Angelo Amitsis, CEPA®, CRPS®
Managing Director, Private Wealth Advisor, Founders Specialist, Senior Portfolio Management Director
Phone:
(201) 967-3375(201) 967-3375
Industry Award WinnerOur Mission Statement
Experience, intellectual capital and dedicated personal service to help you meet your life goals
WELCOME
As Morgan Stanley Private Wealth Advisors, we combine our own talents and experience with the vast resources of a global financial services firm to address the planning, governance, liability management and investing needs of ultra high net worth families, their businesses and philanthropic enterprises. We take a holistic approach that is grounded in investment strategy, but covers virtually every aspect of your financial life: risk management, liabilities, trusts and estate planning strategies and even family dynamics and lifestyle management issues. Our goal is to help preserve and grow your financial, family and social capital so that it can have the greatest positive impact today and for generations to come.
We look forward to learning more about you and your family, and discussing the resources we can place at your disposal.
We look forward to learning more about you and your family, and discussing the resources we can place at your disposal.
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
About PWM
Founded in 1977, Private Wealth Management is the division of Morgan Stanley Wealth Management that is dedicated to serving the firm’s most affluent clients, including some of the world’s most accomplished entrepreneurs, executives and stewards of multigenerational wealth. Functioning as an exclusive investment boutique within a global financial firm, we deliver sophisticated solutions that leverage the intellectual capital and insight of Morgan Stanley’s substantial global resources. Drawing on a deep understanding of your financial life, our goal is to help you:
- Manage investments with an unwavering focus on your financial strategy and personal goals
- Create comprehensive, multigenerational wealth management plans based on your needs, challenges and the values that guide your life and legacy
- Simplify financial complexity to help you achieve clarity and control
Private Wealth Management Highlights
- Approximately 300 teams specialized in assisting individuals and families with $20MM+ in investable assets
- Over $1.2 trillion in AUM
- Comprising 26% of the Barron’s Top 100 Financial Advisors list for 2025
- Direct access to ultra high net worth experts in philanthropy, family dynamics, wealth transfer, lifestyle advisory and other areas of interest to ultra high net worth families
1 Morgan Stanley Wealth Management, September 2025
Source: Barron's (Awarded March 2025) This ranking was determined based on an evaluation process conducted by Barron's for the period Oct 2023-Sept 2024. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to Barron's to obtain or use the ranking. This ranking is based on an algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the assessment of Barron's and may not be representative of any one client’s experience. This ranking is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with Barron's. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.
PURSUING YOUR GOALS, TOGETHER
As life progresses and your responsibilities grow, so does the complexity of your financial world. With you at the center of this evolving ecosystem, managing it can demand significant time and attention. As your personal Financial Advisors, we take on the complexity – so you can focus on what matters most.
Individuals and Families
Understanding you, your family and your finances is our key priority. We know that life can be complicated, full of decisions and the importance of protecting all that you've built. We can help create a personalized plan that aligns to your goals at every stage of your life.
Business Owners
In our experience, business owners often put off planning their own financial future until they have achieved certain milestones, things have settled down or they focus on this later in life.
We can help provide you with the support you need during the various cycles of owning a business from growth to succession to after the sale.
We can help provide you with the support you need during the various cycles of owning a business from growth to succession to after the sale.
Institutional Investors
We provide investment insights designed to assist diverse institutions in managing their asset allocations. Our disciplined process leverages the global resources and capital strength of one of the world's leading wealth management firms. We focus on building collaborative and long-term relationships with clients, combining our experience and practical guidance to support your organization's financial objectives.
Those Facing Life Transitions
Facing a significant liquidity event, the uncertainty and stress of divorce or the loss of a loved one can be challenging. We provide guidance to help evaluate options and make informed financial decisions aligned with your long-term objectives.
Preparing for Business Succession
With a comprehensive financial planning process as the focal point of the relationship, we help illustrate and model potential strategies and scenarios designed to support a structured transition.
We assist you in addressing key questions regarding your transition objectives. What are your long-term financial goals? Do you intend to continue working post-transaction? What role and level of commitment would align with your lifestyle? Do you wish to retain a majority stake? We can help you evaluate these questions as you prepare to transition your business asset.
We assist you in addressing key questions regarding your transition objectives. What are your long-term financial goals? Do you intend to continue working post-transaction? What role and level of commitment would align with your lifestyle? Do you wish to retain a majority stake? We can help you evaluate these questions as you prepare to transition your business asset.
