for his dedication, appearing in the Forbes Best-In-State Wealth Advisors ranking from 2020-2026. What sets Thomas apart is his dedication to clients; he prioritizes understanding each client's unique needs, provides tailored solutions, and offers a consistently responsive and meticulous approach.
Disclaimer:
2020-2026 Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded 2020-2026). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
Securities Agent: MD, DE, MI, SC, PA, IL, GA, DC, WA, RI, OR, NH, CT, CA, VA, OK, ME, ID, CO, AZ, WI, TX, NJ, MA, FL, VT, OH, NC, MT, NY, IA; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 176224
NMLS#: 176224
About Seth P. McNally
Seth McNally is a Chartered Retirement Planning Counselor (CRPC®) with 20 years of experience in the financial services industry. He specializes in helping clients carefully plan their financial future, taking into account rapidly changing generational norms and the personal financial impacts associated with evolving trends.
Seth is passionate about building long-term relationships with his clients based on mutual trust and respect. He strives to be a lifelong partner, helping them to achieve their retirement lifestyle and legacy goals through on-going communication and advice.
In 2019, Seth joined The Elm Street Group, where he leads a team effort to deliver personalized wealth management services to clients. He is also active in the community, volunteering with the NH Seacoast Greenway Alliance, Hampton Harbor Bridge Advisory Committee, and various youth and adult sports programs.
Away from work, Seth enjoys spending time with his wife, Valerie, and their two children. They love to experience all that living on the New Hampshire Seacoast has to offer, including the close proximity to mountains, gardening, sports, and outdoor recreation.
Contact Seth today to learn more about how he can help you achieve your financial goals.
Seth is passionate about building long-term relationships with his clients based on mutual trust and respect. He strives to be a lifelong partner, helping them to achieve their retirement lifestyle and legacy goals through on-going communication and advice.
In 2019, Seth joined The Elm Street Group, where he leads a team effort to deliver personalized wealth management services to clients. He is also active in the community, volunteering with the NH Seacoast Greenway Alliance, Hampton Harbor Bridge Advisory Committee, and various youth and adult sports programs.
Away from work, Seth enjoys spending time with his wife, Valerie, and their two children. They love to experience all that living on the New Hampshire Seacoast has to offer, including the close proximity to mountains, gardening, sports, and outdoor recreation.
Contact Seth today to learn more about how he can help you achieve your financial goals.
Securities Agent: NH, DE, NY, NJ, AK, TX, ME, HI, AL, VT, RI, OK, CO, VA, GA, AZ, KS, CA, WA, MT, OR, MI, ID, WI, SC, PA, MD, MA, IL, FL, OH, LA, IA, DC, CT, NC, KY; General Securities Principal; General Securities Representative; Investment Advisor Representative
NMLS#: 364242
NMLS#: 364242
About David J. Tierney IV
David began his career in the financial services industry in 2014. After working in the greater Boston area for over a decade, David joined Morgan Stanley in 2024.
David graduated from Salve Regina University with a Bachelor of Science in Accounting and a Master of Business Administration. He was drawn to a career as a financial advisor by his desire to help people and have a direct positive impact on their lives.
He understands how daunting of a topic money can be for people and strives to provide guidance for his clients by understanding their unique goals and developing personalized plans that are designed to help meet them. For him the most rewarding part of his job is being able to provide his clients with peace of mind and to help relieve some of the stress that comes with planning for their financial future.
Away from work David lives in Bedford, NH with his wife Jen and enjoys sports, exercise, traveling and spending time with family and friends.
David graduated from Salve Regina University with a Bachelor of Science in Accounting and a Master of Business Administration. He was drawn to a career as a financial advisor by his desire to help people and have a direct positive impact on their lives.
He understands how daunting of a topic money can be for people and strives to provide guidance for his clients by understanding their unique goals and developing personalized plans that are designed to help meet them. For him the most rewarding part of his job is being able to provide his clients with peace of mind and to help relieve some of the stress that comes with planning for their financial future.
