Gregg Cuvin, CFP®, ChFC®, CRPC®
Managing Director, Wealth Management, Financial Advisor, Family Wealth Director, Senior Portfolio Management Director, Lending Specialist
Phone:
(212) 296-1020(212) 296-1020
The Cuvin Griffiths Wealth Management Group at Morgan Stanley
Direct:
(212) 296-1020(212) 296-1020
Toll-Free:
(844) 861-4286(844) 861-4286
Our Mission Statement
We endeavor to make a positive difference in the lives of our clients by delivering custom planning advice and investment solutions designed to help meet our client's unique needs.
Welcome
The Cuvin Griffiths Wealth Management Group is a family-focused wealth advisory practice at Morgan Stanley. Led by Gregg Cuvin and Arioch Griffiths, who bring more than 60 years of combined financial services experience, the team manages more than $1 billion in client assets as of August 2026.
We combine personalized advice and attentive client service with the resources and capabilities of Morgan Stanley. Our goal is to build lasting relationships by understanding what matters to each client and providing thoughtful guidance through changing markets, life transitions, retirement, and the decisions that come with managing wealth.
Gregg, Arioch, Marla, and Logan work closely together to provide clients with a consistent and responsive experience. We take pride in being accessible, knowing our clients personally, and giving each family the attention and support they deserve.
We combine personalized advice and attentive client service with the resources and capabilities of Morgan Stanley. Our goal is to build lasting relationships by understanding what matters to each client and providing thoughtful guidance through changing markets, life transitions, retirement, and the decisions that come with managing wealth.
Gregg, Arioch, Marla, and Logan work closely together to provide clients with a consistent and responsive experience. We take pride in being accessible, knowing our clients personally, and giving each family the attention and support they deserve.
Services Include
- Wealth PlanningFootnote1
- Professional Portfolio ManagementFootnote2
- Alternative InvestmentsFootnote3
- Divorce Financial AnalysisFootnote4
- Philanthropic ManagementFootnote5
- Trust ServicesFootnote6
- Planning for Individuals with Special Needs and their Families
- Business Succession PlanningFootnote7
- Cash Management and Lending ProductsFootnote8
- Retirement PlanningFootnote9
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Approach
Wealth Management
Wealth Management brings all the dimensions of your life together. We listen carefully to understand the connections across your personal life, your family, your career and your legacy goals to develop a comprehensive strategy that is uniquely yours.
Wealth Management at Morgan Stanley
Estate Planning Strategies
Delivering an estate to the next generation requires more attention than families often realize. We coordinate with your estate and tax professionals to align your legacy goals with the appropriate asset titling and beneficiary designation requirements, incorporating best practices to enhance results.
Professional Portfolio Management
Managing an investment portfolio should be a consultative, disciplined process that balances your attitudes about investing with careful analysis of the financial markets. Working together, we create a customized strategy that applies long-held investment principles to help your assets appreciate appropriately, generate cash-flow or create income as you require.
Investment Management at Morgan Stanley
529 Education Savings Plans
529 plans offer a flexible, tax-advantaged way to invest for education expenses while helping to improve estate planning. Gain fiduciary oversight of your education funding strategy within the context of your broader portfolio through the exclusive Morgan Stanley National Advisory 529 Plan.
529 Plan Options at Morgan Stanley
Alternative Investments
Our leading alternatives platform offers 160+ third-party and proprietary funds, including first look and exclusive opportunities, that may help qualified investors enhance returns, reduce volatility, manage taxes and generate income—while maintaining a goals-based approach for asset allocation.
Morgan Stanley Alternative Investments
Donor Advised Funds (DAF)
A solution that may help you execute planned giving, offer an efficient way to donate complex and illiquid assets, and simplify charitable giving reporting while potentially mitigating taxes. Bring philanthropy into your wealth plan and help amplify the impact of your giving through the Morgan Stanley Global Impact Funding Trust (MS GIFT).
