Executive Director, Financial Advisor, Portfolio Management Director, Lending Specialist
Phone:
(858) 597-7796(858) 597-7796
The Horizons Group at Morgan Stanley
Elizabeth "Liza" C PillePaul G Miller, CFP®Alan DehesaKerry LedgardJacob Mahony, CFP®, CIMA®Austin Barber
Direct:
(858) 597-7798(858) 597-7798
Toll-Free:
(800) 299-0812(800) 299-0812
Our Mission Statement
Focusing Our Resources & Experience to Enhance the Lives of You and Your Family
CONNECT. ENGAGE. GATHER. FOCUS. DELIVER. SERVE
How we serve our clients:
- Your timeline, your goals and your legacy plans drive our customized solutions
- You can depend on our experience and Morgan Stanley's vast resources
- You will get a highly personalized plan. We will guide your progress every step of the way
- Your personal and business needs are our on our radar- for investment guidance, lending and more
- Your best interests are always at the fore front of our decisions
- Your time zone is covered! We have clients from coast to coast
- Your personal and community legacy and your family goals are our priority
- Serving you is our privilege
Services Include
- Alternative InvestmentsFootnote1
- AnnuitiesFootnote2
- Asset Management
- Certificates of DepositFootnote3
- Corporate BondsFootnote4
- Endowments and FoundationsFootnote5
- Estate Planning StrategiesFootnote6
- Exchange Traded FundsFootnote7
- Financial PlanningFootnote8
- Fixed IncomeFootnote9
- Cash Management and Lending ProductsFootnote10
- Life InsuranceFootnote11
- Municipal BondsFootnote12
- Philanthropic ManagementFootnote13
- Planning for Education FundingFootnote14
- Planning for Individuals with Special Needs
- Professional Portfolio ManagementFootnote15
- Qualified Retirement PlansFootnote16
- Retirement PlanningFootnote17
- Trust AccountsFootnote18
- Wealth ManagementFootnote19
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Our Suite of Digital Tools
Digital technology is centered on how people communicate, consume, transact and travel. Our comprehensive suite of digital tools are designed to help enhance every aspect of your financial life. These tools can help create an estate plan, they can help with business planning or simply to aid you in keeping track of your retirement savings. Here are a few of the technologies we have to offer our clients.
We bring the resources of Morgan Stanley to the table, with time tested strategies for problem solving, portfolio management and guide our clients with life-long planning tools. We work closely with our clients other professional advisors- such as CPAs and Estate Planning attorneys- to help them build and implement their plans for financial success.
We bring the resources of Morgan Stanley to the table, with time tested strategies for problem solving, portfolio management and guide our clients with life-long planning tools. We work closely with our clients other professional advisors- such as CPAs and Estate Planning attorneys- to help them build and implement their plans for financial success.
Morgan Stanley Online
Morgan Stanley Online (MSO) has a variety of features beyond viewing your account balance and activity that you should take advantage of. They include:
- eAuthorizations, an enhanced way to authorize transactions with one click on Morgan Stanley Online and the Morgan Stanley Mobile App
- Managing your everyday finances such as paying bills online, sending money or transferring funds.
Morgan Stanley Online- eAuthorizations, an enhanced way to authorize transactions with one click on Morgan Stanley Online and the Morgan Stanley Mobile App
- Managing your everyday finances such as paying bills online, sending money or transferring funds.
Total Wealth View
We've launched a new tool that allows you to link information from your accounts at other financial institutions directly to your Morgan Stanley Online or Morgan Stanley Mobile App profile.
The ability to view all of your assets together provides the opportunity to advise on your Morgan Stanley accounts with your entire financial picture in mind.
Total Wealth ViewThe ability to view all of your assets together provides the opportunity to advise on your Morgan Stanley accounts with your entire financial picture in mind.
eDelivery
eDelivery provides you with the ability to view statements and other Firm documents electronically in lieu of paper. Clients who are registered in Morgan Stanley Online may enroll in eDelivery. Currently, documents available through eDelivery include statements, trade confirmations and prospectuses, general correspondence, selected Internal Revenue Service (IRS) approved tax documents, syndicate offerings, shareholder communications, and portfolio reports.
eDelivery
Online Transfer
Morgan Stanley Online Transfers allows you to transfer funds between Morgan Stanley accounts or between your Morgan Stanley accounts and a verified account from another financial institution.
