Phone:
(262) 241-1955(262) 241-1955
The Indermuehle Group at Morgan Stanley
Direct:
(262) 241-1955(262) 241-1955
Our Mission Statement
Our mission is to support clients like family—listening first, guiding with care, and simplifying retirement planning so it feels less stressful and more manageable. As a father-and-son team, we pair personal attention with the breadth of Morgan Stanley resources to help you make confident decisions over time.
Our Story and Services
The Indermuehle Group is a Morgan Stanley Wealth Management team led by Steven Indermuehle, Family Wealth Director, and Colin Indermuehle. Our mission is to deliver a highly personalized client experience backed by the broad capabilities, global insights, and resources of Morgan Stanley. We believe you—one of our most important clients—should expect a deeper working relationship than you may have encountered elsewhere, supported by a dedicated team that takes the time to understand what matters most to you and your family.
We work with individuals, families, and professionals across life stages—from building early career momentum to preparing for retirement and transferring wealth to the next generation. Our approach integrates goal-based planning, disciplined investment management, and ongoing communication to help simplify complex decisions and create a more rewarding financial experience. We aim to bring clarity and structure to your financial life, coordinating strategies across investing, planning, lending, and risk management so your plan can evolve as your needs change.
We work with individuals, families, and professionals across life stages—from building early career momentum to preparing for retirement and transferring wealth to the next generation. Our approach integrates goal-based planning, disciplined investment management, and ongoing communication to help simplify complex decisions and create a more rewarding financial experience. We aim to bring clarity and structure to your financial life, coordinating strategies across investing, planning, lending, and risk management so your plan can evolve as your needs change.
Services Include
- 401(k) Rollovers
- 529 PlansFootnote1
- Alternative InvestmentsFootnote2
- AnnuitiesFootnote3
- Asset Management
- Business PlanningFootnote4
- Certificates of DepositFootnote5
- Planning for Education FundingFootnote6
- Exchange Traded FundsFootnote7
- Financial PlanningFootnote8
- Fixed IncomeFootnote9
- Life InsuranceFootnote10
- Long-term Care InsuranceFootnote11
- Municipal BondsFootnote12
- Precious MetalsFootnote13
- Retirement PlanningFootnote14
- Structured ProductsFootnote15
- UGMA/UTMAFootnote16
- Wealth ManagementFootnote17
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Our Process
Our process is relationship-driven and centered on thoughtful financial planning, with transparency and tailored guidance designed around your goals and values. We align your plan and investment strategy to support retirement readiness and the preservation of wealth across generations.
Discovery
Our relationship is of the utmost importance. We take the time to fully understand you and your family, whether you are planning on retirement, saving up for education, or focusing on your next generation.
Creating Your Strategy
Using your goals as our compass, we will bring our recommendations designed to help address the various facets of your financial landscape.
Implementing Your Plan
We will translate your financial roadmap into coordinated action. Our goal is to create a comprehensive strategy that can support your long-term objectives.
Monitoring Your Success
As your circumstances evolve, we monitor progress and make targeted adjustments to help keep you aligned with your retirement, legacy, and family goals. Ongoing communication and periodic reviews keep your priorities clear for a successful relationship.
DIGITAL TOOLS FOR CLIENTS
As a client of Morgan Stanley, you have access to a suite of digital resources to help each and every aspect of your finances.
Morgan Stanley Online
Your investments and everyday finances are just a few clicks away with Morgan Stanley Online (MSO). View your account activity, manage your finances, and authorize transactions.
Total Wealth View
View all of your external financial accounts directly in Morgan Stanley Online (MSO) or through the mobile app. By linking your accounts, you will benefit from having a holistic financial picture, allowing for a more informed wealth strategy.
Portfolio Risk Platform
Our Portfolio Risk Platform, backed by institutional-caliber analytics, assesses thousands of risk factors using a holdings-based approach to assess a portfolio's exposures, analyze how securities behave together across portfolios and forecast how they influence risk and return moving forward.
MS Reserved Living & Giving
Reserved Living & Giving is a complimentary perks program for eligible Morgan Stanley and E*TRADE clients, designed to provide benefits beyond traditional wealth management services. The program provides access to discounts from popular brands, one-of-a-kind experiences and sought-after events.
Global Investment Office
The Morgan Stanley Global Investment Office provides you with world-class thought leadership timely market commentary, and portfolio ideas to help guide your investment decisions.