Away from work David lives in Bedford, NH with his wife Jen and enjoys sports, exercise, traveling and spending time with family and friends.
Securities Agent: VA, TX, RI, HI, FL, OK, LA, SC, NC, ID, CO, MD, GA, CA, PA, WI, WA, OR, NH, MA, DE, AL, VT, MI, ME, IL, CT, AZ, OH, NY, NJ, IA, MT, DC; General Securities Representative; Investment Advisor Representative
About Daniel J. Hartford
Dan Hartford is a Senior Portfolio Manager with The Elm Street Group at Morgan Stanley, where he plays a central role in shaping and overseeing the team’s investment management efforts. He is responsible for the creation, implementation, and ongoing refinement of the group’s investment strategies, with a focus on delivering disciplined, goals-based investment solutions aligned with each client’s long-term financial plan.
Dan joined The Elm Street Group in 2020 after seven years with Wellington Management in Boston, where he worked as an Analyst within the Client Service Group of the global asset manager. He brings a multi-disciplinary perspective to research and portfolio construction. As a CFA® Charterholder, he draws on insights from markets, economics, and behavioral finance to support thoughtful investment decision-making. In addition to his portfolio-management responsibilities, Dan hosts the team’s monthly Top of Mind with The Elm Street Group webinar, providing clients with insights into current market conditions and relevant investment themes.
Dan is also active in the Manchester community, serving on the Board of Trustees for Fellowship Housing Opportunities. He is a graduate of the Leadership Greater Manchester program and volunteers as a coach for several youth sports organizations.
A Manchester native, Dan and his wife returned to his hometown in 2019, where they are raising their two young boys. He enjoys fitness, sports, and reading, but above all, he most values the time he spends with his family.
Dan joined The Elm Street Group in 2020 after seven years with Wellington Management in Boston, where he worked as an Analyst within the Client Service Group of the global asset manager. He brings a multi-disciplinary perspective to research and portfolio construction. As a CFA® Charterholder, he draws on insights from markets, economics, and behavioral finance to support thoughtful investment decision-making. In addition to his portfolio-management responsibilities, Dan hosts the team’s monthly Top of Mind with The Elm Street Group webinar, providing clients with insights into current market conditions and relevant investment themes.
Dan is also active in the Manchester community, serving on the Board of Trustees for Fellowship Housing Opportunities. He is a graduate of the Leadership Greater Manchester program and volunteers as a coach for several youth sports organizations.
A Manchester native, Dan and his wife returned to his hometown in 2019, where they are raising their two young boys. He enjoys fitness, sports, and reading, but above all, he most values the time he spends with his family.
Securities Agent: RI, KS, IA, GA, DE, WV, WI, NY, NJ, MI, IN, CT, AZ, OK, NC, ME, LA, FL, AK, OR, NH, OH, NM, MD, KY, HI, MA, IL, DC, CA, VA, SC, MT, AL, TX, ID, CO, VT, PA, MN, WA; General Securities Representative; Investment Advisor Representative
About Ileana Ille
Ileana Ille is a Financial Advisor and Certified Exit Planning Advisor (CEPA®) with The Elm Street Group at Morgan Stanley. Committed to meeting the evolving needs of her clients, she holds several professional designations, including Workplace Advisor – Equity Compensation and Financial Planning Specialist with a decade of experience in financial services.
As a former competitive athlete, Ileana approaches her relationships as a coach and advocate. She combines technical experience with wisdom and warm humor with the goal of empowering her clients to use their wealth as a tool to live intentional lives and create lasting impact. Within Morgan Stanley, she’s been named to the prestigious Pacesetter’s Club 2025, 2026 and has served in several leadership roles in the firm’s diversity, inclusion, and early-career advisor mentoring initiatives in her respective markets.