Transfer Client Guide
Social Security Direct Deposit
Direct deposit of your Social Security benefits into your Morgan Stanley Account is fast and convenient. It requires no envelopes or stamps, and no trips to your Morgan Stanley Branch.
SS Direct Deposit Instructions
Digital Vault
Keeping important documents and financial records organized and readily available is one of the best gifts you can give those you love. In the event of catastrophe or serious illness, disability or death, your Family Records Organizer can immediately provide vital, timely information to both your family and professional advisors. The Digital Vault on Morgan Stanley Online and the Mobile App allows you and your clients to build a central, shared document library where all documents are stored using encryption.
Digital VaultSecure Your Future
We wanted to dedicate this tab to helping you plan ahead. We have a mix of information based on the CFP® certification , the importance of goals, as well as other resources that might be helpful. Enjoy!
Goals
Everyone has their own unique situation. We at the Horizons Group value the importance of creating good goals to help address your needs.
Learn More About Goals-Based Planning
Retirement Lifestyle: What Kind Do You Want?
Everyone has a different idea of their dream retirement. Whatever you envision, it’s essential to plan ahead so that your nest egg will last.
Learn More
Millennial and Gen Z Retirement Guide
How the power of time can help savvy young investors grow an impressive portfolio.
Learn More
Thinking About Your Legacy? Why You May Need a Trust
Through a trust, you can define how you want your life’s work and wealth to continue to benefit the people and causes you love and care for.
Learn More
Protecting Your Estate From Future Transfer Taxes
The lifetime federal estate and gift tax exemption could be halved in 2026. Should you take action before then?
Read More
Balancing Student Debt and Education Savings
Saving for a loved one’s education while paying off student loan debt of your own can be challenging. Here are strategies to help you strike that balance.
Read MoreSpecializations:
We leverage our unique position and our affiliates to source innovative strategies from among the most knowledgeable investment minds in the business. Employing rigorous due diligence to identify, evaluate and select each alternative investment product on our platform, we work to identify the managers that we believe are highly qualified to help our clients meet their objectives. Your choices will depend on your goals, objectives and risk tolerance.
Private Credit
Learn More
Structured Investments
Learn More
Exchange Funds
Learn More
1031 Exchanges
Learn More
Private Real Estate
Learn More
Private Equity
Learn MoreHandpicked Information For You
Welcome to What's Trending. Here you will find information covering a range of topics. Enjoy!
The New Technologies for Longer, Healthier Lives
Revolutionary ways to prevent and treat disease can add decades to people’s lives. Here’s what investors should know about the opportunities in the longevity theme.
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Retailers of the Future Stock Up on Technology
Retail is entering a new phase as automation and AI promise to drive new growth opportunities for the largest players.
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How Generative AI Could Reshape Work
Generative AI will likely affect a wide range of professions and create new occupations. Morgan Stanley economists break down the revolutionary technology’s near-term impacts on labor and the economy.
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The Coming Nuclear Power Renaissance
Our sustainability strategists Stephen Byrd and Tim Chan discuss what’s driving new opportunities across the global nuclear power sector and some risks investors should keep in mind.
Play Podcast
3 Healthcare Investing Trends to Watch
A rebounding M&A environment, AI investments for productivity and cost reduction, and innovations in digital health and biotechnology were among top themes at the Morgan Stanley Global Healthcare Conference.
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Finding Professional Satisfaction in AI and Machine Learning
Nicholas Venuti of Morgan Stanley's Machine Learning Research Group turned his passion for data science into a career as a bank technologist.
