David Joel Gordon, CFP®, CIMA®, CDFA®
Executive Director, Financial Advisor, Senior Portfolio Management Director, Investing with Impact Director, Certified Divorce Financial Analyst
Phone:
(847) 291-5500(847) 291-5500
The Gordon Financial Group at Morgan Stanley
Direct:
(847) 291-5500(847) 291-5500
Toll-Free:
(855) 310-9090(855) 310-9090
Our Mission Statement
As trusted advisors with national clientele, we actively manage portfolios to align your wealth with your values. Sustainable and socially responsible investments are two of the many available lenses we can use to improve expected returns, reduce risk and stay true to your values. We regularly collaborate with clients like you to help make informed decisions, especially as you navigate critical life stage transitions – when it matters the most to your life and legacy.
Our Message
We understand the importance of a comprehensive financial view - especially when making key life transitions. Divorce, relocation, retirement and wealth transfer require professional guidance and seasoned advice. David Gordon, an Executive Director, offers advanced credentials, documented expertise, and decades of experience. A CERTIFIED FINANCIAL PLANNER professional, David is among select Morgan Stanley Financial Advisors who have earned the Senior Portfolio Management Director designation. This allows for fiduciary oversight and actively-managed portfolios. He is a member of Morgan Stanley's President's Club of top producing advisors. In addition to personalized portfolios, we offer clients with a comprehensive framework to identify and prioritize over 100 social and environmental impact preferences.
What drives us?
We take pride in leveraging Morgan Stanley's world class capabilities to both protect assets and help our clients make informed financial decisions. We celebrate the financial well-being of our clients, and we understand that sound financial management can help contribute to longer, happier lives. We respect that decisions made during life's critical transitions can be especially complex and often have lasting implications for your life and legacy. We care about understanding what matters to our clients, and we enjoy our role in their successes. We look forward to helping identify and achieve your goals with the support and confidence of our disciplined process and experienced advice.
Why Morgan Stanley?
Morgan Stanley is the one of the world's most respected global financial services firms, and the only major firm offering comprehensive social and environmental impact portfolio analysis. We have the scale, resources and strength to help clients achieve their objectives. Morgan Stanley, the largest firm in the industry, supports its advisors with a dedicated staff and state of the art technology. Our sole purpose is to provide our clients with the best advice possible.
Why Us?
Our hands-on, fiduciary approach offers you a combination of active portfolio management and high-service, high-content personalized financial planning. With the world-renowned resources and constant oversight of Morgan Stanley, we can help you rest at ease while we navigate volatile markets and help plan for changing life circumstances while aligning your investments to reflect your social and environmental objectives.
Services Include
- Wealth ManagementFootnote1
- Sustainable InvestingFootnote2
- Retirement PlanningFootnote3
- Financial PlanningFootnote4
- Donor Advised Funds
- Professional Portfolio ManagementFootnote5
- Asset Management
- 401(k) Rollovers
- Divorce Financial AnalysisFootnote6
- LGBT+ Planning ServicesFootnote7
- Endowments and FoundationsFootnote8
- Planning for Individuals with Special Needs
- 529 PlansFootnote9
- Estate Planning StrategiesFootnote10
- Trust ServicesFootnote11
- Philanthropic ManagementFootnote12
- Life InsuranceFootnote13
- Corporate Retirement PlansFootnote14
- Corporate Pension Plans
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
A TEAM YOU CAN TRUST
The Gordon Financial Group combines our unique capabilities with the vast resources of Morgan Stanley to support your goals at every life stage. Our commitment to building, preserving and managing the wealth of our clients forms the foundation of everything we do. We take time to understand your goals and pay attention to the details in your life. We treat our clients like they were our family, and sometimes they are!
Our hands-on, fiduciary approach offers you a combination of active portfolio management and high-service, high-content personalized financial planning including regular communication and transparent no-fee pricing. With the world-renowned resources and constant oversight of Morgan Stanley, we can help you rest at ease while we navigate volatile markets and help plan for changing life circumstances while aligning your investments to reflect your social and environmental objectives.
The Gordon Financial Group's Conservative Growth and Income strategy is included on the Morgan Stanley Strategy Coverage & Ongoing Review (SCOR) list. SCOR is a multi-phased review process focusing on discretionary management and strategy adherence of the partnering team and their Portfolio Management (PM) strategy. A successful review indicates that the strategy has met a standard of consistency and client experience.