Deeply rooted in New Hampshire, Ileana served on the Greater Manchester Chamber Board of Directors and is a graduate of the Leadership Greater Manchester Class of 2025. She volunteers as a mentor with Big Brothers Big Sisters New Hampshire and is passionate about outdoor recreation and conservation. When not with clients, you can find Ileana exploring the mountains or singing with various music groups throughout New England.
Disclaimer:
Morgan Stanley Wealth Management Pacesetter’s Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Pacesetter’s Club membership is no guarantee of future performance.
As a former competitive athlete, Ileana approaches her relationships as a coach and advocate. She combines technical experience with wisdom and warm humor with the goal of empowering her clients to use their wealth as a tool to live intentional lives and create lasting impact. Within Morgan Stanley, she’s been named to the prestigious Pacesetter’s Club 2025, 2026 and has served in several leadership roles in the firm’s diversity, inclusion, and early-career advisor mentoring initiatives in her respective markets.
Deeply rooted in New Hampshire, Ileana served on the Greater Manchester Chamber Board of Directors and is a graduate of the Leadership Greater Manchester Class of 2025. She volunteers as a mentor with Big Brothers Big Sisters New Hampshire and is passionate about outdoor recreation and conservation. When not with clients, you can find Ileana exploring the mountains or singing with various music groups throughout New England.
Disclaimer:
Morgan Stanley Wealth Management Pacesetter’s Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Pacesetter’s Club membership is no guarantee of future performance.
Securities Agent: SC, MT, MN, HI, GA, DE, VT, TX, OR, OH, MD, MA, AL, AK, NH, IL, WI, NJ, KS, WV, WA, VA, OK, KY, CT, AZ, ME, DC, CO, CA, MI, ID, RI, LA, IA, FL, PA, NY, NC; General Securities Representative; Investment Advisor Representative
NMLS#: 1822140
NMLS#: 1822140
About Michael Bronson
With over eight years of experience in financial services, Michael Bronson is a dedicated Financial Advisor at The Elm Street Group. He is committed to building meaningful client relationships and fostering sustainable financial planning through transparency and continuous education. Michael excels in understanding and addressing the diverse financial needs of clients across different generations, ensuring tailored strategies for every life milestone.
Michael is a proud graduate of Northeastern University, where he earned his Bachelor of Science in Business Administration, graduating magna cum laude with a concentration in Finance and a minor in Business Analytics. He has further enhanced his experience by obtaining the Financial Planning Specialist designation in July 2023 and the Workplace Advisor - Equity Compensation designation in April 2025.
Beyond his professional endeavors, Michael enjoys defeating Seth in Golden Tee, playing cribbage with his mother, golfing with his father, and solving puzzles with his grandmother. An avid outdoorsman, he is also a volunteer coach and an active participant in basketball communities across the seacoast.
Connect with Michael today to get the conversation started.
Michael is a proud graduate of Northeastern University, where he earned his Bachelor of Science in Business Administration, graduating magna cum laude with a concentration in Finance and a minor in Business Analytics. He has further enhanced his experience by obtaining the Financial Planning Specialist designation in July 2023 and the Workplace Advisor - Equity Compensation designation in April 2025.
Beyond his professional endeavors, Michael enjoys defeating Seth in Golden Tee, playing cribbage with his mother, golfing with his father, and solving puzzles with his grandmother. An avid outdoorsman, he is also a volunteer coach and an active participant in basketball communities across the seacoast.
Connect with Michael today to get the conversation started.
Securities Agent: IA, FL, CT, TX, RI, OR, NH, LA, AZ, SC, NY, NJ, MD, KS, CO, AL, OK, MA, DE, CA, NC, GA, WI, VA, OH, NV, KY, MI, ID, HI, DC, AK, WA, VT, PA, MT, ME, IL; General Securities Representative; Investment Advisor Representative
NMLS#: 2846281
NMLS#: 2846281
About Morgan Berberian
Morgan Berberian, a native of New Hampshire, brings over twelve years of wealth management experience to our team. She joined us in December 2025 from Merrill Lynch, where she held a variety of senior client-facing and leadership roles. Her background provides her with deep insight into client relationships, team dynamics, risk management, and strategic business support.
