Jonathan N Davidov
Senior Vice President, Financial Advisor, Family Wealth Director
The Exeter Wealth Management Group at Morgan Stanley
Our Mission Statement
Experienced wealth planning services for your life and legacy goals
Welcome
The Exeter Wealth Management Group is a team of dedicated and caring professionals who work with affluent families in and around the Baltimore area providing multi-generational wealth planning including retirement, philanthropy, and portfolio management strategies.
Our group works with families and their other professional advisors in writing and executing a comprehensive wealth management plan. Once developed, we use our vast experience to implement an investment program that meets our clients needs without exposure to undue risk.
Our group works with families and their other professional advisors in writing and executing a comprehensive wealth management plan. Once developed, we use our vast experience to implement an investment program that meets our clients needs without exposure to undue risk.
Services Include
- Professional Portfolio ManagementFootnote1
- Estate Planning StrategiesFootnote2
- Financial PlanningFootnote3
- Wealth ManagementFootnote4
- Asset Management
- Donor Advised Funds
- Retirement PlanningFootnote5
- Trust AccountsFootnote6
- Alternative InvestmentsFootnote7
- 401(k) Rollovers
- 529 PlansFootnote8
- Life InsuranceFootnote9
- Long-term Care InsuranceFootnote10
- AnnuitiesFootnote11
- Qualified Plans
- Qualified Retirement PlansFootnote12
- Cash Management and Lending ProductsFootnote13
- Structured ProductsFootnote14
- SyndicateFootnote15
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
We help people just like you, in every stage of life.
Whether you need help tackling college costs or taking full advantage of your stock options and retirement plan, we have solutions.
Whether you need help tackling college costs or taking full advantage of your stock options and retirement plan, we have solutions.
Our clients include:
• Business Owners (including family businesses)
• Corporate Executives
• High-new-worth young investors
• Mid-career professionals and their families
• Nonprofit Organizations
• People getting close to or already retired
• Corporate Executives
• High-new-worth young investors
• Mid-career professionals and their families
• Nonprofit Organizations
• People getting close to or already retired
AWARDS & RECOGNITIONS
2024, 2023, 2022, 2021 Forbes Best-In-State Wealth Management Teams
Source: Forbes.com (Awarded Jan 2024). Data compiled by SHOOK Research LLC based on time period from 3/31/20-3/31/23.
Jonathan N Davidov Named To 2024 & 2023 Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded 2024 & 2023). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
Family Wealth Director
The Family Wealth Director designation is achieved by fewer than 5% of Morgan Stanley Financial Advisors (as of 12/31/23) who have completed the rigorous program. Attaining this title demonstrates one has the training and experience to help clients define their needs around wealth transfer, family dynamics, philanthropy, asset allocation, manager selection and other important areas of concern.
Jonathan N Davidov holds this designation.
Jonathan N Davidov holds this designation.
CFP® - CERTIFIED FINANCIAL PLANNER®
CERTIFIED FINANCIAL PLANNER® certification is the standard of excellence in financial planning. The CERTIFIED FINANCIAL PLANNER® designation is awarded to candidates who have demonstrated expertise in the areas of Education, Investment, Tax, Retirement, Estate and Insurance planning. CFP® professionals must accrue several years of experience related to delivering financial planning services to clients and pass a comprehensive exam before calling themselves a CFP® Professional and are held to strict ethical standards to ensure financial planning recommendations are in the best interest of their clients.
Scott Ensor and Melissa Wallace hold this certification.
Scott Ensor and Melissa Wallace hold this certification.
CAIA - Certified Alternative Investment Analyst
Chartered Alternative Investment Analyst (CAIA) is a professional designation granted by the Chartered Alternative Investment Analyst Association to candidates who have completed Level I and Level II examinations. The Chartered Alternative Investment Analyst Association has established the designation of CAIA to certify that the holders have met the association’s educational standard for specialists in the area of alternative investments. The alternative investments that a Chartered Alternative Investment Analyst is trained to assess include hedge funds, venture capital, private equity, funds of funds, derivatives, and real estate investments.