Goals Planning
We work with you to develop a plan that includes not just investments, but also ways to help mitigate taxes, manage your everyday finances and address borrowing needs.
Risk Management
We have meaningful conversations with you around portfolio construction, risk and your financial goals.
Advice and Investments
Our clients benefit from access to the intellectual capital of our Global Investment Committee (GIC), a group of leading market experts uniquely dedicated to providing high-quality, industry-leading investment ideas.
Legacy Planning
We provide estate planning resources including a comprehensive analysis of your current plan along with ideas and solutions for future legacy planning objectives.
What is Financial Planning?
A dynamic, fact-based decision-making tool across eight core topics to deliver holistic, ongoing wealth management to clients.
Regardless of what stage your life is in - moving ahead in your career, enjoying retirement or somewhere in between - The Gordon Financial Group at Morgan Stanley can help you achieve your financial goals.
Do you want to purchase a vacation home, fund your children's or grandchildren's education, spend your retirement as you've dreamed - or all of the above? Together we can create a personalized and dynamic wealth management strategy to help you prepare for a successful financial future.
Using a suite of tools that includes goal-specific analysis, we can work with you to create a realistic, holistic strategy that integrates the various aspects of your financial life, including your investments and cash management needs.
INVESTING WITH IMPACT – ESG
Studies show that filtering investments through an ESG lens has historically improved returns while significantly reducing market risk and volatility. We create sustainable and impact investing solutions that seek to deliver competitive financial returns, while driving positive environmental, social and governance (ESG) outcomes.
As an Investing with Impact Director, a designation assigned to a small group of advisors who have significantly incorporated a sustainability focus into their practice, I can introduce you on the many ESG strategies and resources available through the firm. Together we will discover, assess and align the United Nations sustainable development goals to create your own personalized Impact Quotient. We will then craft portfolio solutions tailored to align your portfolio with your purpose.
In an industry first, our Morgan Stanley Impact Quotient (MSIQ) tool delivers a comprehensive framework to identify and prioritize over 100 social and environmental impact preferences. MSIQ is available exclusively to Morgan Stanley clients and specially trained advisors.
AWARD-WINNING WEALTH MANAGEMENT. FOCUSED ON YOU.
With the guidance of a Morgan Stanley Financial Advisor and the strength of a five-time award-winning wealth management platform<sup> <a href="#wm-disclosure-1" class="Link--underline"> <span class="sr-only">Footnote</span> 1 </a> </sup>, you can build, preserve, and manage your wealth with precision and purpose. For every stage of your financial journey.
Tax-Smart Solutions
Leading tax optimization capabilities\<sup\> \<a href="#wm\-disclosure\-2" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 2 \</a\> \</sup\> designed to deliver year\-round tax management with an eye toward reducing taxes and boosting after\-tax returns.
Seamless Cash Management Integration
A comprehensive, coordinated strategy with access to competitive yields, flexible financing options, and exclusive cash management resources.
Premier Risk Management and Cyber Defense
Industry\-acclaimed risk management tools\<sup\> \<a href="#wm\-disclosure\-3" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 3 \</a\> \</sup\> to help drive smarter portfolio decisions. In\-house team of cybersecurity experts dedicated to help protect you from cyber threats.
Personalized Legacy Planning
Guidance from experienced professionals across estate, trust, philanthropy, and financial planning to help preserve and grow your legacy.
An Industry-Leading Platform
Expert insights from 500+ equity analysts to help unlock your portfolio's potential and investment guidance.
Liquidity When You Need It
Industry\-leading securities\-based lending solutions to help access liquidity without selling assets or disrupting your investment strategy.\<sup\> \<a href="#wm\-disclosure\-4" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 4 \</a\> \</sup\>
Robust Concentrated Stock Solutions
Powerful tools and strategies to help manage concentrated stock positions and look to optimize portfolio outcomes.
Alternatives & Private Markets Access
A comprehensive alternative investments platform offering tailored solutions, early access to select offerings, and competitive pricing structures. Exclusive private market and pre\-IPO opportunities that were previously reserved for institutions.
Location
111 S Pfingsten Rd
Ste 200
Deerfield, IL 60015
US
Direct:
(847) 291-5500(847) 291-5500
Toll-Free:
(855) 310-9090(855) 310-9090
Meet The Gordon Financial Group
Phone:
(847) 291-5502(847) 291-5502
Rafal Fidowicz
Wealth Management Associate
Phone:
(847) 291-5503(847) 291-5503
Katerina Teryokhina
Registered Client Relationship Analyst
Phone:
(847) 291-5501(847) 291-5501
About David Joel Gordon
How did I get started?