MS GIFT
Lending & Liquidity Solutions
Creating adequate cash flow and securing liquidity are day-to-day aspects of implementing a financial strategy. We help you meet your personal cash management and borrowing needs, while thinking strategically about how specific approaches may affect current and long-term costs and taxes.
Liquidity Solutions at Morgan StanleyDigital Tools Available To You
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Morgan Stanley Online
Morgan Stanley Online allows you to seamlessly and securely manage your investments and everyday finances in one place.
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Total Wealth View
It’s hard to see the complete picture with only half the details. As a Morgan Stanley client, you can now conveniently view your accounts from other financial institutions on Morgan Stanley Online or by using the Morgan Stanley Mobile App, giving you a more complete financial picture.
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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.
Portfolio Risk Platform
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Spending and Budgeting Tool
Track spending habits, categorize expenses and create budgets across your Morgan Stanley and external financial accounts. Our Spending and Budgeting Tool makes it easy for you and your Financial Advisor to see your complete financial picture.
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Security Center
Learn about our latest security measures, how we are safeguarding your assets and personal information and find actionable insights and resources on important cybersecurity topics to enhance your own online security.
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Digital Vault
Digital Vault lets you easily and securely manage and share important documents such as account statements, authorizations, tax filings and other relevant documents with your Financial Advisor.
Get started todayGuidance for life’s biggest financial turning points
Major life events can change your priorities, your cash flow, and your long-term plan. In this Planning Center, our team shares practical considerations and planning ideas for common transitions, along with ways that we can help you organize decisions, evaluate trade-offs, and move forward with confidence.
Retirement Transitions
Retirement often brings a new set of choices around timing, lifestyle, and income. A clear plan can make it easier to weigh trade-offs and stay focused on what matters most.
What Kind of retiree Do You Want to Be?
Inheritance Planning
An inheritance can change your financial picture quickly. Taking time to pause, organize details, and think through priorities can help you make thoughtful decisions.
Inheritance Planning: Intergenerational Wealth Transfer
Divorce Financial Considerations
Divorce can create immediate financial questions and longer-term planning needs. Having a framework for the key decisions can help reduce uncertainty during a stressful time.
Divorce: Planning for the New Beginning
Widow and Widower Planning Resources
After a loss, financial tasks can feel difficult to prioritize. A steady, step-by-step approach can help bring clarity as you move forward.
Caregiving and Aging Family Members
Caregiving responsibilities can affect both day-to-day finances and long-term goals. Planning ahead can help families coordinate support and avoid last-minute decisions.
Future Financial Planning: Your Guide
Selling a Business
A business sale can be a major milestone with many moving parts. Thinking through what comes next can help you make the most of the transition.
Preparing for Life After Selling a Business
Long-Term Care Planning
Long-term care planning is often about balancing cost, flexibility, and peace of mind. Exploring options early can make future choices feel more manageable.
Why You Should Plan for Long-Term Care
Special Needs Planning
Special needs planning can involve long-term considerations for care, resources, and family support. A coordinated plan can help keep goals clear over time.
Financial Strategies for Special Needs Families
Morgan Stanley Research
Through timely, in-depth analysis of companies, industries, markets and world economies, Morgan Stanley has earned its reputation as a leader in the field of investment research.
Morgan Stanley Research
Global Investment Office
The Morgan Stanley Global Investment Office provides you with world-class thought leadership timely market commentary, and portfolio ideas to help guide your investment decisions.
Morgan Stanley Portfolio Insights
2026 Federal Tax Tables
Please see below for Morgan Stanley's most up-to-date tax tables.
2026 Federal Tax Tables
Total Tax 365
Taxes can be a substantial drag on investment returns. Morgan Stanley Total Tax 365 offers access to a broad range of tax-efficient strategies to help you integrate tax planning into your investment process all year long, maximize portfolio after-tax return potential, manage unrealized gains and help keep more of what you earn.
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Reserved Living & Giving Offers
Exclusive offers to keep Reserved Clients and their families safe and engaged. Offers span categories such as Dining, Health & Wellness, Travel, entertainment, and more.