PURSUING YOUR GOALS, TOGETHER
Managing family wealth is like running a company - you need a strategy to help manage assets and mitigate risks. Bridging the gap between private wealth and investment management services, we work with owners and founders striving to accelerate growth and develop robust succession plans. We help manage the entire process by leveraging some of the top research and investment management resources in the industry.
Succession Planning
Ownership of a business can represent years, sometimes decades of arduous work and commitment. Nevertheless, business owners are often unfamiliar with the complexities and preparation that go into a successful succession strategy. Whether you are contemplating an IPO, merger with another company, private sale via a Strategic Client Group or Investment Bank, or succession within the family we are here to help you develop and execute a successful exit strategy.
Business Financing & Planning
You have meaningful goals. We can help you reach them. For over 85 years Morgan Stanley has collaborated with individuals, families, businesses, and institutions to deliver services and solutions that help build, preserve, and manage wealth.
Estate Planning and Business Succession
The key to determining which trust, tax, and estate strategies to execute is to understand the interplay of personal and exogenous factors. Liquidity events such as an initial public offering or a merger or acquisition may provide income and estate planning opportunities.
Philanthropic Advisory
We believe that philanthropy must be more than checkbook writing. That is why we encourage philanthropic conversations with out team and your family to discuss values, motivations, visions, and to develop a mission statement is an effective step to achieving long term philanthropic engagement.
Equity Compensation 101
When you own company equity, you become a shareholder in your company. Equity programs vary widely, so it is important to understand the details and how it fits into your financial plan.
Pre-Liquidity Planning
If your company is going through a liquidity event, some advance planning on your part may help you get the most out of your equity compensation.
Morgan Stanley at Work
Workplace financial solutions that help employees achieve their life goals. Our comprehensive offering spans Equity, Financial Wellness and Retirement solutions, plus Financial Empowerment, so your workforce can realize the full potential of their benefits.
Family Office Resources
Morgan Stanley Family Office Resources provides specialized, technical expertise to select clients across a broad range of family wealth management issues. Our core capabilities span three complimentary areas of focus including Governance & Legacy, Wealth Strategies and Signature Access.
Founders Specialist
As a Founders Specialist, my team and I help guide you through every stage of your company's evolution and personal wealth journey. By leveraging experience across Morgan Stanley, we connect you to the right resources at the right time while addressing your unique wealth needs through strategic planning including cash flow management, tax-efficient wealth transfer, estate planning and more. This comprehensive support allows Founders to maintain focus on expanding their business while we help secure their financial interests.
EVERYTHING YOU NEED, ALL IN ONE PLACE
As a Morgan Stanley client, you have access to a suite of digital tools and resources aimed at helping you manage your finances with greater ease.
Morgan Stanley Online
Morgan Stanley Online allows you to seamlessly and securely manage your investments and everyday finances in one place.
Portfolio Risk Platform
Our Portfolio Risk Platform, backed by institutional-caliber analytics, assesses thousands of risk factors using a holdings-based approach to assess a portfolio's exposures, analyze how securities behave together across portfolios and forecast how they influence risk and return moving forward.
Total Wealth View
Complete your financial picture with Total Wealth View. By linking your account information, you will benefit from more informed wealth planning, more secure data access, and convenient connectivity.
Goals Planning System
Our Goals Planning System is built on Morgan Stanley's intellectual capital and capabilities, to provide our clients with comprehensive investing and planning solutions for their individual goals.
Spending and Budgeting Tool
This tool allows you to set budget goals for each spending category and will send you alerts when you are at risk of exceeding the amount, or when you have met your monthly budget goals. It even tracks your non-Morgan Stanley accounts, helps you to set goals to improve your financial picture, and can be shared with your Financial Advisor as part of their review of your complete financial picture.
Digital Vault
Digital Vault lets you easily and conveniently manage and share life's most important documents, such as financial statements, authorizations, tax filings, and other relevant files.
eDelivery
Sign up for eDelivery today and start receiving email notifications as soon as your account documents are available on Morgan Stanley Online or the Morgan Stanley Mobile App. It's quick, convenient & secure.
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 a resource of MSO on the go.