David J. Gordon is a lifelong Chicagoan and graduate of Niles West High School, where he developed a lifelong passion for jewelry and achieved awards as a goldsmith and stonecutter. A non-practicing attorney by training, David graduated from the University of Colorado, Boulder with degrees in molecular biology and philosophy. He received his Doctor of Jurisprudence (JD) degree from DePaul University College of Law.
In 1983, David joined the elite training program at Merrill Lynch and quickly became known as one of the most innovative young financial advisors, applying his knowledge of family, divorce, tax and estate planning matters to create a loyal client base. He was among the first to convert his practice to a fee-based compensation model upon recognizing the value in aligning client and advisor goals. In 1991, he joined Wells Fargo, where he was in the top 1% of their over 15,000 financial advisers in terms of production.
To better serve his clients, David joined Morgan Stanley in 2013 and was designated a Senior Portfolio Management Director, a select Morgan Stanley internal designation. David has also played a leadership role in setting industry standards for ethics and fiduciary responsibility.
David continues to pursue his passions in jewelry-making, race car driving, yoga, skiing, music and art. He has lived in Deerfield for over 25 years.
What are my qualifications?
David Gordon’s distinguishing designations and activities include:
• Forbes Best-In-State Wealth Advisors, 2023*
• CERTIFIED FINANCIAL PLANNER™ (CFP®)
• Certified Investment Management Analyst™ (CIMA®)
• Chartered Mutual Fund Counselor® (CMFC®)
• Accredited Domestic Partnership AdvisorSM (ADPA®)
• Certified Divorce Financial Analyst® (CDFA™)
• Faculty Ethics Instructor: The Wharton School®, CIMA® Certification
Program
• President Emeritus: Greater North Shore Estate Planning Council
• Immediate Past Chair: Ethics Committee, Investments & Wealth Institute®
• Industry Arbitrator with FINRA (Financial Industry Regulatory Association)
• Public Accountant and Attorney Professional Education Sponsor (Teacher):
Illinois & Colorado
• Professional Advisory Board: Chicago JUF
• Board Member: Lake County Bar Foundation
• Executive Board Member: Lincoln Park Ski Club, Chicago
What is my Professional Reputation?
David Gordon is a sought after source for financial advice from academic institutions, trade associations and the media.
• David has written textbook chapters on fixed-income investing and over 100
articles, many for prestigious investment and law journals. He appeared on
radio and television as an authority on wealth management issues.
• David received the national Kessler Award from the Investment
Management Consultants Association for “Outstanding Contribution to the
Field of Investment” (2002).
• David served on the faculty of The Wharton School’s CIMA® Certification
Program where he wrote several text book chapters and taught a course on
ethics.
• David received the CERTIFIED FINANCIAL PLANNER ™ Annual Article
Award for writings in the field of Ethics and Fiduciary Investment Policy
(2001).
• David has been quoted in and/or written for US News and World Report,
Smart Money, The Chicago Tribune, American Bar Association Journal, and
The Wall Street Journal Smart Money Magazine.
• Ethics instructor at the Wharton School® of the University of Pennsylvania
for the Certified Investment Management Analyst™ (CIMA®) program.
*Source: Forbes.com (Awarded Jan 2023) Data compiled by SHOOK Research LLC based on time period from 3/31/21 – 3/31/22. Awards Disclosures
David J. Gordon is a lifelong Chicagoan and graduate of Niles West High School, where he developed a lifelong passion for jewelry and achieved awards as a goldsmith and stonecutter. A non-practicing attorney by training, David graduated from the University of Colorado, Boulder with degrees in molecular biology and philosophy. He received his Doctor of Jurisprudence (JD) degree from DePaul University College of Law.
In 1983, David joined the elite training program at Merrill Lynch and quickly became known as one of the most innovative young financial advisors, applying his knowledge of family, divorce, tax and estate planning matters to create a loyal client base. He was among the first to convert his practice to a fee-based compensation model upon recognizing the value in aligning client and advisor goals. In 1991, he joined Wells Fargo, where he was in the top 1% of their over 15,000 financial advisers in terms of production.