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Reserved Living & Giving Insights
Curated insights and articles spanning topics such as Family, Lifestyle, Health, Planning, Travel, and Giving Back.
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Socially Responsible Investing
Our Investing with Impact platform has designed a proprietary process to identify your impact priorities and match them with one of our 360+ investment strategies or customizable portfolio solutions across asset classes, to tailor your portfolio and monitor both financial and impact results over time.
Morgan Stanley Investing with Impact
Cybercrime Preparedness
Was your email hacked? Your Social Security Number stolen? Do you know how to respond? Learn the steps to take if and when your identity, account, device or information is compromised.
Click Here to Learn MoreAWARD-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
55 East 52nd Street 10th
Fl
New York, NY 10055
US
Direct:
(212) 296-1020(212) 296-1020
Toll-Free:
(844) 861-4286(844) 861-4286
Fax:
(646) 291-3460(646) 291-3460
Meet The Cuvin Griffiths Wealth Management Group
R Arioch Griffiths
Senior Vice President, Wealth Management, Financial Advisor, Portfolio Management Director, Lending Specialist
Phone:
(212) 296-1038(212) 296-1038
Marla Oster
Registered Associate, Assistant Vice President, Financial Planning Specialist*
Phone:
(212) 296-7468(212) 296-7468
Logan Craig
Senior Registered Associate, Portfolio Associate, Financial Planning Specialist*
Phone:
(212) 296-0177(212) 296-0177
About Gregg Cuvin
For nearly 30 years, I’ve helped individuals, families, and business owners navigate many of life’s most important financial decisions.
As co-founder of The Cuvin Griffiths Wealth Management Group at Morgan Stanley, I work closely with clients to help develop financial strategies that align with their goals, values, and long-term priorities.
Every client is different. Some want to understand every detail, while others simply want the confidence that someone they trust is looking after their financial well-being. My goal is to tailor my approach to each client’s needs, providing the level of guidance, communication, and support that’s right for them. Above all, I want my clients to know they have someone they can count on—an advisor who is accessible, responsive, and committed to serving their long-term best interests.
For more than a decade, I have remained actively involved with CFP Board leadership and professional standards initiatives. I previously served on the CFP Board’s Disciplinary and Ethics Commission, including as Chair, and have continued to support the organization through commissioner mentorship, advisory work related to ethics and enforcement matters, and consultation with CFP Board leadership and investigative staff. I currently serve on the CFP Board’s Integrity Review Commission, contributing to its ongoing commitment to professional accountability, ethical standards, and public trust.
Outside of my professional work, I serve as Vice President of the Board of Trustees of Spectrum360, where I have been involved in leadership for more than a decade. I am proud to support Spectrum360’s mission of serving individuals with autism and related disabilities and the families it serves. My wife and I live in New Jersey with our two children.
As co-founder of The Cuvin Griffiths Wealth Management Group at Morgan Stanley, I work closely with clients to help develop financial strategies that align with their goals, values, and long-term priorities.
Every client is different. Some want to understand every detail, while others simply want the confidence that someone they trust is looking after their financial well-being. My goal is to tailor my approach to each client’s needs, providing the level of guidance, communication, and support that’s right for them. Above all, I want my clients to know they have someone they can count on—an advisor who is accessible, responsive, and committed to serving their long-term best interests.
For more than a decade, I have remained actively involved with CFP Board leadership and professional standards initiatives. I previously served on the CFP Board’s Disciplinary and Ethics Commission, including as Chair, and have continued to support the organization through commissioner mentorship, advisory work related to ethics and enforcement matters, and consultation with CFP Board leadership and investigative staff. I currently serve on the CFP Board’s Integrity Review Commission, contributing to its ongoing commitment to professional accountability, ethical standards, and public trust.
Outside of my professional work, I serve as Vice President of the Board of Trustees of Spectrum360, where I have been involved in leadership for more than a decade. I am proud to support Spectrum360’s mission of serving individuals with autism and related disabilities and the families it serves. My wife and I live in New Jersey with our two children.