Read MoreLocation
4350 La Jolla Village Dr
Ste 1000
San Diego, CA 92122
US
Direct:
(858) 597-7798(858) 597-7798
Toll-Free:
(800) 299-0812(800) 299-0812
Meet The Horizons Group
Senior Vice President, Financial Advisor, CERTIFIED FINANCIAL PLANNER®, Alternative Investments Director
Phone:
(858) 597-7744(858) 597-7744
Alan Dehesa
Associate Vice President, Financial Advisor
Phone:
(858) 597-7728(858) 597-7728
Kerry Ledgard
Senior Client Service Associate
Phone:
(858) 597-7798(858) 597-7798
Jacob Mahony, CFP®, CIMA®
Financial Advisor
Phone:
(858) 597-7811(858) 597-7811
Austin Barber
Client Service Associate
Phone:
(858) 597-7720(858) 597-7720
About Elizabeth "Liza" C Pille
I have worked with multiple generations of High Net Worth families and many business owners across the US, helping them grow, preserve and transfer their hard earned wealth since 1982. I focus on conservative & moderate growth portfolio management strategies. I emphasize the importance of owning dividend paying stocks, mutual funds, exchange traded and closed-end funds Structured notes and tax-free municipal bonds. My team members and I work closely with our clients- and their other trusted advisors- to help them make the best investment choices for their risk tolerance. I follow a disciplined money allocation and investment review process. We hold monthly client education calls -to help keep them abreast of all that is changing in our world!
In my 1st 15 years as a financial advisor, my business was located in the downtown Financial District of New York City. Since moving my family to San Diego in December 1997, I have been an active member of the San Diego Investment Community. I am a Senior Portfolio Manager. Licensed in over 36 states- including NY and CA- My team and I help our clients choose appropriate Life Insurance, Long Term Care insurance and annuity strategies to complement their existing portfolios and over-all financial plans. We help our clients manage both sides of their balance sheets, working with the Morgan Stanley Private Bank. Please call us to talk about your situation- we'd be glad to help!
I have served on a wide variety of Non-profit boards- including: Palomar Health Foundation, William Smith College Alumni Association, Rancho Bernardo Community Foundation, North County Inland Chamber of Commerce, Poway Center for the Performing Arts Foundation, National Society Daughters of the American Revolution and the Rancho Bernardo Community Presbyterian Church. My husband and I live in Scripps Ranch , where we enjoy gardening and working in a local vineyard together- making wine! I enjoy trail riding several days a week with friends, as well as attending concerts and plays at local venues.
In my 1st 15 years as a financial advisor, my business was located in the downtown Financial District of New York City. Since moving my family to San Diego in December 1997, I have been an active member of the San Diego Investment Community. I am a Senior Portfolio Manager. Licensed in over 36 states- including NY and CA- My team and I help our clients choose appropriate Life Insurance, Long Term Care insurance and annuity strategies to complement their existing portfolios and over-all financial plans. We help our clients manage both sides of their balance sheets, working with the Morgan Stanley Private Bank. Please call us to talk about your situation- we'd be glad to help!
I have served on a wide variety of Non-profit boards- including: Palomar Health Foundation, William Smith College Alumni Association, Rancho Bernardo Community Foundation, North County Inland Chamber of Commerce, Poway Center for the Performing Arts Foundation, National Society Daughters of the American Revolution and the Rancho Bernardo Community Presbyterian Church. My husband and I live in Scripps Ranch , where we enjoy gardening and working in a local vineyard together- making wine! I enjoy trail riding several days a week with friends, as well as attending concerts and plays at local venues.
Securities Agent: ID, MT, NV, IN, MO, VA, SD, OR, NE, MA, KY, CA, MN, CO, NH, NC, MI, VI, PA, NJ, HI, AL, MD, OH, TN, WA, CT, AZ, DC, GA, UT, WI, TX, KS, IL, FL, NM, NY, IA; BM/Supervisor; General Securities Representative; Investment Advisor Representative
NMLS#: 1255598
CA Insurance License #: 0D05138
AR Insurance License #: NMLS#1255598
NMLS#: 1255598
CA Insurance License #: 0D05138
AR Insurance License #: NMLS#1255598
About Paul G Miller
The role of a financial advisor is a role of service, and I believe it is a privilege and an honor to assist clients in achieving their financial and life goals. I love to help educate clients about investing and financial matters, and I love to learn about their families and what is most important to them. Our team is dedicated to providing the highest level of client experience and service. As a certified financial planner (CFP), I’m committed to the financial planning process and helping clients develop a plan for their future. Along with advising on investments in stocks, bonds, mutual funds, and ETFs, I also focus on alternative investments – integrating private equity, credit, real estate, and hedge funds into client’s overall asset allocation strategies when appropriate. One of the many benefits of working at Morgan Stanley is the vast resources and internal/external relationships our team has available to us to help meet client needs. The ability to provide client solutions in lending, life, disability, and long-term care insurance strategies – along with many other complex financial arenas – is unparalleled.