To better serve his clients, David joined Morgan Stanley in 2013 and was designated a Senior Portfolio Management Director, a select Morgan Stanley internal designation. David has also played a leadership role in setting industry standards for ethics and fiduciary responsibility.
David continues to pursue his passions in jewelry-making, race car driving, yoga, skiing, music and art. He has lived in Deerfield for over 25 years.
What are my qualifications?
David Gordon’s distinguishing designations and activities include:
• Forbes Best-In-State Wealth Advisors, 2023*
• CERTIFIED FINANCIAL PLANNER™ (CFP®)
• Certified Investment Management Analyst™ (CIMA®)
• Chartered Mutual Fund Counselor® (CMFC®)
• Accredited Domestic Partnership AdvisorSM (ADPA®)
• Certified Divorce Financial Analyst® (CDFA™)
• Faculty Ethics Instructor: The Wharton School®, CIMA® Certification
Program
• President Emeritus: Greater North Shore Estate Planning Council
• Immediate Past Chair: Ethics Committee, Investments & Wealth Institute®
• Industry Arbitrator with FINRA (Financial Industry Regulatory Association)
• Public Accountant and Attorney Professional Education Sponsor (Teacher):
Illinois & Colorado
• Professional Advisory Board: Chicago JUF
• Board Member: Lake County Bar Foundation
• Executive Board Member: Lincoln Park Ski Club, Chicago
What is my Professional Reputation?
David Gordon is a sought after source for financial advice from academic institutions, trade associations and the media.
• David has written textbook chapters on fixed-income investing and over 100
articles, many for prestigious investment and law journals. He appeared on
radio and television as an authority on wealth management issues.
• David received the national Kessler Award from the Investment
Management Consultants Association for “Outstanding Contribution to the
Field of Investment” (2002).
• David served on the faculty of The Wharton School’s CIMA® Certification
Program where he wrote several text book chapters and taught a course on
ethics.
• David received the CERTIFIED FINANCIAL PLANNER ™ Annual Article
Award for writings in the field of Ethics and Fiduciary Investment Policy
(2001).
• David has been quoted in and/or written for US News and World Report,
Smart Money, The Chicago Tribune, American Bar Association Journal, and
The Wall Street Journal Smart Money Magazine.
• Ethics instructor at the Wharton School® of the University of Pennsylvania
for the Certified Investment Management Analyst™ (CIMA®) program.
*Source: Forbes.com (Awarded Jan 2023) Data compiled by SHOOK Research LLC based on time period from 3/31/21 – 3/31/22. Awards Disclosures
Securities Agent: SC, VA, OH, MD, MI, KS, IL, CA, TX, TN, OR, NY, NC, MA, AR, WA, MN, IN, HI, DE, DC, AZ, MS, NJ, WI, NV, UT, PA, FL, CO; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1268300
NMLS#: 1268300
About Karina A. Elperin, MBA
Karina has been helping clients make financial decisions for over 25 years. An accomplished Financial Advisor and credentialled Portfolio Manager, she graduated from Lake Forest College in 2000 with a B.A. degree in business, followed by an MBA degree in finance from the Keller Graduate School of Management. While obtaining her MBA, she acquired her Series 7 registration in 2000, her Series 66 in 2001, and her Illinois Life and Health Insurance license in 2002. In 2022, Karina completed the Certified Financial Planning Certification program thru Northwestern University followed by her Financial Planning Specialist certification in 2024. In 2025, Karina received the select Morgan Stanley designation of Portfolio Manager.
Karina works directly with individual clients and families to create and implement their Financial Plans. Her highly-credentialed training, attention to detail, and deep industry experience helps clients achieve their financial goals.
As an invaluable member of the Gordon Financial Group, Karina frequently assumes a lead role in orchestrating client events, speaking opportunities, and educational engagements. She lives in Northbrook, Illinois and spends free time visiting exotic car dealerships with her teenage son Ari, taking long walks and bike rides, and frequenting the gym. She loves helping friends and family redecorate their homes, shop for special occasion outfits and jewelry, and generally enjoying family life.
Karina works directly with individual clients and families to create and implement their Financial Plans. Her highly-credentialed training, attention to detail, and deep industry experience helps clients achieve their financial goals.
As an invaluable member of the Gordon Financial Group, Karina frequently assumes a lead role in orchestrating client events, speaking opportunities, and educational engagements. She lives in Northbrook, Illinois and spends free time visiting exotic car dealerships with her teenage son Ari, taking long walks and bike rides, and frequenting the gym. She loves helping friends and family redecorate their homes, shop for special occasion outfits and jewelry, and generally enjoying family life.