Securities Agent: MD, FL, RI, NJ, NH, LA, CO, OH, MI, TX, IN, AZ, WI, NC, MT, IL, CT, WA, NM, DE, SC, PA, NV, CA, VT, WY, NY, OK, MA, DC, VA, OR, ME, GA; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1261965
NMLS#: 1261965
About R Arioch Griffiths
For more than 30 years, I have built a career at Morgan Stanley on a foundation of trust, hard work, and investment experience. I take pride in the lasting relationships developed with the families who rely on my guidance. Wealth management is about more than investments; it's about understanding clients, earning their confidence, and serving as a resource throughout their financial lives.
I joined Morgan Stanley in 1994, and for the first 13 years of my career at the firm, I worked in the Institutional Fixed Income Department and gained extensive experience in municipal bond trading, portfolio construction, and investment management, while overseeing the firm's Private Wealth Management municipal bond business partnership with the Fixed Income Department. While the skills I learned were many, I was inspired by connecting with clients. I wanted to be able to work with them across many areas of finance and life, not just fixed income. The Financial Advisor path beckoned and has been gratifying, as client relationships are deeper and the range of solutions available can address many aspects of their financial lives, challenges, and goals.
As co-founder of The Cuvin Griffiths Wealth Management Group at Morgan Stanley, we believe a deep appreciation of a family's dynamics, values, and aspirations is essential to developing a meaningful financial strategy and a portfolio that reflects our clients’ goals while drawing on the firm’s resources. Life and markets evolve, and our approach considers changing circumstances over time.
Whether navigating complex family structures, planning for future generations, or managing life's transitions, we consider the entire picture. We collaborate with our clients’ team of advisors: attorneys, accountants, and other professionals. We can also connect clients with additional resources, when appropriate, to help address the broader needs of their financial lives.
Outside the office, I’m a Villanova University graduate and a competitive open-water swimmer. I also enjoy golf, tennis, boating, travel, and time with family. I live on Long Island with my wife and our five children.
I joined Morgan Stanley in 1994, and for the first 13 years of my career at the firm, I worked in the Institutional Fixed Income Department and gained extensive experience in municipal bond trading, portfolio construction, and investment management, while overseeing the firm's Private Wealth Management municipal bond business partnership with the Fixed Income Department. While the skills I learned were many, I was inspired by connecting with clients. I wanted to be able to work with them across many areas of finance and life, not just fixed income. The Financial Advisor path beckoned and has been gratifying, as client relationships are deeper and the range of solutions available can address many aspects of their financial lives, challenges, and goals.
As co-founder of The Cuvin Griffiths Wealth Management Group at Morgan Stanley, we believe a deep appreciation of a family's dynamics, values, and aspirations is essential to developing a meaningful financial strategy and a portfolio that reflects our clients’ goals while drawing on the firm’s resources. Life and markets evolve, and our approach considers changing circumstances over time.
Whether navigating complex family structures, planning for future generations, or managing life's transitions, we consider the entire picture. We collaborate with our clients’ team of advisors: attorneys, accountants, and other professionals. We can also connect clients with additional resources, when appropriate, to help address the broader needs of their financial lives.
Outside the office, I’m a Villanova University graduate and a competitive open-water swimmer. I also enjoy golf, tennis, boating, travel, and time with family. I live on Long Island with my wife and our five children.
Securities Agent: WY, WI, VT, VA, TX, RI, PA, OR, OK, OH, NY, NV, WA, NJ, NH, NC, MT, MI, ME, MD, MA, LA, IN, IL, GA, FL, DE, DC, CT, CO, NM, CA, AZ, SC; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1268207
NMLS#: 1268207
About Marla Oster
Marla Oster is a Wealth Management Associate who joined Morgan Stanley in 2000, and has held the position of Senior Registered Associate and Relationship Manager. Her primary focus is on leadership and coordination for the development and implementation of client facing processes, such as client onboarding, trade executions, and any type of reconciliation matters.
She interfaces with a diverse set of the team’s clientele, seamlessly and efficiently managing all operational and administrative aspects of the many client requests that come her way. Her eye for detail, organizational skills, and proactive and formidable work ethic are integral to the team dynamic.