Scott Ensor holds this certification.
Scott Ensor holds this certification.
CRPS - Chartered Retirement Plans Specialist
Chartered Retirement Plans Specialist (CRPS) is a credential for those who create, implement and maintain retirement plans for businesses. Unlike most other professional financial planning and advisory professional designations, the CRPS focuses on wholesale and business clients. It is awarded by the College for Financial Planning to individuals who pass an exam demonstrating their expertise.
Raymond McFaul holds this designation
Raymond McFaul holds this designation
Our work with you starts with one or more in-depth, exploratory meetings. We need to understand your unique financial situation so we can offer you the best possible advice and solutions.
Step 1: Introductory Meeting
Our relationship begins with an initial discussion aimed towards getting to know you, your lifestyle, and your future goals.
Step 2: Discovery Meeting
During the discovery meeting, we will work together to establish your financial goals by reviewing your current financial situation and developing an appropriate risk tolerance that can help you achieve the financial outcome you envision for yourself.
Step 3: Financial Plan Presentation
Financial plan presentations map out essential factors that play into your financial success such as your employee and employer contributions, liquidity events, and insurance coverage. Examining relevant financial information provides a holistic asset allocation analysis for your accounts helping ensure a comprehensive financial plan.
Step 4: Action Items & Next Steps
After the financial plan presentation, we will follow up with you regarding our analysis and recommendations, which may include adjustments to your financial plan, investment allocation, company benefits and insurance coverage.
Step 5: Implementation Meeting
The implementation meeting focuses on creating prospective strategies custom designed for your specific needs. Recommended changes could include logistics, tax impact, asset allocation adjustments, and saving/benefit modifications.
Step 6: Monitoring & Performance Tracking
Finally, we will be constantly monitoring your assets and analyzing your performance tracking data seeking to ensure your financial expectations are bring met and adjusted accordingly. We will keep a high degree of communication with you to make sure your concerns and requests are always addressed.
Upcoming Firm Events
We hope you will join us for this upcoming event.
U.S. Policy Pulse: Trump 2.0 and the Markets
DATE: February 25, 2025 at 4:15 p.m. ETJoin Morgan Stanley Wealth Management Chief Investment Officer, Lisa Shalett, on Tuesday, February 25, for a conversation with Chief Economic Strategist and Global Head of Thematic and Macro Investing, Ellen Zentner, and Head of U.S. Public Policy, Monica Guerra, on the top policy and regulatory actions that could impact investors in the months ahead.
CRC4192005 02/2025
Online
Location
1201 Wills Street
Ste 700
Baltimore, MD 21231
US
Direct:
(410) 736-5424(410) 736-5424
Meet The Exeter Wealth Management Group
Andrew A Berkowitz
Senior Vice President, Financial Advisor
Scott D Ensor, CFP®, CAIA, QPFC
Senior Vice President, Financial Advisor
Melissa Wallace, CFP®, QPFC
Financial Advisor
Kelly Williams
Senior Registered Associate
Terrie Kilroy
Senior Registered Associate
About Jonathan N Davidov
Jon and his wife, Robin, have two children, Lucy and Owen, as well as a labradoodle named Macky. Jon enjoys travel, cooking and entertaining friends and family and occasionally hiking and biking.