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
61 South Paramus Road
Paramus, NJ 07652
US
Direct:
(201) 967-3375(201) 967-3375
1585 Broadway
New York, NY 10036
US
Meet The Empire 360 Team
Kevin Reiner, CFP®, CPWA®, CEPA®, CDFA®
Managing Director, Private Wealth Advisor, Founders Specialist
Phone:
(201) 967-3376(201) 967-3376
Mary Fava-Marsh, CFP®
Vice President, Financial Planning Analyst
Phone:
(201) 967-3378(201) 967-3378
Brandon Young, AAMS™
Vice President, PWM Director of Investments
Phone:
(201) 967-3377(201) 967-3377
Vincent Plessel, CFP®
Private Wealth Registered Client Service Associate
Phone:
(201) 967-6274(201) 967-6274
About Me
As The Empire 360 Team’s Senior Portfolio Manager and Certified Exit Planning Advisor®, Angelo Amitsis works with business owners, high net worth families, institutions and their corporate executives, advising them on their strategic and tactical business exit and wealth management needs. In his role as lead Portfolio Manager, Angelo builds and maintains the team’s asset allocation models, which are tailored to meet each client’s long-term financial objectives and are an essential part of the value The Empire 360 Team provides.
Angelo launched his financial advising practice in 1998 at Morgan Stanley, where his focus on fixed income investing strategies showed him the value of providing his clients with a steady stream of income as part of a diversified portfolio. In 2016 he moved to UBS where he worked for nearly ten years until re-joining Morgan Stanley in 2025. Angelo earned the Certified Exit Planning Advisor® through The University of Chicago Booth School of Business. He maintains the Series 7, 31, 63 and 65 securities licenses and is a life and health insurance agent.
Angelo received his Bachelor of Science in Finance from Rutgers University and is a strong supporter of his alma mater. He and his wife Josephine have four children: Elisabeth, Alexander, Maximus and Katherine. As a family, they spend their leisure time traveling, participating in sports and fundraising in their Upper Saddle River community. He is a member of the Exit Planning Institute and Upper Montclair Country Club. In his spare time, Angelo enjoys coaching youth sports and playing golf.
Angelo launched his financial advising practice in 1998 at Morgan Stanley, where his focus on fixed income investing strategies showed him the value of providing his clients with a steady stream of income as part of a diversified portfolio. In 2016 he moved to UBS where he worked for nearly ten years until re-joining Morgan Stanley in 2025. Angelo earned the Certified Exit Planning Advisor® through The University of Chicago Booth School of Business. He maintains the Series 7, 31, 63 and 65 securities licenses and is a life and health insurance agent.
Angelo received his Bachelor of Science in Finance from Rutgers University and is a strong supporter of his alma mater. He and his wife Josephine have four children: Elisabeth, Alexander, Maximus and Katherine. As a family, they spend their leisure time traveling, participating in sports and fundraising in their Upper Saddle River community. He is a member of the Exit Planning Institute and Upper Montclair Country Club. In his spare time, Angelo enjoys coaching youth sports and playing golf.
Securities Agent: IL, CA, SC, OR, OK, NM, NE, VI, NH, MI, AK, TX, ME, LA, IN, DE, SD, MS, MN, ID, FL, AL, WA, VA, RI, PR, WV, VT, TN, PA, MO, MA, KS, IA, HI, GA, DC, CT, OH, KY, UT, NC, CO, AR, WY, WI, NY, NV, NJ, MT, MD, AZ, ND; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1265102
NMLS#: 1265102
About Me
Kevin Reiner is the lead financial planner on The Empire 360 Group, where he oversees financial planning and focuses on the three key pillars of wealth planning: growth, preservation and transfer of assets. An innate problem solver with a disciplined planning process, Kevin works with business owners, high net worth families, institutions and their corporate executives to identify and analyze financial opportunities that both address their short and long-term needs to make their lives simpler.
Kevin began his career as a financial advisor at Morgan Stanley in 2000 where he stayed for over 12 years before moving to UBS in 2012. In 2025, Kevin made his way back to Morgan Stanley. Kevin’s years of experience and advanced planning background are important examples of The Empire 360 Team’s commitment to identifying and analyzing the financial challenges clients face. He earned the Certified Private Wealth Advisor® and the Certified Exit Planning Advisor certification through The University of Chicago Booth School of Business. Kevin is also a CERTIFIED FINANCIAL PLANNER®™ and has earned the Certified Divorce Financial Analyst® designation. In addition, Kevin maintains the Series 7, 31, 66 securities licenses and is a life and health insurance agent.
