About Us

Our name:

When developing our team’s name, we wanted to not only represent the last names of our founders but wanted to align our name with an iconic symbol -- The American flag --which reflects our diverse backgrounds, experiences, and skills. We firmly believe that it is this diversity that unites us – and empowers us – to come together as a team to identify and implement the best solutions for each client.


Our story:

As your life evolves, not only does your financial strategy become more complex, but your opportunities for managing it effectively increase as well. Often, evaluating these opportunities and wisely choosing among them may require the time and experience of a team of financial advisors – one who not only understands your specific challenges, but has access to customized programs that can be properly utilized to provide you with “world class” solutions. At The FLAG Group at Morgan Stanley, we focus on what is most important to you and provide the specialized tools, sophisticated strategies and world-class resources needed to prepare for all of life’s milestones.

Our services:

Working together, we will develop a tailored strategy that lays out a clear path to your goals. Utilizing a formal and proven process, we can explore a broad range of topics that are likely to influence your future – from your family’s financial situation to career aspirations, from educational expenses to the retirement you envision. What we discover can become the foundation of a strategy that is based on who you are and where you want to go. Over time, we can fine-tune your strategy to reflect new priorities in your life or changes in the marketplace. When you look at wealth from a long-term perspective, one thing becomes clear: It’s your future, not just your money. As your team of advisors, we are committed to helping you navigate the distractions of challenging markets, executing, and refining your strategy to bring you closer to your personal definition of financial success. Working with your accountant, attorney, and other trusted professionals, we help you build a comprehensive plan that encompasses all aspects of your life.

Above all, we have taken pride in our ability to effectively communicate advanced concepts in easy-to-understand language. In our experience all too often, fear drives financial decisions, becoming a major reason why many financial plans fail. We help you go beyond the noise of daily market activity to stay focused on your plans, your aspirations, and your goals.
Services Include
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*

OUR 6 STEP PROCESS

We utilize a disciplined process to uncover your most important goals, so we may design and implement appropriate solutions to help you achieve and maintain financial success.
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    Step 1: Schedule an introductory call
    We begin with an informal conversation to better understand your financial concerns and determine whether we can add substantial value to your situation. Should we choose to work together, we’ll each commit to moving forward to achieve what is most important to you and your family.
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    Step 2: Meet face-to-face
    We’ll continue the dialogue by fostering an in-depth conversation where we’ll listen carefully to what is important to you. We’ll learn about the values that shape your decisions and identify any unique circumstances. In this step, we may also reach out to your CPA and estate attorney to discuss any tax concerns and understand your existing estate plan to ensure the strategies we recommend are fully coordinated.
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    Step 3: Analyze your finances
    Next, we’ll review your current and future financial situation, determine the likelihood of reaching your goals and address the impact of unexpected life events. With attention to detail and utilizing our proprietary LifeView® financial planning tool, we’ll determine an appropriate asset allocation mix, select investments and identify specific tax-efficient strategies.
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    Step 4: Present tailored solutions
    Here, we’ll present a comprehensive set of recommendations designed to achieve your goals. Upon your approval, we’ll set into motion a course of action that strives to align your investments with your values and vision.
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    Step 5: Monitor results and provide ongoing service
    Once we execute your plan, we’ll set up tools to give you convenient access to your accounts. And because personal objectives change and investment strategies evolve over time, we’ll set up ongoing meetings to keep your plan on track and assist with any future financial needs.
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    Step 6: Introduction to Modern Wealth Tools
    Finally, we will introduce you to the many modern wealth tools available here at Morgan Stanley. These tools enable you to effortlessly track your plan from anywhere and offer a clear, centralized view of your entire financial picture.

