Our Story

Planning for retirement today is complex. We believe it takes specialized skills that go beyond general financial planning. It takes proficient professionals who have the wisdom, experience and resources needed to tackle the challenges you face when you are no longer working. It takes a team of dedicated advisors who always put your needs first.

The Espenan Team at Morgan Stanley is a multi-generational group of seven knowledgeable financial professionals who are committed to helping individuals and families plan effectively for retirement. With our extensive and diverse backgrounds, there are very few financial situations we have not encountered with our clients – these situations allow us to help others with similar circumstances.

Every day, we work with people like you to secure a retirement lifestyle that incorporates three core elements:

Planning- We begin with a comprehensive plan, to help map your retirement.

Income – We seek to help you recreate your company pay check to meet your income needs.

Growth – We seek to present you growth opportunities.

We believe it is our responsibility to simplify the retirement planning process in an open and honest environment that is void of any pressure. We have decades of experience developing tailored retirement plans that include proven investment and estate planning strategies. Above all, we share a common goal to earn your confidence not only through the quality of retirement plan solutions we present, but through a commitment to do so through a core set of values that include trust, integrity, confidentiality, accountability and humility.

Our Services:

-Retirement Planning
-401(k) Rollovers
-Professional Portfolio Management
-Lending Products
-Long-Term Care
-Estate Planning Strategies
-Executive Benefit Services
-Annuities
-Financial Planning
-Asset Management

Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.

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
Services Include
  • Retirement Planning1
  • 401(k) Rollovers
  • Professional Portfolio Management2
  • Cash Management and Lending Products3
  • Long Term Care Insurance4
  • Estate Planning Strategies5
  • Executive Benefit Services6
  • Annuities7
  • Financial Planning8
  • Asset Management9
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*

Who We Are

The Espenan Team is a diverse group of seven seasoned professionals who average nearly 20 years in the financial services industry.* Coming from different backgrounds and generations, we provide different perspectives and often play devil’s advocate with one another – all to the benefit of our clients. Working together, we provide highly customized advice to help ensure your plan is effectively designed to achieve a rewarding retirement.

Throughout our careers, we have continued to expand our skills by undertaking various advanced courses of study, with an emphasis on strategies that provide consistent income in retirement. This commitment to professional development enables us to remain on the forefront of the latest and most effective wealth management techniques, so we can continue to deliver a powerful and thoughtful client experience.

* Donald Espenan = 29 years; Chris Gautreaux = 19 years; Sean Spratt = 13 years; Eric Wylie = 5 years; Ed Ellinghausen = 4 years; Michelle McNicoll = 26 years; Danette Simmons = 35 years; Shanice Williams = 3 years

    Our Process

    Your achievements reflect substantial effort. As your team of trusted advisors, we work just as hard on your behalf, committing our experience, knowledge and skills to helping you achieve your goals. Over the years, we’ve developed a disciplined process, so we may identify and implement appropriate solutions to help you attain financial success now and in retirement.

    Step 1: Retirement Planning Seminar
    Many of our clients begin a relationship with us by attending one of our retirement seminars. These seminars are held regularly and focus on topics of interest to those seeking important information about planning for retirement.

    Step 2: Introductory Call
    We will contact you to determine how we can add significant value to your current situation. Should we agree to move forward, we’ll ask you to gather important financial documents.

    Step 3: Discovery Meeting
    We learn about the values that shape your decisions and identify any unique circumstances. In this step, we may reach out to your CPA and estate attorney to ensure the strategies we recommend are fully coordinated.

    Step 4: Analysis
    Next, we review your financial situation, determine the likelihood of reaching your retirement goals and address the impact of unexpected life events. Utilizing our investment philosophy that focuses on safety, income and growth, we customize your retirement plan.

    Step 5: Plan Presentation
    Here, we present a comprehensive set of recommendations designed exclusively for you. Upon approval, we set into motion a course of action that strives to align your investments with your values.

    Step 6: Ongoing Service
    Once we execute your plan, we set up a number of tools to give you convenient access to your accounts. And because personal objectives evolve over time, we schedule ongoing meetings to help keep your plan on track and assist with any future needs.