In her role as Group Director, Morgan plays a pivotal part in our senior leadership team. She is responsible for shaping and executing a thoughtful, highly coordinated, and consistently exceptional client experience. Morgan leads our client service and business management strategy by defining clear goals and responsibilities, overseeing daily operations, and guiding the ongoing development and refinement of our client service model.
Morgan earned her bachelor’s degree from Lasell University and holds multiple securities industry licenses, as well as the Chartered Retirement Planning Counselor® (CRPC®) designation.
Residing in Hooksett with her husband, Rich, and their two sons, Mason and Cole, Morgan cherishes time spent with family and friends. She also enjoys supporting her husband’s golfing pursuits and crafting charcuterie boards and boxes in her spare time.
In her role as Group Director, Morgan plays a pivotal part in our senior leadership team. She is responsible for shaping and executing a thoughtful, highly coordinated, and consistently exceptional client experience. Morgan leads our client service and business management strategy by defining clear goals and responsibilities, overseeing daily operations, and guiding the ongoing development and refinement of our client service model.
Morgan earned her bachelor’s degree from Lasell University and holds multiple securities industry licenses, as well as the Chartered Retirement Planning Counselor® (CRPC®) designation.
Residing in Hooksett with her husband, Rich, and their two sons, Mason and Cole, Morgan cherishes time spent with family and friends. She also enjoys supporting her husband’s golfing pursuits and crafting charcuterie boards and boxes in her spare time.
About Jill Loveren
A graduate of University of New Hampshire, Jill Loveren began her financial services career in 1998 and joined Morgan Stanley in 2012. Working with the Elm Street Group since 2016, Jill is often the one pleasantly greeting those that call the office. She is a securities licensed associate with a firm grasp on the many complex financial issues clients confront daily.
Outside of the office, Jill enjoys time spent with her husband Tom and son Tyler. She enjoys cooking, entertaining and reading when not otherwise chasing after her son.
Outside of the office, Jill enjoys time spent with her husband Tom and son Tyler. She enjoys cooking, entertaining and reading when not otherwise chasing after her son.
About Laura J. Stewart
A graduate of St. Bonaventure University, in New York, Laura has worked in the financial services industry since 1998. She joined Morgan Stanley in 2003 working in various roles leading to her responsibility as the Business Service Manager for the offices in Manchester, Gilford, Portsmouth and Lebanon. She joined The Elm Street Group in 2017 as a Senior Registered Associate.
In her free time, Laura spends a lot of time outdoors. After the enriching experience of hiking the 2158 mile Appalachian Trail in 1995, she continues to wander other long distance trails and mountains throughout the US and the Alps, finding a satisfying place year round to cultivate social relationships and recreational benefits. She also nurses a life-long love for reading.
In her free time, Laura spends a lot of time outdoors. After the enriching experience of hiking the 2158 mile Appalachian Trail in 1995, she continues to wander other long distance trails and mountains throughout the US and the Alps, finding a satisfying place year round to cultivate social relationships and recreational benefits. She also nurses a life-long love for reading.
About Melissa A. Harrington
Trading in a New York City apartment for a house with a yard, Melissa Harrington joined The Elm Street Group in the fall of 2021. Her industry experience spans over 30 years starting with a small regional firm out of Boca Raton Florida, continuing in Chicago as a Regional Director for Northern Trust and more recently in New York City where she joined Morgan Stanley in 2010. Prior to relocating to the Granite State in 2020, Melissa was an instrumental part of an accomplished Fixed Income team serving clients nationwide. She attended High Point College in High Point North Carolina majoring in Economics.