Modern Wealth Tools

We offer a comprehensive suite of tools to manage your wealth more effectively in today's busy world.
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    Morgan Stanley Online
    Morgan Stanley Online (MSO) has a variety of digital features that help you keep track of your finances. They include mobile check deposit, paying your bills online, sending money through Zelle®, and accessing current market data, research, company profiles and quotes.
    Click here to learn more
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    Total Wealth View
    It’s hard to see the complete picture with only half of the details. As a Morgan Stanley client, you can now conveniently view your accounts from other financial institutions in one location to give you and your financial advisor a full picture of your financial wealth and health. Log into Morgan Stanley Online or download the Morgan Stanley Mobile App to link and add external accounts.
    Click here to learn more
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    Digital Vault
    Digital Vault, available on Morgan Stanley Online and the Mobile App, allows you to build a centralized document library where files are stored using encryption.
    Click here to learn more
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    Spending & Budgeting Tool
    See where your dollars are going.
    Click here to learn more
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    Morgan Stanley Mobile App
    Securely access your Morgan Stanley account–from virtually anywhere.
    Click here to learn more
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    Cyber Security Resources
    At Morgan Stanley, safeguarding your assets and personal information is among our highest priorities. Learn about our security measures and use our resources and ideas to help protect yourself online.
    Click here to learn more

Awards & Certifications

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    2023, 2024 & 2025 Best-In-State Wealth Management Teams
    The FLAG group named to Forbes Magazine’s 2023, 2024 & 2025 Best-In-State Wealth Management Teams
    Source: Forbes.com (Awarded Jan 2023, 2024 & 2025) Data provided by SHOOK ® Research, LLC .
    Forbes 2025 Announcement
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    Alternative Investments Director
    Alternative Investments Director is an exclusive Morgan Stanley Designation which offers distinctive benefits & privileges to Financial and Private Wealth Advisors who have significantly incorporated Alternative Investments into their practice. They certainly have the expertise and experience to provide individuals and institutions access to strategies spanning private equity, real assets, private credit, hedge funds, concentrated stock exchange funds and more with a competitive advantage.
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    CERTIFIED FINANCIAL PLANNER™
    The CFP® certification 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.
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    2021, 2022, 2023 & 2024 Best-In-State Wealth Advisors for the State of New Jersey
    Issued by Forbes to Michael Gabay


    Forbes Best-In- State Wealth Advisors
    Source: Forbes.com (Awarded 2021, 2022, 2023 & 2024). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
    Awards Disclosures

The FLAG Group's Community Involvement

Through a variety of collaborative efforts, the FLAG Group is deeply engaged in creating a better and brighter future for our communities. Our work with various organizations supports important initiatives and causes.
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    Hope Chest Scholarship Foundation
    Shaun Freeman sits on the Board of the Hope Chest Scholarship Foundation, an organization which provides financial assistance to minority students in New Jersey to attend college. Shaun’s involvement is ongoing and has included administrative roles, fund raising (ie: including chairperson of the annual golf outing), interviewing potential recipients of the scholarship awards, etc.
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    Franciscan Charities Inc.
    Kevin Lawlor has been closely involved with Franciscan Charities Inc., located in the West Ward of Newark, NJ. Kevin began his service in 2012 and continues today as a long-time supporter of the organization’s efforts to help those in the community most in need. Kevin started as a volunteer in the kitchen preparing meals for the 200+ clients who attend daily meal services. Kevin then took the lead in running the organization’s annual Coat Drive where 1000+ coats, hats and gloves are distributed to those in need, as well as the annual Toy Drive where more than 1000 children receive a new toy for the holidays. Kevin has served a three-year term as a member of the Board of Directors, has been closely involved in fund-raising, and speaks at local churches and schools to spread the mission of the organization and volunteer opportunities.
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    Community Food Bank - Hillside NJ
    Michael Gabay is involved with the Community Food Bank in Hillside NJ and Project Morry Camp for minority children in metropolitan NY and Connecticut. Additionally, the FLAG Group supports an important local or national organization on behalf of our clients every year during the holiday season.
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    CREA Childrens Academy
    “CREA Children’s Academy” is a sustainable educational institution located in a rural backdrop, 7 miles from the town of Tiruchirapalli, India. It aims at holistic knowledge empowerment and development of children through innovative, value-based education. Sangeetha is a proud alumni who was associated with this institution since 1991 starting as a Pre-K student to a lifetime supporter & a well-wisher. She is actively involved in helping them through annual sponsorship as well as spending some quality time & ideas with the children through various opportunities.