Securities Agent: VT, ID, WY, OH, CA, TN, NJ, ME, LA, GA, DE, AZ, AK, TX, SC, PR, AL, WV, PA, NH, MI, KY, NC, MO, HI, CT, WI, NY, NM, MS, MA, FL, VA, SD, RI, KS, IA, CO, AR, WA, VI, UT, NV, ND, MD, IN, IL, DC, OR, OK, NE, MT, MN; General Securities Representative; Investment Advisor Representative
NMLS#: 2621467
NMLS#: 2621467
About Rafal Fidowicz
Rafal began his career in the financial industry in 2016 with a focus in the self-directed investment field where he assisted and helped clients understand personal investing and trading. He received his bachelor’s degree in finance from the University of Illinois at Chicago in 2015, and shortly after obtained his Series 7 and 66.
Rafal’s responsibilities include client administration, account maintenance, assisting the team with its marketing and research efforts and facilitating the use of the digital tools that allow clients access to a comprehensive view of their total wealth, goals, and progress. Using his skills in customer service and knowledge of the financial markets, Rafal proudly aids the Gordon Financial Group at Morgan Stanley with day-to-day operations and special projects. He is well-versed in numerous computer applications, including LifeView®, Total Wealth View, and Portfolio Risk Platform (Aladdin®). Furthermore, he is actively expanding his knowledge in the field by participating in courses and obtaining new licenses.
In his free time, Rafal enjoys motorsports, travel and new experiences.
*This role cannot solicit or provide investment advice
Rafal’s responsibilities include client administration, account maintenance, assisting the team with its marketing and research efforts and facilitating the use of the digital tools that allow clients access to a comprehensive view of their total wealth, goals, and progress. Using his skills in customer service and knowledge of the financial markets, Rafal proudly aids the Gordon Financial Group at Morgan Stanley with day-to-day operations and special projects. He is well-versed in numerous computer applications, including LifeView®, Total Wealth View, and Portfolio Risk Platform (Aladdin®). Furthermore, he is actively expanding his knowledge in the field by participating in courses and obtaining new licenses.
In his free time, Rafal enjoys motorsports, travel and new experiences.
*This role cannot solicit or provide investment advice
About Katerina Teryokhina
Katerina Teryokhina (Katia) serves as the liaison between clients of the Gordon Financial Group and our Morgan Stanley back-office operations. She is responsible for the supervision of our client requests, their account maintenance, and assists with all of our operational needs. Katia also provides support as a research associate assisting our Group in fiduciary portfolio management and financial planning. She graduated Lake Forest College and obtained her Series 7 federal securities license in 2022, and her Series 66 securities multi-state license in 2023, both during her tenure at Goldman Sachs in Chicago.
During her free time, Katia enjoys family and friends, cooking delicious and healthy meals, and landscape painting and portrait drawing. She has a passion for art, concerts, exploring new cuisine, travel, and taking pilates classes and practicing yoga in downtown Chicago, where she currently resides. Katia is an enthusiastic and engaging member of the Morgan Stanley Gordon Financial Group where she continues to grow her skills in the wealth management field.
During her free time, Katia enjoys family and friends, cooking delicious and healthy meals, and landscape painting and portrait drawing. She has a passion for art, concerts, exploring new cuisine, travel, and taking pilates classes and practicing yoga in downtown Chicago, where she currently resides. Katia is an enthusiastic and engaging member of the Morgan Stanley Gordon Financial Group where she continues to grow her skills in the wealth management field.
Contact David Joel Gordon
Contact Karina A. Elperin, MBA
Wealth Management
From Our Team
The Gordon Financial Group Brochure
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
A Simple Six-Step Retirement Checkup
Article Image
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
Iran Conflict: Seven Takeaways for Investors
Article Image
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
529 Plans: A Powerful Tool to Save for Education
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Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Ready to start a conversation? Contact The Gordon Financial Group today.
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.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact 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.
3When 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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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.
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.
8Morgan 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.
9Investors 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.
10Morgan 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.
11Morgan 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.
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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.
13Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
14When 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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
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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.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact 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.
3When 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.
4Morgan 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.
5Morgan 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.
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.
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.
8Morgan 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.
9Investors 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.
10Morgan 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.
11Morgan 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.
12Products 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.
13Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
14When 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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards 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)