He is a member of the Financial Planning Association, Business Networking International (BNI), Exit Planning Institute, Institute for Divorce Financial Analysts (IDFA™), Hackensack Golf Club and the Indian Trail Club.
Kevin and his wife, Rachel, live in Wyckoff with their three children: Austin, Mila and Colton. Kevin studied business management at William Paterson University and international business at Macquarie University in Sydney, Australia. He is an avid golfer and loves spending time with his family.
Kevin began his career as a financial advisor at Morgan Stanley in 2000 where he stayed for over 12 years before moving to UBS in 2012. In 2025, Kevin made his way back to Morgan Stanley. Kevin’s years of experience and advanced planning background are important examples of The Empire 360 Team’s commitment to identifying and analyzing the financial challenges clients face. He earned the Certified Private Wealth Advisor® and the Certified Exit Planning Advisor certification through The University of Chicago Booth School of Business. Kevin is also a CERTIFIED FINANCIAL PLANNER®™ and has earned the Certified Divorce Financial Analyst® designation. In addition, Kevin maintains the Series 7, 31, 66 securities licenses and is a life and health insurance agent.
He is a member of the Financial Planning Association, Business Networking International (BNI), Exit Planning Institute, Institute for Divorce Financial Analysts (IDFA™), Hackensack Golf Club and the Indian Trail Club.
Kevin and his wife, Rachel, live in Wyckoff with their three children: Austin, Mila and Colton. Kevin studied business management at William Paterson University and international business at Macquarie University in Sydney, Australia. He is an avid golfer and loves spending time with his family.
Securities Agent: AK, CT, WA, SC, RI, NM, MO, FL, AZ, AL, WY, WV, VT, TN, NY, MD, IL, HI, DE, CO, VA, PA, ND, MA, OH, NH, DC, OK, LA, KS, IN, GA, UT, PR, NV, MS, ME, ID, SD, NJ, NC, MT, MN, IA, AR, TX, OR, NE, MI, WI, KY, CA, VI; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 2734181
NMLS#: 2734181
About Mary Fava-Marsh
Central to the daily operations of The Empire 360 Team, Mary uses her extensive experience across all aspects of operations, administration and customer service to ensure that the needs of each client are fulfilled. Her organizational ability, understanding of data, and thoroughness are crucial factors in building client satisfaction. Mary plays a critical role in the financial planning process. She helps clients to clarify their goals, as well as risk concerns in order to implement tactics that help ensure a successful outcome.
Mary started her financial services career in 1999 at Smith Barney where she was both a Client Service Associate and a member of the management team. She moved to UBS in 2011, where she oversaw operations for a significant financial services business as a Complex Administrative Manager. She joined The Empire 360 Team in 2014 and moved with the team to Morgan Stanley in 2025.
Mary is a Certified Financial Planner™ and maintains the Series 3, 7, 9, 10, 63 and 65 securities licenses in addition to her life and health insurance licenses. She earned a Bachelor of Arts in fine arts from Marist College. Mary enjoys spending quality time with family and friends. She and her husband, David, live in Monroe, NY, and have two sons, Brian and Quinn. As a family, they are avid skiers and snowboarders.
Mary started her financial services career in 1999 at Smith Barney where she was both a Client Service Associate and a member of the management team. She moved to UBS in 2011, where she oversaw operations for a significant financial services business as a Complex Administrative Manager. She joined The Empire 360 Team in 2014 and moved with the team to Morgan Stanley in 2025.
Mary is a Certified Financial Planner™ and maintains the Series 3, 7, 9, 10, 63 and 65 securities licenses in addition to her life and health insurance licenses. She earned a Bachelor of Arts in fine arts from Marist College. Mary enjoys spending quality time with family and friends. She and her husband, David, live in Monroe, NY, and have two sons, Brian and Quinn. As a family, they are avid skiers and snowboarders.
About Brandon Young
With over 20 years of financial services experience, Brandon believes in delivering a level of service that exceeds client expectations. His is an essential role on The Empire 360 Team, covering every aspect of operations, administration and customer service.
Brandon began his career at Morgan Stanley in 2004 where he stayed until moving to UBS in 2016. In 2025, he made his return to Morgan Stanley. He maintains the Series 7, 31 and 66 securities licenses. His grasp of detail, organizational abilities, and familiarity with data allow him to anticipate client needs and resolve any issues or concerns they may have in regard to their financial planning goals. Brandon also works as the trader on the team, focusing on asset allocation and rebalancing, as well as investment research and identification.