Location

340 Mount Kemble Avenue
Morristown, NJ 07960
US
Direct:
(973) 660-4693(973) 660-4693
Toll-Free:
(800) 526-9075(800) 526-9075

Meet The FLAG Group

About Michael A Gabay

Michael A. Gabay
Senior Vice President
Alternative Investments Director
Financial Planning Specialist | Financial Advisor

An experienced professional for over 20 years, Michael is dedicated to helping financially successful individuals and families achieve their personal and professional goals. His results-driven approach focuses on the development of a comprehensive wealth management plan and a commitment to providing outstanding service. Michael enjoys guiding his clients in simplifying their financial lives, so they may enjoy the wealth they have created and leave the legacy they desire.

Upon graduating with honors from the University of Michigan where he earned his B.B.A. degree in Finance, Michael continued his studies, receiving his J.D. from the Benjamin N. Cardozo School of Law in New York City. After law school, Michael joined Ravin, Sarasohn, Cook, Baumgarten, Fisch and Baime as an Associate Attorney before assuming the role of General Counsel and Director of Operations at AIN Plastics, a national plastics distribution firm. After the company was sold, Michael joined Merrill Lynch for the opportunity to share his institutional knowledge and build deeper client relationships with high net worth individuals and businesses. In 2004, Michael became a member of the Morgan Stanley family with his colleagues, Shaun Freeman and Kevin Lawlor. Michael does not currently give legal advice.

Michael draws upon his business and investment experience to provide his clients with targeted financial advice and customized portfolio management with the highest degree of personal service and professional integrity. To help ensure a cohesive, coordinated approach, he and his team work closely with their clients’ other trusted advisors, including their attorneys and accountants.

Michael was named to the 2021, 2022, 2023 & 2024 Forbes Best-In-State Wealth Advisors ranking for the State of New Jersey.

(2021, 2022, 2023 & 2024 ) Forbes Best-In- State Wealth Advisors
Source: Forbes.com (Awarded (2021, 2022, 2023 & 2024). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.


Originally from Long Island, Michael currently lives in New Jersey. Favorite leisure activities include skiing, golf and spending time with his two daughters, Amanda and Julia.

Securities Agent: WI, VT, VA, TX, TN, SD, SC, RI, PA, OR, OH, NY, NJ, NC, MN, MI, ME, MD, MA, GA, FL, DC, CO, CA, AZ, KY, CT, IL; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1270210
CA Insurance License #: 0E06813
Securities Agent: KY, VT, MO, MI, DC, CT, NC, ME, MA, AZ, TN, PA, NH, LA, KS, UT, TX, MD, WI, OR, ID, CO, NY, NM, IN, GA, DE, CA, AL, MT, PR, HI, WA, SC, RI, IL, FL, VA, OH, NJ, MN; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1270210
CA Insurance License #: 0E06813

About Kevin J Lawlor

Kevin J. Lawlor
Senior Vice President – Wealth Management
Financial Advisor

A seasoned professional with more than 25 years of experience, Kevin enjoys working with financially successful individuals and families, providing highly personalized advice through a disciplined wealth management approach. His diverse background in the financial services industry enables him to help his clients understand the intricate details of their personal wealth. He focuses on what is most important to each family, so he can develop a customized plan designed to build, preserve and transition their wealth.

After earning his B.A. degree in Finance from Siena College in 1990, Kevin joined Merrill Lynch’s Private Client Group in Manhattan. Three years later, he was recruited to the firm’s Institutional Sales Group, where he worked specifically on Merrill’s Municipal Bond Sales and Trading Desk. In this role, Kevin was responsible for consulting and developing business for the nation’s largest banks, mutual funds and money managers. Upon receiving his M.B.A. in Finance from Fordham University in 1997, Kevin returned to the Private Client Group as a Financial Consultant, where he worked closely with individuals and families in solving their financial challenges. In 2004, Kevin joined his colleagues, Michael Gabay and Shaun Freeman, in transitioning their practice to Morgan Stanley. He was asked to assume the role of Producing Branch Manager within the Florham Park complex from 2009 to 2012.