•2021, 2022, 2023 and 2024 Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded 2021, 2022, 2023 and 2024). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
•32 years of investment industry experience
•Board Member - LifeBridge Health
•Board Member of Sinai Hospital (Former Chairman)
•Board Member - The Associated; Jewish Federation of Baltimore
•Master of Business Administration from Loyola College in Maryland
•Bachelor of Science in Finance from Syracuse University
•Series 7, 31, 63 & 65 Licensed
•Life, Accident, Health & Variable Annuity Insurance Licensed
•2012 Graduate of the Wexner Heritage Program
•2021, 2022, 2023 and 2024 Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded 2021, 2022, 2023 and 2024). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
•32 years of investment industry experience
•Board Member - LifeBridge Health
•Board Member of Sinai Hospital (Former Chairman)
•Board Member - The Associated; Jewish Federation of Baltimore
•Master of Business Administration from Loyola College in Maryland
•Bachelor of Science in Finance from Syracuse University
•Series 7, 31, 63 & 65 Licensed
•Life, Accident, Health & Variable Annuity Insurance Licensed
•2012 Graduate of the Wexner Heritage Program
Securities Agent: MD, MA, VA, MT, DC, VT, NJ, NC, CA, PA, OH, AL, SC, GA, AR, NY, ME, FL, DE, CO, TN, OR, MI, TX, NV, NH, MS, SD; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1265212
NMLS#: 1265212
About Andrew A Berkowitz
Andrew and his wife, Dawn, have two children; Abby (21) and Ely (19).
•24 Years of Investment Industry Experience
•Board Member of the Dr. Michael Feinglass Cancer Foundation
•Serves on the Human Resources Steering Committee for The Associated
•Chair of the 401(k) Sub-Committee for The Associated
•Bachelor of Science from Ithaca College
•Series 7, 31 & 66 Licensed
•Life, Accident, Health & Variable Annuity Insurance Licensed
•24 Years of Investment Industry Experience
•Board Member of the Dr. Michael Feinglass Cancer Foundation
•Serves on the Human Resources Steering Committee for The Associated
•Chair of the 401(k) Sub-Committee for The Associated
•Bachelor of Science from Ithaca College
•Series 7, 31 & 66 Licensed
•Life, Accident, Health & Variable Annuity Insurance Licensed
Securities Agent: SD, TX, NV, AR, DC, UT, PA, NH, MT, ME, MA, FL, CO, VT, OR, OH, DE, VA, SC, MD, GA, CA, NC, MS, MI, TN, NY, IL, NJ; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1274499
NMLS#: 1274499
About Scott D Ensor
•26 years of investment industry experience
•CERTIFIED FINANCIAL PLANNER®
•CHARTERED ALTERNATIVE INVESTMENT ANALYST
•Executive and Finance Committees at Baltimore Museum of Industry
•Finance Committee Chair and Administrative Council of the Catonsville United Methodist Church
•Master of Business Administration from the University of Baltimore
•Bachelor of Science in Finance and Operations Management from the University of Delaware
•Series 7, 31 & 66 Licensed
•Life, Accident, Health & Variable Annuity Insurance Licensed
Scott enjoys coaching his kids' soccer and basketball teams in his free time as well as playing soccer and guitar. He and his wife Amy have two children, Elsie and Luke.
•CERTIFIED FINANCIAL PLANNER®
•CHARTERED ALTERNATIVE INVESTMENT ANALYST
•Executive and Finance Committees at Baltimore Museum of Industry
•Finance Committee Chair and Administrative Council of the Catonsville United Methodist Church
•Master of Business Administration from the University of Baltimore
•Bachelor of Science in Finance and Operations Management from the University of Delaware
•Series 7, 31 & 66 Licensed
•Life, Accident, Health & Variable Annuity Insurance Licensed
Scott enjoys coaching his kids' soccer and basketball teams in his free time as well as playing soccer and guitar. He and his wife Amy have two children, Elsie and Luke.
Securities Agent: TX, NJ, MA, SC, MI, CA, VA, OR, MS, PA, ME, VT, OH, NV, FL, DE, NH, GA, CO, AL, NC, AR, TN, NY, MT, MD, DC, SD; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1298043
NMLS#: 1298043
About Raymond McFaul
•29 years of investment industry experience
•Bachelor of Science in Business Administration, double major in Economics from the University of Maryland
•Series 7 & 66 Licensed
•Life, Accident, Health and Variable Annuity Insurance Licensed
Ray and his wife, Allison, reside in Finksburg, MD. When they aren’t running between their son Logan’s soccer games and their daughter Amelia’s volleyball matches, they can usually be found chasing after their ill-behaved dog, Rooney. Ray enjoys playing the infrequent round of golf, spending time on the deck working the grill, and watching anything involving the Terps, Ravens or the Orioles.