Marla has a B.A from State University of New York at Albany and a Masters degree from Hunter College School of Social Work. Marla holds the Series 7/63 licenses. Marla is a native New Yorker with strong community ties, when Marla isn’t working for our clients, she enjoys spending time with her husband and dog in Central Park.
Areas of Focus:
• Relationship Management
• Operational Support
• Market Updates
• Client Communication
• Trading
*This role cannot solicit or provide investment advice
She interfaces with a diverse set of the team’s clientele, seamlessly and efficiently managing all operational and administrative aspects of the many client requests that come her way. Her eye for detail, organizational skills, and proactive and formidable work ethic are integral to the team dynamic.
Marla has a B.A from State University of New York at Albany and a Masters degree from Hunter College School of Social Work. Marla holds the Series 7/63 licenses. Marla is a native New Yorker with strong community ties, when Marla isn’t working for our clients, she enjoys spending time with her husband and dog in Central Park.
Areas of Focus:
• Relationship Management
• Operational Support
• Market Updates
• Client Communication
• Trading
*This role cannot solicit or provide investment advice
About Logan Craig
Logan Craig is the Financial Planning Specialist* for our team here at Morgan Stanley. As a Financial Planning Specialist, Logan possesses the knowledge necessary to address the wide range of financial issues confronting high net worth individuals, as well as individuals who are seeking to increase their wealth. In order to obtain the Financial Planning Specialist designation, Logan successfully completed the rigorous financial planning coursework and passed the Financial Planning Specialist examination. Additionally, Logan has met both experience and ethical requirements needed obtain this prestigious designation.
Logan assists both Gregg Cuvin and Arioch Griffiths with Portfolio Management in regards to portfolio construction and ongoing management. This consists of maintaining and executing distinct and varied customized strategies for clients. Additionally, he also critically examines current and future holdings to evaluate if portfolio action is warranted. His other analytical work includes preparing customized client performance reports and investment proposals.
Logan is also responsible for developing marketing and seminar material, including but not limited to, assisting with website development, social media feeds, and ongoing webinars.
Logan graduated from Franklin and Marshall College with a B.A. degree in Public Policy and a Minor in Economics, and went directly into financial services. Prior to joining Morgan Stanley in 2016, he worked at Merrill Lynch focusing on wealth management and financial planning.
Logan is an avid golfer who competes in amateur events throughout the Tri-State area. He, his wife Sarah, and their daughter Annie live in Princeton, NJ.
*This role cannot solicit or provide investment advice
Logan assists both Gregg Cuvin and Arioch Griffiths with Portfolio Management in regards to portfolio construction and ongoing management. This consists of maintaining and executing distinct and varied customized strategies for clients. Additionally, he also critically examines current and future holdings to evaluate if portfolio action is warranted. His other analytical work includes preparing customized client performance reports and investment proposals.
Logan is also responsible for developing marketing and seminar material, including but not limited to, assisting with website development, social media feeds, and ongoing webinars.
Logan graduated from Franklin and Marshall College with a B.A. degree in Public Policy and a Minor in Economics, and went directly into financial services. Prior to joining Morgan Stanley in 2016, he worked at Merrill Lynch focusing on wealth management and financial planning.
Logan is an avid golfer who competes in amateur events throughout the Tri-State area. He, his wife Sarah, and their daughter Annie live in Princeton, NJ.
*This role cannot solicit or provide investment advice
Contact Gregg Cuvin
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Wealth Management
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Portfolio Insights
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Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
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Iran Conflict: Seven Takeaways for Investors
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Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
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Overcoming Your 5 Biggest Retirement Challenges
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529 Plans: A Powerful Tool to Save for Education
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Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
1Morgan Stanley 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.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
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 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.
3Alternative 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.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
5Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
6Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Morgan Stanley Smith Barney LLC (“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.
7Morgan 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.
8Morgan 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
9When 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.
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The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4665150 (8/2025), 5378280 (5/2026)