Her “Keep Manhattan, Just Give Me That Countryside” attitude worked in favor of The Elm Street Group team in 2021 providing an opportunity to welcome an experienced and talented financial professional to the team. As a Senior Registered Associate and Portfolio Associate, Melissa will work closely Financial Advisors in serving clients in an operational and administrative capacity.
Outside the office, Melissa enjoys spending time with her husband Jay and their golden retriever Millie exploring all that New Hampshire has to offer as new homeowners in the Granite state.
Her “Keep Manhattan, Just Give Me That Countryside” attitude worked in favor of The Elm Street Group team in 2021 providing an opportunity to welcome an experienced and talented financial professional to the team. As a Senior Registered Associate and Portfolio Associate, Melissa will work closely Financial Advisors in serving clients in an operational and administrative capacity.
Outside the office, Melissa enjoys spending time with her husband Jay and their golden retriever Millie exploring all that New Hampshire has to offer as new homeowners in the Granite state.
About Stacey L. Girard
Stacey Girard is an financial services professional with over 20 years in client service, relationship management, and risk management. She is passionate about providing exceptional customer experiences and has a proven track record of success.
Stacey's career began at Fidelity Investments, where she held a variety of positions, including Regional Supervisory Consultant, High Net Worth Case Manager, Private Client Group Relationship Manager, and Senior Financial Specialist. In these roles, she was responsible for providing high-quality customer service, managing risk, and developing relationships with clients.
In addition to her experience in wealth management, Stacey is also an excellent communicator and relationship builder. She is able to build rapport with clients quickly and easily, and she is always willing to go the extra mile to help them achieve their financial goals. She is a highly motivated and results-oriented professional with a passion for providing exceptional customer service and attention to detail.
Outside of work, Stacey enjoys spending time with her husband Drew and can often be found outside playing with her two standard poodles, Cinnamon and Maddi, doing yardwork and just enjoying the outdoors.
Stacey's career began at Fidelity Investments, where she held a variety of positions, including Regional Supervisory Consultant, High Net Worth Case Manager, Private Client Group Relationship Manager, and Senior Financial Specialist. In these roles, she was responsible for providing high-quality customer service, managing risk, and developing relationships with clients.
In addition to her experience in wealth management, Stacey is also an excellent communicator and relationship builder. She is able to build rapport with clients quickly and easily, and she is always willing to go the extra mile to help them achieve their financial goals. She is a highly motivated and results-oriented professional with a passion for providing exceptional customer service and attention to detail.
Outside of work, Stacey enjoys spending time with her husband Drew and can often be found outside playing with her two standard poodles, Cinnamon and Maddi, doing yardwork and just enjoying the outdoors.
About Dawn Zarta
Dawn is a dedicated Senior Client Service Associate based in our Gilford, New Hampshire branch. She excels at nurturing and strengthening client relationships, providing expert support with administrative tasks and facilitating seamless financial transactions.
Dawn holds a Bachelor of Science degree from Plymouth State University. She began her financial services career at Smith Barney in 2009. In 2012, she transitioned to Morgan Stanley, and in 2025 she joined The Elm Street Group, where she continues to deliver exceptional service and support.
Outside the office, Dawn enjoys spending quality time outdoors with her family—her husband Chris, son Blake, daughter Julia, and their dog Willow. She is also a recreational sommelier and loves exploring local restaurants.
Dawn holds a Bachelor of Science degree from Plymouth State University. She began her financial services career at Smith Barney in 2009. In 2012, she transitioned to Morgan Stanley, and in 2025 she joined The Elm Street Group, where she continues to deliver exceptional service and support.
Outside the office, Dawn enjoys spending quality time outdoors with her family—her husband Chris, son Blake, daughter Julia, and their dog Willow. She is also a recreational sommelier and loves exploring local restaurants.