•Bachelor of Science in Business Administration, double major in Economics from the University of Maryland
•Series 7 & 66 Licensed
•Life, Accident, Health and Variable Annuity Insurance Licensed
Ray and his wife, Allison, reside in Finksburg, MD. When they aren’t running between their son Logan’s soccer games and their daughter Amelia’s volleyball matches, they can usually be found chasing after their ill-behaved dog, Rooney. Ray enjoys playing the infrequent round of golf, spending time on the deck working the grill, and watching anything involving the Terps, Ravens or the Orioles.
Securities Agent: VA, NY, AR, ME, MD, SC, OR, OH, NH, NC, MS, FL, CA, VT, DE, DC, GA, NJ, ND, TX, MI, MA, TN, PA, NV, MT, CO, SD; General Securities Representative; Investment Advisor Representative
NMLS#: 1629335
NMLS#: 1629335
About Melissa Wallace
-12 years of investment industry experience
-CERTIFIED FINANCIAL PLANNER®
-Bachelor of Science in Finance: Financial Planning track from Salisbury University
-Series 7, 63 & 65 Licensed
-Life, Accident, Health & Variable Annuity Insurance Licensed
Melissa likes to stay active with sports and running. She recently became an Advanced Open Water scuba diver. She lives in Columbia with her husband, Adam, their Labrador named Maverick and 2 Siamese cats named Belle and Beast.
-CERTIFIED FINANCIAL PLANNER®
-Bachelor of Science in Finance: Financial Planning track from Salisbury University
-Series 7, 63 & 65 Licensed
-Life, Accident, Health & Variable Annuity Insurance Licensed
Melissa likes to stay active with sports and running. She recently became an Advanced Open Water scuba diver. She lives in Columbia with her husband, Adam, their Labrador named Maverick and 2 Siamese cats named Belle and Beast.
Securities Agent: NH, ME, NV, SC, MT, GA, DE, AR, CA, OR, NJ, CO, TX, PA, MS, MI, MD, MA, DC, VT, TN, OH, NC, FL, SD, VA, NY; General Securities Representative; Investment Advisor Representative
NMLS#: 1881927
NMLS#: 1881927
About Kelly Williams
• 20 years banking experience
• 11 years investment industry experience
• Series 7, 9/10 & 66 Licensed
In her free time, Kelly enjoys spending time with her two children, Kai and Kayci, as well as entertaining family and friends.
• 11 years investment industry experience
• Series 7, 9/10 & 66 Licensed
In her free time, Kelly enjoys spending time with her two children, Kai and Kayci, as well as entertaining family and friends.
About Terrie Kilroy
• 25 years investment industry experience
• Series 7, 9/10 & 66 Licensed
• Life, Accident, Health & Variable Annuity Insurance Licensed
Terrie’s passions outside of work are her family, photography and baking.
• Series 7, 9/10 & 66 Licensed
• Life, Accident, Health & Variable Annuity Insurance Licensed
Terrie’s passions outside of work are her family, photography and baking.
Contact Jonathan N Davidov
Contact Andrew A Berkowitz
Contact Scott D Ensor
Contact Raymond McFaul
Contact Melissa Wallace
Wealth Management
Global Investment Office
Portfolio Insights
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
Are You Prepared for Tax Day?
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Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Donor Advised Funds: A Smart Way to Manage Your Giving
Article Image
Ready to start a conversation? Contact The Exeter Wealth Management Group today.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
1Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
2Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
3Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
4Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
5When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
6Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
7Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
8Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
11Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
13Morgan 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
14Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
15Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures
1Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
2Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
3Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
4Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
5When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
6Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
7Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
8Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
11Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
13Morgan 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
14Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
15Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.
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Awards Disclosures
CRC 6491812 (04/2024)