      Events

      We look forward to seeing you at our upcoming seminar event:

      Plan Now To Retire in Style

      It is hard to think about retirement when it’s years away and you have other priorities, but if you want to maintain your lifestyle in the long term, you must plan early.

      Get started by joining us at our upcoming seminar.

      You’ll learn:
      -If your retirement goals are realistic
      -The features of several retirement plan options
      -How to potentially reduce your tax burden

      For more information on our next seminar please call Eric Wylie at 504-585-3978.

        Core Values

        We believe the best relationships are built on trust, understanding and shared values. We also believe a disciplined philosophy and process are critical to achieving your goals – especially in today’s complex market environment. Above all, we are committed to the following core values that serve as the foundation of our practice:
        • Personalized Planning
          Every relationship begins with an understanding of your specific story: your goals, past experiences, values and risk tolerance. We help you better understand your current situation and create a powerful vision of your financial future.
        • Objective Guidance
          Every decision we make will be focused on doing the right thing for you. We simplify your financial life, offering the best solutions for your consideration with unbiased, objective advice.
        • Multi-Generational Relationships
          We seek to work with individuals and families as their trusted financial advisor for years, even generations, helping them tailor plans for all their major milestones, with a focus on retirement. Our hope is for every client to feel proud to recommend our services to their closest friends and family.
        • Commitment to Education
          We believe financial education leads to better insights into our investment strategy and, ultimately, better long-term results. We are committed to providing you with proactive education on a variety of relevant financial topics. We take pride in our ability to take confusing jargon and complex strategies and effectively communicate them using simple language.
        • Service Excellence
          We provide the personalized service you would expect from a small investment boutique along with the resources of a major global firm. You are treated as an individual, not an account number. Your satisfaction is our priority. When it comes to service, we go above and beyond the basics. No matter how simple or complex your needs, we are always here to help.

        Location

        1100 Poydras St
        Ste 1900
        New Orleans, LA 70163
        US
        Direct:
        (504) 585-3900(504) 585-3900
        400 Convention St.
        Ste 400
        Baton Rouge, LA 70802
        US
        Direct:
        (225) 237-3100(225) 237-3100

        Meet The Espenan Team

        About Me

        An experienced Family Wealth Advisor, Donald has been a vital member of the Morgan Stanley family since 1989. He is the founder and lead Financial Advisor of The Espenan Team, a seasoned group of eight financial professionals with more than 100 years of combined experience. He is responsible for shaping the team’s strategic vision, combining his deep knowledge of the financial markets with operational excellence to guide clients in simplifying their lives, so they may enjoy the wealth they have created and leave the legacy they desire.

         An M.B.A. graduate of the Tulane University A.B. Freeman School of Business, Donald also obtained Nuclear and Environmental Engineering Science degrees from the University of Florida. Over the years, he has fostered a disciplined approach that includes the development of a comprehensive financial plan that incorporates wealth accumulation strategies and risk management techniques to help his clients maintain financial independence through each one of life’s important milestones.

        Donald’s passion for helping clients achieve their goals is equaled only by his dedication to his family and community. Born and raised in New Orleans, Donald is an active participant in his church’s outreach programs involving education of inner city at-risk children and assisting the homeless population in New Orleans. A lector and Eucharistic Minister, he is also a member of his church’s finance council and enjoys devoting time to church maintenance projects. While most would say Donald’s favorite hobby is fishing, others know that it’s actually spending time with his wife, and family, especially his grandchildren. 