Brandon earned a Bachelor of Science in finance from Ramapo College. He and his wife, Christina, have a daughter, Madison, and a son, Tyler, and live in North Caldwell. In his spare time, Brandon leads an active life, enjoying soccer and basketball with friends and colleagues and spending time with his family.
Brandon began his career at Morgan Stanley in 2004 where he stayed until moving to UBS in 2016. In 2025, he made his return to Morgan Stanley. He maintains the Series 7, 31 and 66 securities licenses. His grasp of detail, organizational abilities, and familiarity with data allow him to anticipate client needs and resolve any issues or concerns they may have in regard to their financial planning goals. Brandon also works as the trader on the team, focusing on asset allocation and rebalancing, as well as investment research and identification.
Brandon earned a Bachelor of Science in finance from Ramapo College. He and his wife, Christina, have a daughter, Madison, and a son, Tyler, and live in North Caldwell. In his spare time, Brandon leads an active life, enjoying soccer and basketball with friends and colleagues and spending time with his family.
About Vincent Plessel, CFP®
Charged with a broad range of operational responsibilities, Vincent Plessel works in close collaboration with his fellow team members to deliver an outstanding client service experience. Vincent also supports the team’s marketing initiatives, drawing on experience he gained in his prior role in Morgan Stanley’s Virtual Engagement Associate Program. During his time in the program, Vincent helped implement engagement strategies, optimized data analytics, and leveraged modern wealth management tools to enhance practice management.
Vincent holds Series 7, Series 63, and Series 65 licenses and successfully passed the CFP®* Exam. This credential demonstrates his knowledge across a broad range of financial planning disciplines, including retirement, tax, estate, and insurance planning strategies. They also highlight his commitment to comprehensive financial planning and positions him to deliver a higher level of service to clients.
Vincent lives in Rutherford, New Jersey. Outside of work, he enjoys fitness, cooking, and spending time with family and friends.
Vincent holds Series 7, Series 63, and Series 65 licenses and successfully passed the CFP®* Exam. This credential demonstrates his knowledge across a broad range of financial planning disciplines, including retirement, tax, estate, and insurance planning strategies. They also highlight his commitment to comprehensive financial planning and positions him to deliver a higher level of service to clients.
Vincent lives in Rutherford, New Jersey. Outside of work, he enjoys fitness, cooking, and spending time with family and friends.
Contact Angelo Amitsis
Contact Kevin Reiner
Awards and Recognition
Forbes Best-In-State Wealth Advisors
2019-2025 Forbes Best-In- State Wealth Advisors Source: Forbes.com (Awarded 2019-2025). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
Forbes Best-In-State Wealth Management Teams
2023-2025 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2023-2025). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
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Wealth Management
Global Investment Office
Portfolio Insights
This is a video content
Managing Significant Wealth
- Investment Management
- Wealth Transfer & Philanthropy
- Cash Management & Lending
- Family Governance & Wealth Education
- Lifestyle Advisory
- Business Services
PWM Leadership Insights & Outcomes
Article Image
Insights and Outcomes
Thought Leadership for our ultra high net worth clients, which contains thought-provoking articles, authored by leading experts from Morgan Stanley Family Office Resources.
Private Wealth Management Podcast
Bringing you engaging stories and key insights surrounding the complexities associated with significant wealth, including:
- Intergenerational Planning
- Philanthropic Giving
- Non-Traditional Assets
- Managing Family Wealth
We look forward to discussing your needs and goals, and the exceptional resources we can place at your disposal.
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.
1Asset Allocation does not assure a profit or protect against loss in declining financial markets.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley Smith Barney LLC and its affiliates and their employees (including Financial Advisors and Private Wealth Advisors) are not in the business of providing tax or legal advice. These materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning.
3Morgan 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
4Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
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.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
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
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.
1Asset Allocation does not assure a profit or protect against loss in declining financial markets.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley Smith Barney LLC and its affiliates and their employees (including Financial Advisors and Private Wealth Advisors) are not in the business of providing tax or legal advice. These materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning.
3Morgan 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
4Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
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.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
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
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 4677197 (7/2025), 5378280 (5/2026)