After graduating with an accounting degree from San Diego State University in 1980, I worked at EY and PwC in their audit and tax departments. I started in the financial services business in 1993 at Dean Witter, which eventually merged its way into what is currently Morgan Stanley. Along with the CFP designation, I’m also a chartered alternative investment analyst (CAIA), and an alternative investments director at Morgan Stanley - a designation for those committed to the asset class.
Over the years I’ve volunteered my time to support the Mission Valley YMCA, Big Brothers of San Diego County, and various youth sports organizations in north county San Diego. My interests include sports, fitness, reading biographies, the PGA Tour, and enhancing my emotional intelligence.
After graduating with an accounting degree from San Diego State University in 1980, I worked at EY and PwC in their audit and tax departments. I started in the financial services business in 1993 at Dean Witter, which eventually merged its way into what is currently Morgan Stanley. Along with the CFP designation, I’m also a chartered alternative investment analyst (CAIA), and an alternative investments director at Morgan Stanley - a designation for those committed to the asset class.
Over the years I’ve volunteered my time to support the Mission Valley YMCA, Big Brothers of San Diego County, and various youth sports organizations in north county San Diego. My interests include sports, fitness, reading biographies, the PGA Tour, and enhancing my emotional intelligence.
Securities Agent: DC, MT, NY, PA, OH, NC, KY, FL, IA, AL, IL, KS, MN, NJ, NM, VI, MA, IN, HI, VA, WA, TX, SD, MO, GA, CT, WI, NH, MI, CA, CO, MD, NE, NV, TN, UT, ID, OR, AZ; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1268324
CA Insurance License #: 0B32744
NMLS#: 1268324
CA Insurance License #: 0B32744
About Me
I strongly believe in doing the right thing for the right reasons. If someone were to describe my approach as an advisor it would be one that embodies honesty, care, and transparency. I am committed to doing the right thing for my clients through a consistent set of refined processes that involves planning, organization, exemplary service, and an emphasis on strong relationships. The best part of my job as a financial advisor is seeing my clients achieve their goals and enjoy life to the fullest.
My start in the finance industry began as I graduated from Cal State University San Marcos with a degree in business administration, finance. Since 2013, I’ve had the pleasure of working with clients at both Morgan Stanley and E*TRADE. As an advisor, I have been privileged to see the incredible impact planning can have on a client’s success.
I’m a San Diego native and passionate about giving back to the community I grew up in. I’m involved with organizations like Just in Time for Fostered Youth, Leukemia & Lymphoma Society, Feeding America, and Habitat for Humanity.
Outside of work, my family is everything. I live in San Marcos with my amazing wife Shannon and our 3 beautiful children. My interests include sports, woodworking, home improvement, fishing, cars, traveling, and the great outdoors. For many years, I have also had a passion for the tabletop strategy game, Warhammer 40k. It has brought me to international tournaments and connected me to others across the globe.
My start in the finance industry began as I graduated from Cal State University San Marcos with a degree in business administration, finance. Since 2013, I’ve had the pleasure of working with clients at both Morgan Stanley and E*TRADE. As an advisor, I have been privileged to see the incredible impact planning can have on a client’s success.
I’m a San Diego native and passionate about giving back to the community I grew up in. I’m involved with organizations like Just in Time for Fostered Youth, Leukemia & Lymphoma Society, Feeding America, and Habitat for Humanity.
Outside of work, my family is everything. I live in San Marcos with my amazing wife Shannon and our 3 beautiful children. My interests include sports, woodworking, home improvement, fishing, cars, traveling, and the great outdoors. For many years, I have also had a passion for the tabletop strategy game, Warhammer 40k. It has brought me to international tournaments and connected me to others across the globe.