         Phone: 504-585-3919

        Email: donald.h.espanan@morganstanley.com

        Location: 1100 Poydras Street, New Orleans

         Professional Details
        -1989 - present: Morgan Stanley* Senior Vice President Portfolio Management Director New Orleans, LA

        -MBA - Tulane University AB Freeman School of Business New Orleans, LA

        -Masters of Engineering Science University of Florida Gainesville, FL

        -Bachelor of Science University of Florida Gainesville, FL
        Series 3, 7 & 63 Licensed

        -Life, Health and Variable Annuity Licensed

        -Long Term Care Licensed

        -Immaculate Conception Parish Lector, Eucharistic Minister

        -University of Florida Foundation New Orleans Gator Club President, 1985 - 2003

        -Portfolio Management Institute Founding Member, 2005
        Securities Agent: LA, VT, VA, UT, TX, TN, SC, OK, NY, NJ, NC, MS, MO, KY, IL, GA, FL, DE, CO, AR, AL; Managed Futures; Transactional Futures/Commodities; General Securities Representative; Investment Advisor Representative
        NMLS#: 1290657

        About Me

        A Certified Retirement Counselor (CRC®) and member of The Espenan Team since 2009, Chris provides a wide range of financial planning services, ranging from retirement forecasting to estate planning. He enjoys working with families and business owners alike, guiding them as they plan for the various phases of their financial lives. In addition to his financial planning role on the team, he assists in portfolio management construction, analysis and monitoring.

        Upon graduating from Louisiana State University in 1995, Chris began his career in financial services as a Bank Manager at Hibernia National Bank before joining Federated Investors as a Marketing Director in 1999. Over the years, he has earned the reputation of truly understanding his clients. He listens carefully to their unique goals and circumstances, working diligently to help them achieve their specific financial objectives and leave the legacy they desire. Chris is a member of the Portfolio Management Institute.

        Chris works out of our office in Baton Rouge, where he resides with his wife, Laura, and their three children, Jack, William and Claire. In his free time, he enjoys hunting, fishing and spending time with family and friends. 

        Phone: 225-237-3113

        Email: chris.gautreaux@morganstanley.com

        Location: 400 Convention Street, Baton Rouge 

        Professional Details
        -2004 - present: Morgan Stanley* Financial Advisor Financial Planning Specialist Baton Rouge, LA

        -1999 - 2004: Federated Investors Marketing Representative Baton Rouge, LA

        -1995 - 1999: Hibernia National Bank, Bank Manager Baton Rouge, LA

        -Bachelor of Arts, 1995 Louisiana State University Baton Rouge, LA

        -Financial Planning Specialist Designation

        -Series 7 - General Securities Representative

        -Life, Health & Variable Annuity Insurance Licensed

        -Series 6, 63, 65 Licensed
        Securities Agent: LA, VA, UT, TX, TN, SC, OK, OH, NY, NJ, NC, MT, MS, MO, MD, KY, GA, FL, DE, CO, CA, AR, AL; General Securities Representative; Investment Advisor Representative
        NMLS#: 1416392

        About Me

        As a Financial Advisor and Senior Portfolio Manager for The Espenan Team, Sean enjoys working with financially successful individuals and families, providing highly personalized advice through a disciplined wealth management approach. His diverse experience in financial services enables him to help the team’s clients understand the intricate details of their financial wealth. He focuses on what is most important to each family, so he can develop a customized plan designed to help build, preserve and transition their wealth.

        Sean is a graduate of Millsaps College, where he earned his M.B.A. degree in 1999. Upon graduation, he began his financial services career as a C.P.A. in the tax department of KPMG, LLP, before becoming a tax manager for LLOG Exploration Company, LLC in Metairie, LA. Sean joined Morgan Stanley in 2005. He is a member of the Portfolio Management Institute and has earned the Certified Portfolio Manager (CPM®) designation. He does not currently give tax advice.

        Sean resides in New Orleans, where he was born and raised. He enjoys spending time with his wife, Sarah, and their two children, Bonnie and Kelly. As a family, they enjoy taking advantage of the culture that New Orleans has to offer. 