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Awards and Recognition
Forbes Best-In-State Wealth Management Teams
2023-2026 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2023-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
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
Christian Catricala
Private Banker
Christopher Dubie, CRPS®
Financial Advisor, Executive Director, Corporate Retirement Director, Financial Wellness Director
Julie Braun, CRPS®
Financial Advisor, Senior Vice President, Corporate Retirement Director, Financial Wellness Director
About Christian Catricala
Christian Catricala is a Private Banker serving Morgan Stanley Wealth Management offices in Massachusetts, New Hampshire, Maine and Vermont.
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.
Christian began his career in financial services in 2015, and joined Morgan Stanley in 2016 as a Rotational Analyst supporting a variety of divisions in Wealth Management. Prior to being promoted to his current role, he was an Associate Private Banker supporting Wealth Management offices in Boston, Massachusetts.
Christian is a graduate of the Merrimack College, where he received a Bachelor of Science in Accounting and Marketing. He lives in Melrose, Massachusetts with his wife and daughter Isla. Outside of the office, Christian enjoys cooking, traveling, 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.
Christian began his career in financial services in 2015, and joined Morgan Stanley in 2016 as a Rotational Analyst supporting a variety of divisions in Wealth Management. Prior to being promoted to his current role, he was an Associate Private Banker supporting Wealth Management offices in Boston, Massachusetts.
Christian is a graduate of the Merrimack College, where he received a Bachelor of Science in Accounting and Marketing. He lives in Melrose, Massachusetts with his wife and daughter Isla. Outside of the office, Christian enjoys cooking, traveling, and spending time with his family.
NMLS#: 1773684
Private Banking Group (PBG) Market Managers, Senior Private Bankers, Private Bankers, and Associate Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley Wealth Management Financial Advisors can conduct their business in several ways: individually, as a member of a team of Financial Advisors, or through the formation of a Strategic Partnership with another Financial Advisor or team of Financial Advisors. A Strategic Partnership is an arrangement between a Financial Advisor or a team of Financial Advisors with another Financial Advisor or team of Financial Advisors that has a unique focus or knowledge regarding a specific business concentration, product area, and/or client type. If your account is with an individual Financial Advisor, that Financial Advisor services all facets of your account. If your account is with a Financial Advisor who is a member of a team, any Financial Advisor on the team can service your account. If your Financial Advisor is part of a Strategic Partnership, his or her role in that Strategic Partnership may be limited to a specific business and/or product area and may not cover all facets of your account. The use of the terms “Partner” or “Strategic Partner” and/or “Partnership” or “Strategic Partnership” are used as terms of art and not used to imply or connote any legal relationship.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley Wealth Management Financial Advisors can conduct their business in several ways: individually, as a member of a team of Financial Advisors, or through the formation of a Strategic Partnership with another Financial Advisor or team of Financial Advisors. A Strategic Partnership is an arrangement between a Financial Advisor or a team of Financial Advisors with another Financial Advisor or team of Financial Advisors that has a unique focus or knowledge regarding a specific business concentration, product area, and/or client type. If your account is with an individual Financial Advisor, that Financial Advisor services all facets of your account. If your account is with a Financial Advisor who is a member of a team, any Financial Advisor on the team can service your account. If your Financial Advisor is part of a Strategic Partnership, his or her role in that Strategic Partnership may be limited to a specific business and/or product area and may not cover all facets of your account. The use of the terms “Partner” or “Strategic Partner” and/or “Partnership” or “Strategic Partnership” are used as terms of art and not used to imply or connote any legal relationship.
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Working closely with you to guide your wealth and investments through the most challenging market cycles.
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Iran Conflict: Seven Takeaways for Investors
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529 Plans: A Powerful Tool to Save for Education
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Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
Ready to start a conversation? Contact The Elm Street 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.
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 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.
3Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
5Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
6When 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.
7Investing 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.
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.
9Alternative 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.
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.
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The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
1Morgan Stanley 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 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.
3Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
5Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
6When 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.
7Investing 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.
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.
9Alternative 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.
10Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4665150 (8/2025), 4763067 (9/2025), 5378280 (5/2026)