Securities Agent: OH, NE, KY, AZ, MI, MA, GA, WY, PA, NC, MN, IL, NH, ID, WA, MO, IN, IA, VI, VA, SC, MD, OR, NV, CT, MT, NM, HI, AL, TX, TN, NJ, KS, DC, CO, CA, UT, NY, FL; General Securities Representative; Investment Advisor Representative
NMLS#: 2458679
NMLS#: 2458679
About Kerry Ledgard
Kerry is responsible for all administrative work, money movement, and client service needs for The Horizons Group. She has worked in the financial services industry since 2004 and brings a vast array of knowledge to the team when it comes to caring for our clients. Originally from New Jersey, Kerry and her family have lived in San Diego since 1988 and currently reside in Carmel Valley. In her free time, Kerry enjoys watching her son’s sporting events and taking long walks with her family.
About Jacob Mahony, CFP®, CIMA®
Originally joining The Horizons Group in 2019, I work as a Financial Advisor and the team's lead financial planner. As a CFP® Professional, my work focuses on comprehensive planning strategies for business owners, corporate executives, and pre-retirees. I am passionate about helping clients navigate the many stages of wealth accumulation and preservation, taking time to understand each person's unique goals and aspirations.
I hold a Bachelor of Science Degree in Finance from San Diego State University and am a graduate of the Yale University Investment Management Analyst Program, where I earned the designation of Certified Investment Management Analyst®.
I reside in coastal San Diego and enjoy an active lifestyle of running, lifting, and golfing. I have a passion for music and enjoy attending the many concert venues across San Diego.
I hold a Bachelor of Science Degree in Finance from San Diego State University and am a graduate of the Yale University Investment Management Analyst Program, where I earned the designation of Certified Investment Management Analyst®.
I reside in coastal San Diego and enjoy an active lifestyle of running, lifting, and golfing. I have a passion for music and enjoy attending the many concert venues across San Diego.
Securities Agent: NV, LA, WA, KY, VA, PA, OR, MI, HI, FL, TN, ID, GA, CA, SC, MA, UT, NM, MT, MO, IA, TX, NY, IN, AZ, NH, MN, KS, IL, DC, AL, NJ, CT, CO, WI, VI, SD, NC, MD, OH, NE; General Securities Representative; Investment Advisor Representative
About Austin Barber
Since joining the team in May 2022, I assist The Horizon Group with administration, client service, and financial planning needs. I graduated top of my Business Class at San Diego State University with a Bachelor of Science in Finance and Bachelor of Arts in Political Science. Prior to being on the team, I was involved in student leadership on San Diego State University’s campus, serving as the Executive Vice President of Financial Affairs for the SDSU Associated Students Government. I currently live in Serra Mesa and enjoy being active outside, traveling, and cheering on the Aztecs at various sporting events.
Contact Elizabeth "Liza" C Pille
Contact Paul G Miller
Contact Alan Dehesa
The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Michael Mackowiak
Private Banker
About Michael Mackowiak
Michael Mackowiak is a Private Banker serving Morgan Stanley Wealth Management offices in California.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Michael began his career in financial services in 2008, and joined Morgan Stanley in 2019 as a Private Banker. Prior to joining the firm, he was a Premier Banker at Wells Fargo Bank, N.A.
He lives in Chula Vista, California with his family. Outside of the office, Michael enjoys watching soccer and baseball, traveling, and spending time with his family.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Michael began his career in financial services in 2008, and joined Morgan Stanley in 2019 as a Private Banker. Prior to joining the firm, he was a Premier Banker at Wells Fargo Bank, N.A.
He lives in Chula Vista, California with his family. Outside of the office, Michael enjoys watching soccer and baseball, traveling, and spending time with his family.
NMLS#: 1069297
Wealth Management
Global Investment Office
Portfolio Insights
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Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Donor Advised Funds: A Smart Way to Manage Your Giving
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Mosaic
Explore ideas and inspiration with captivating, original lifestyle stories created exclusively for Morgan Stanley clients.
A Change of Greenery
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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.
Ready to start a conversation? Contact The Horizons Group today.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
1Alternative 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
3Investors 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.
4Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
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.
6Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
7An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
8Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
9Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
10Morgan 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
11Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
13Products 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.
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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
15Morgan 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.
16When 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.
17When 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.
18Morgan 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.
19Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures
1Alternative 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
3Investors 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.
4Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
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.
6Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
7An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
8Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
9Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
10Morgan 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
11Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
13Products 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.
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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
15Morgan 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.
16When 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.
17When 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.
18Morgan 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.
19Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures
CRC 6491812 (04/2024)