        Phone: 504-585-3958

        Email: sean.p.spratt@morganstanley.com

        Location: 1100 Poydras Street, New Orleans

        Professional Details
        -2005 - present: Morgan Stanley Financial Advisor New Orleans, LA

        -2004 - 2005: LLOG Exploration & Production Company, LLC Tax Manager Metairie, LA

        -1999 - 2004:KPMG, LLP Tax Specialist New Orleans, LA

        -BBA - Bachelor of Business Administration Millsaps College Jackson, MS

        -MBA - Masters of Business Administration Millsaps College Jackson, MS

        -Financial Planning Specialist Designation

        -Series 7 - General Securities Representative

        -Series 66 - Combined Investment Advisory Agent & Uniform State Exam

        -Life, Health & Variable Annuity Insurance Licensed

        -Rotary Club of Metairie President Metairie, LA
        Securities Agent: LA, VT, VA, UT, TX, TN, SC, OK, NY, NJ, NC, MS, MO, MD, MA, KY, IN, GA, FL, DE, CO, AR, AL; General Securities Representative; Investment Advisor Representative
        NMLS#: 1451586

        About Me

        Eric is a Financial Advisor at The Espenan Team, where he works closely with clients to develop custom and comprehensive financial plans that address their specific needs. His many responsibilities include portfolio management, investment research, client service and establishing new relationships with people nearing retirement. Eric works closely with the trading desk to execute all discretionary portfolio management for the team.

        Eric is a 2014 graduate of the Tulane University A.B. Freeman School of Business. He graduated with Cum Laude honors and majored in Finance and Entrepreneurial Management. During his time at Tulane, Eric served as an equity analyst for Burkenroad Reports, an interactive investment research class. He is a current member of the Portfolio Management Institute.

        A former New York native, Eric was drawn to New Orleans seven years ago. He spends his free time playing sports and enjoying local food and festivals. Eric currently resides in the Garden District with his girlfriend, Jessica, and dog, Mila.

        Phone: 504-585-3978

        Email: eric.wylie@morganstanley.com

        Location: 1100 Poydras Street, New Orleans

        Professional Details
        -2014 - present: Morgan Stanley* Financial Advisor New Orleans, LA

        -Bachelor of Science, 2014 Tulane University New Orleans, LA

        -Series 7 - General Securities Representative

        -Series 66 - Combined Investment Advisory Agent & Uniform State Exam

        -Member of the Portfolio Management Institute

        -Life, Health & Variable Annuity Insurance Licensed

        -Portfolio Manager
        Securities Agent: TX, LA, VT, VA, UT, TN, SC, OK, NY, NJ, NC, MS, MO, KY, IN, IL, GA, FL, DE, CO, AR, AL; General Securities Representative; Investment Advisor Representative
        NMLS#: 1584397

        About Me

        Joining The Espenan Team as a Wealth Advisor Associate in 2017, Ed is responsible for servicing clients, financial planning, business development and investment research. His role as a financial planner includes creating an individual wealth strategy to assist clients in achieving their future financial goals, while providing an ongoing review of their financial outlook.

        Ed is a 2015 graduate of Louisiana State University E.J. Ourso College of Business, earning a B.S. degree in Accounting with a Specialization in Internal Audit. During his time at LSU, Ed was a member of the Center for Internal Audit, a professional services program. Upon graduation, he began his career as an Enterprise Risk Consultant in the Oil & Gas Industry for Deloitte & Touche, LLP.

        Ed was born and raised in New Orleans and attended Jesuit High School. He spends his leisure time playing golf, hunting and fishing. He currently resides in the Uptown area and enjoys spending time with family and friends.

        Phone: 504-585-3906

        Email: ed.ellinghausen@morganstanley.com

        Location: 1100 Poydras Street, New Orleans

        Professional Details:

        -2017 - Present: Morgan Stanley*, Financial Advisor, New Orleans, LA

        - 2015 - 2017: Deloitte & Touche, Consultant, Houston, TX

        -Bachelor of Science, 2015 Louisiana State University, Baton Rouge, LA

        -Series 7 - General Securities Representative

        -Series 66 - Combined Investment Advisory Agent & Uniform State Exam

        -Life, Health & Variable Annuity Insurance Licensed
        Securities Agent: LA, AR, VT, VA, UT, TX, TN, SC, OK, NY, NJ, NC, MS, MO, KY, IN, IL, GA, FL, DE, CO, AL; General Securities Representative; Investment Advisor Representative
        NMLS#: 1826760

        About Me

        Drawing on more than 25 years of industry experience, Michelle is often the first line of contact on a broad array of client services for our clients in our Baton Rouge office. She is responsible for administration, client service, account maintenance and special projects.