Kevin’s passion for helping clients achieve their goals is equaled only by his dedication to his family and community. He and his wife, Beth, reside in Green Brook with their children, Brendan and Gillian. He currently serves on the board of the Franciscan Charities, a local nonprofit focused on combatting hunger and poverty in the city of Newark. In his free time, Kevin loves spending time with family and friends. Over the years, he has coached boy’s travel basketball and girl’s travel soccer. He is also an avid tennis player.
Securities Agent: AL, GA, NM, VT, NY, MI, KY, PA, NJ, MA, LA, CA, SC, NH, IN, IL, CO, AZ, PR, MT, HI, RI, TX, DE, WA, VA, TN, NC, ME, FL, CT, WI, OR, MD, ID, DC, OH, UT, MO, MN, KS; BM/Supervisor; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1279419
CA Insurance License #: 0E06815

About Shaun B Freeman

Shaun B. Freeman, CFP®
Senior Vice President – Wealth Management
CERTIFIED FINANCIAL PLANNER™
Family Wealth Advisor | Financial Advisor

Shaun has dedicated his entire career to understanding his clients’ personal financial goals, so he may provide tailored strategies to address their unique circumstances and resources. For nearly 20 years, he has earned a reputation for providing highly customized advice and investment solutions to highly successful individuals and families in the New York metropolitan area. He listens carefully to his clients’ goals, values and concerns and works tirelessly to make a difference by providing comprehensive wealth management services with passion and integrity.

Shaun began his career at Merrill Lynch in 1998 in the firm’s notable Professional Development Program, working with high net worth individuals to create comprehensive solutions for their wealth management needs. While at Merrill, Shaun was part of the company’s Business Financial Services Group, where he worked closely with business owners to identify and implement customized cash management and lending strategies. In 2004, Shaun joined his colleagues, Michael Gabay and Kevin Lawlor, in moving their practice to Morgan Stanley for the opportunity to access the firm’s first-class knowledge across a broad range of family wealth services.

In 2000, Shaun earned the distinguished CERTIFIED FINANCIAL PLANNER™ (CFP®) designation, demonstrating his commitment to helping clients address the complicated issues facing today’s wealthy families. Shaun takes pride in his ability to take complex financial concepts and effectively communicate them to his clients. He works diligently to demystify the planning process by understanding their aspirations and values, so he may articulate the key activities to help achieve their specific goals.

A graduate of Hampton University with a B.S. degree in Finance, Shaun resides in Northern New Jersey with his wife, Nicole, and their two children, Rashad and Nia. In his free time, he enjoys spending time with family and friends, playing sports, reading and listening to music.
Securities Agent: KY, DE, CO, AL, PA, NC, OR, NM, MD, ID, ME, CA, AZ, WA, UT, NY, MO, MN, OH, MT, KS, CT, VA, TN, NJ, IN, HI, NH, MI, LA, IL, FL, DC, TX, RI, GA, VT, MA, WI, SC, PR; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1279051
CA Insurance License #: 0E12198

About Sangeetha Senthil

Sangeetha’s ability to build relationships and trust began early 2012 when she established herself as a successful entrepreneur in India by launching her boutique retail clothing brand that sold ethnic women's clothing. Upon her move to the United States, Wealth management was Sangeetha’s calling. In 2017 she started her career at UBS Financial services through a trainee program where she gained a solid foundation in the wealth management business. Later she had the opportunity to join Wells Fargo Advisors as a Registered Client Associate working across operations involving account opening and transfers, trading, preparation of financial plan, implementation of asset allocation, portfolio review and proactively helping in marketing and communication. In the beginning of 2023, She joined the FLAG Group at Morgan Stanley as Wealth Management Analyst where she focus on financial planning, business management, and operational support and commit herself to providing white-glove service tailored to each client’s specific and unique needs.

Sangeetha earned her Bachelor of Arts from Stella Maris College, Chennai, India and MBA from the PSG Institute of Management, Coimbatore, India. She has an Advanced Diploma in Financial Planning from New York University, NY.

She enjoys painting and designing ethnic Indian clothing and jewelry. She resides in New Providence with her husband and two young daughters.