        Highly adept at addressing questions quickly and efficiently, Michelle is committed to providing each client with the highest level of personal service and professional integrity. She has been an integral member of The Espenan Team since joining the team in 2015.  She began her career in the trust department of a local bank before working at a regional brokerage firm for 10 years. She joined Morgan Stanley in 2005. 

        Michelle was raised in Lafayette, Louisiana and now lives in Baton Rouge with her husband, Kevin, and their sons, Andrew and Lucas. She enjoys spending time with her family, camping, ATV riding and attending LSU sporting events.

        Phone: 225-379-7541
        Email: michelle.mcnicoll@morganstanley.com
        Location: 400 Convention St. | Ste 400 | Baton Rouge, LA  

        Professional Details:
        •2005-Present: Morgan Stanley | Portfolio Associate | Baton Rouge, LA
        •1996-2005: Legg Mason | Branch Office Coordinator | Baton Rouge, LA
        •Series 7 - General Securities Representative
        •Series 66 – Uniformed Combined State Law Examination

        About Me

        Danette is an integral member of The Espenan Team, serving as a Senior Registered Client Services Associate. With nearly 35 years of client service experience, Danette is the senior point of contact for all operational tasks, such as assets transfers, research matters and overall support. She works directly with clients to understand their individual needs and desires, so she can deliver superior service to address their specific circumstances.

        Danette began her financial services career in 1983 as Client Service Associate with Prudential Bache Securities. She joined the Morgan Stanley family a year later to direct her focus, skills and dedication on operational support and compliance. Danette served as the New Orleans Complex Service Manager from 2010 to 2013.

        Danette was born Edgard, Louisiana, a community nestled along the Mississippi River and commonly referred as Plantation Alley due to the many antebellum homes found there. She calls herself a “country girl” at heart. In the 1960s, she and her family moved to New Orleans, where she has lived ever since. She enjoys spending time with her daughter Brooke, and host of family and close friends. She loves the cultures of New Orleans, including local foods, festivals, French Market and Mardi Gras.

        Phone: 504-585-3912
        Email: danette.d.simmons@morganstanley.com
        Location: 1100 Poydras St. | Ste 1900 | New Orleans, LA

        Professional Details:
        •1984-Present: Morgan Stanley | Senior Registered Associate | New Orleans, LA
        •2010-2013: Morgan Stanley | Complex Service Manager | New Orleans, LA
        •Series 7 - General Securities Representative
        •Series 9-10 General Securities Sales Supervisor Exam
        •Series 63 - Uniform State Exam
        •Series 66 - Uniform Combined State Law Examination
        •Meadows Draugh Business College, 1983 | New Orleans, LA

        About Me

        Shanice is the newest member of The Espenan Team, serving as Client Service Associate. Her role is to develop strong relationships with clients to help identify their needs.

        Shanice has four years of experience in the financial industry.
        She began her career in the industry in 2015 as a Financial Service Specialist with Regions Financial. She joined the Morgan Stanley team in 2019.

        Shanice received her B.S. degree in Marketing, with a concentration in Management, from the University of New Orleans. She is a currently a graduate student attending the University of New Orleans, where she is set to obtain her Masters in Finance, with a concentration in Financial Analysis.

        Shanice was born in Violet, Louisiana and attended Chalmette High School. She enjoys attending festivals with her boyfriend and visiting local attractions around the city.

        Phone: 504-585-3920
        Email: shanice.williams@morganstanley.com
        Location: 1100 Poydras St. | Ste 1900 | New Orleans, LA
        From Our Team

        Global Investment Committee Weekly


        Investment and Market Perspectives

        On the Markets

        Retirement

        Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
        • 401(k) Rollovers
        • IRA Plans
        • Retirement Income Strategies
        • Retirement Plan Participants
        • Annuities
        The Simple Six-Step Retirement Checkup

        The Simple Six-Step Retirement Checkup

        Given market volatility in 2018, checking in on your retirement plan may be one of the wisest New Year’s resolutions you can make.

        Investing

        Working closely with you to guide your wealth and investments through the most challenging market cycles.
        • Asset Management
        • Wealth Planning
        • Traditional Investments
        • Alternative Investments
        • Impact Investing
        Investing in Artificial Intelligence and Automation

        Investing in Artificial Intelligence and Automation

        AI is an exciting growth area, but the investing opportunities are not always obvious. Here’s how to integrate this theme into your portfolio.

        Family

        Creating customized financial strategies for the challenges that today's families face.
        • Estate Planning Strategies
        • 529 Plans / Education Savings Planning
        • Long Term Care Insurance
        • Special Needs Planning
        • Trust Services
        From Clueless to Clued In: Teaching Teens About Money

        From Clueless to Clued In: Teaching Teens About Money

        As your children grow into young adults, you can help them learn how to manage their own finances. Here’s how to go about it.

        Business Planning

        Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
        • Succession Planning
        • Business Planning
        • Retirement Plan Sponsors
        • Qualified Retirement Plans
        • Corporate Pension Funds
        Facing Financial Stress? Your Employer May Be Able to Help

        Facing Financial Stress? Your Employer May Be Able to Help

        Many of us face money worries. You may be able to get advice and education from an unexpected source.

        Philanthropy

        Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
        • Endowments
        • Foundations
        • Donor Advised Funds
        • Impact Investing
        Choosing an Environmental Charity

        Choosing an Environmental Charity

        There are a multitude of non-profits dedicated to helping protect the environment. Here’s how to choose where you want to give.

        More from Morgan Stanley

        OUTSMART VOLATILITY IN A MORGAN STANLEY MINUTE

        OUTSMART VOLATILITY IN A MORGAN STANLEY MINUTE

        “You may feel like a 1,000 point move in the Dow in a single day is unprecedented, but the reality is that it’s a 2 or 3% move down.” - Lisa Shalett, Chief Investment Officer, Wealth Management
        Learn more about OUTSMART VOLATILITY IN A MORGAN STANLEY MINUTE
        Morgan Stanley and Justin Rose: A Winning Team

        Morgan Stanley and Justin Rose: A Winning Team

        Morgan Stanley and our brand ambassador, PGA TOUR champion Justin Rose, share a set of core values and a common cause: giving books to children in need.
        Learn more about Morgan Stanley and Justin Rose: A Winning Team
        Sign Up for eDelivery

        Sign Up for eDelivery

        With eDelivery, you’ll have easy access to statements, trade confirmations, general correspondence and much more.
        Learn more about Sign Up for eDelivery
        Reserved | Living & Giving

        Reserved | Living & Giving

        Our complimentary program for eligible clients provides you and your family with access to exclusive offers and discounts from premium travel, automotive, health and wellness, and retail brands as well as curated insights from Morgan Stanley.
        Learn more about Reserved | Living & Giving
        Your Financial World. On the Go.

        Your Financial World. On the Go.

        With the Morgan Stanley Mobile App, you’ll have the freedom to manage your investments and instantly access a suite of personal cash management tools.
        Learn more about Your Financial World. On the Go.
        Access Morgan Stanley Online

        Access Morgan Stanley Online

        Morgan Stanley Online provides a comprehensive view of your assets and liabilities, projected income, breaking news, research and much more.
        Learn more about Access Morgan Stanley Online
        Ready to start a conversation? Contact The Espenan Team today.
        Market Information Delayed 20 Minutes
        Certified Financial Planner™ Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with flame logo)® in the U.S., which it awards to individuals who successfully complete CFP® Board's initial and ongoing certification requirements.

        1Morgan 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.

        2Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be suitable 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.

        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.

        5Morgan 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.

        6Tax laws are complex and subject to change. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not “fiduciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley and/or as described at www.morganstanley.com/disclosures/dol . Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account.

        7Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

        8Morgan 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.

        9Morgan 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.

        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 suitable 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”) 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.


        CRC 2019752 10/2018