About Athar Khalil

Athar Khalil brings a unique blend of financial expertise and entrepreneurial spirit to his role as a Registered Client Associate at Morgan Stanley. Before transitioning into the financial services industry eight years ago, Athar honed his business acumen in the restaurant sector, where he managed and owned a franchise restaurant. Athar’s diverse background in the restaurant industry has equipped him with a strong work ethic, a keen eye for detail, and deep understanding of client needs. His ability to thrive in fast-paced environments and manage complex operations translates into his current role, where he is dedicated to helping clients achieve their financial goals.
In 2016, Athar started his career at JPMorgan Chase as a Personal Banker and worked his way to a Private Client Banker where he gained a solid foundation and understanding of the wealth management business. Later he had the opportunity to work as a Registered Client Associate at Wells Fargo Advisors working alongside several financial advisors. His responsibilities consisted of serving as the primary point of contact for clients, executing trades and transactions as directed by financial advisors or clients, facilitating the onboarding process for new clients, and assisting with estate management process. At the FLAG group, he is responsible for coordinating all administrative and operational duties for the team.
Outside of work, Athar is an avid tennis player who actively participates in local leagues and tournaments. Currently he resides in North Brunswick with his wife and his two children.

About Nathalie Blanco

Nathalie Blanco is dedicated and knowledgeable with a proven track record in the financial industry. Since 2020, she has been fostering strong client relationships, beginning her career at the UBS Wealth Advice Center trainee program. Her journey continued at Merrill Lynch as a junior financial advisor, where she honed her skills in Asset Allocation, Financial Planning, and Operations. Currently, she is embarking on an exciting new chapter with the Flag Group at Morgan Stanley as Registered Client Service Associate, where she is committed to helping clients achieve their financial goals.

Nathalie's academic background includes a bachelor’s degree in finance and an MBA with a concentration in Data Analytics, both from Montclair State University. Her expertise in data-driven decision-making complements her financial acumen, making her an invaluable asset to her clients.

Beyond her professional pursuits, Nathalie is an active member of the Executive Women of New Jersey Committee, where she contributes to empowering women in leadership roles. In her personal time, she is passionate about continuous learning, often immersing herself in books and podcasts. Additionally, Nathalie practices mindfulness through meditation and yoga, which she believes are essential to maintaining balance and focus on her career.
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
4 Financially Smart Ways to Take Money Out of Retirement Accounts
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4 Financially Smart Ways to Take Money Out of Retirement Accounts

Discover how planning for required minimum distributions from retirement accounts can help you fund future needs and support loved ones.

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
2025 Global Economic Outlook: U.S. Policies May Temper Global Growth
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2025 Global Economic Outlook: U.S. Policies May Temper Global Growth

Global growth is likely to be around 3% in 2025 and 2026, as tariff and immigration policies begin to slow the U.S. economy late next year, and China's underperformance restrains emerging markets.

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
Taking Control of Your Finances After Death of a Spouse
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Taking Control of Your Finances After Death of a Spouse

Financial planning after a divorce or death can be trying, but with the right approach and the right advice you can turn a difficult situation into empowerment.

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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Financial Planning for Life After Selling a Business

Selling your business can mean big changes for your life, both personally and financially. Know how to make the most of your windfall.

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 
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Donor Advised Funds: A Smart Way to Manage Your Giving 

There’s more to charitable giving than you may realize. Here’s one method that may be a tax-efficient way to give and can help maximize your impact.

Financial Wellness

Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
  • Reduce employee stress,
  • Improve retention and engagement, and
  • Set themselves apart by offering comprehensive financial wellness benefits.
The Business Case for a Financially Resilient Workforce
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The Business Case for a Financially Resilient Workforce

In the face of turbulent markets, the word “resilience” may be top of mind. Broadly speaking, resilience is the ability to “bounce back” when encountering life’s inevitable challenges.
Ready to start a conversation? Contact The FLAG Group today.
Market Information Delayed 20 Minutes
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.

1Investors 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.

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2Alternative 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.

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3Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

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4Morgan 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

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5Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

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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, charitable giving, philanthropic planning and other legal matters.

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7Morgan 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.

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8Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.

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9Morgan 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.

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10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

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11Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

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12Morgan 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.

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13When 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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14The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.

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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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16Morgan 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.

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*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
CRC 6491812 (04/2024)