Alternative Investments
Our leading alternatives platform offers 200+ third-party and proprietary funds, including first look and exclusive opportunities, that may help qualified investors enhance returns, reduce volatility, manage taxes and generate income. From simplified vehicles available more broadly to institutional strategies, the platform supports a goals-based approach for asset allocation tailored to investor needs.
Achieve Your Financial Goals with Comprehensive Financial Planning
Our approach to wealth management begins with what matters to you most: your goals, your values, and your financial vision. We use advanced planning tools and personalized guidance, building a clear, practical plan that addresses not only investment objectives, but also the personal and legacy priorities you indentify. Our recommendations are tailored and supported by research across a broad range of asset classes to help you pursue your objectives.
Below are tools and resources for your convenience that may help in your financial journey.
Planning Your Financial Future
Financial goals and priorities can change over time. To help prepare for the winding road ahead, ask yourself what matters to you and your family most.
Financial Management Tools
Managing multiple accounts across different firms can be challenging. Use the following link to link your non-Morgan Stanley accounts to analyze your cash flows all in one place.
Navigating Your Retirement Roadmap
Every retirement pathway is different, but smart planning can help you reach your destination. Where are you in your retirement journey?
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Location
11501 North Port Washington
Mequon, WI 53092
US
Direct:
(262) 241-1955(262) 241-1955
Meet The Indermuehle Group
Colin Indermuehle
Financial Advisor
Phone:
(262) 241-1926(262) 241-1926
Aggie Bruge
Phone:
(262) 241-1924(262) 241-1924
Michael Good
Phone:
(414) 226-3090(414) 226-3090
Jewell Graham
Phone:
(414) 226-3070(414) 226-3070
About Steven J Indermuehle
My name is Steven Indermuehle, and I am a Senior Vice President at Morgan Stanley. My journey in the financial services industry began in 2007, and I joined Morgan Stanley in 2010. I am passionate about helping clients plan their financial future, and I believe in working closely with them to achieve their retirement goals. I have always been a people person, and I enjoy meeting clients face to face to build a strong relationship based on trust.
My approach is hands-on, and I like to meet with clients 2-3 times a year. Whether it's a Zoom call, a meeting at their home, or in our office, I ensure that the experience is comfortable and convenient for them. I believe that financial planning is not just about numbers; it's about understanding each client's unique needs and aspirations.
Outside of work, I am committed to my community and enjoy spending time with my family. My wife Cate and I have a son, Colin, who is also my partner at Morgan Stanley, a daughter, Katrina, and two wonderful grandchildren, Isabella and Jackson. My interests include faith, family, hunting, exercise, and landscaping.
I hold a degree in Business from UW Milwaukee. I am dedicated to providing personalized financial advice and look forward to helping my clients achieve their financial dreams.
My approach is hands-on, and I like to meet with clients 2-3 times a year. Whether it's a Zoom call, a meeting at their home, or in our office, I ensure that the experience is comfortable and convenient for them. I believe that financial planning is not just about numbers; it's about understanding each client's unique needs and aspirations.
Outside of work, I am committed to my community and enjoy spending time with my family. My wife Cate and I have a son, Colin, who is also my partner at Morgan Stanley, a daughter, Katrina, and two wonderful grandchildren, Isabella and Jackson. My interests include faith, family, hunting, exercise, and landscaping.
I hold a degree in Business from UW Milwaukee. I am dedicated to providing personalized financial advice and look forward to helping my clients achieve their financial dreams.
Securities Agent: IN, CA, MD, FL, OH, NJ, HI, MO, MN, IL, WA, NC, WI, VA, MI, GA, CT, CO, VT, SC, PA, UT, TX, AZ; General Securities Representative; Investment Advisor Representative
NMLS#: 2676910
NMLS#: 2676910
About Colin Indermuehle
A dedicated Financial Advisor at Morgan Stanley, having joined the firm straight out of college in June 2025. My passion lies in helping clients achieve financial freedom, and I am committed to building confidence and strong relationships with each individual I work with. Inspired by my father, who has been in the financial industry for over 15 years, I developed a love for the business through internships and personal experiences.
My approach is client-first, ensuring transparency and honesty in all interactions. I believe in the importance of meeting clients' needs and offer flexible meeting options, whether through Zoom, at clients' homes, or in the office. My goal is to guide clients towards successful retirement planning while fostering meaningful connections.
Outside of work, I enjoy playing baseball, having participated in college and amateur leagues. I am an avid movie enthusiast and love exploring new countries and cultures. My educational background includes a degree in Finance from Concordia University in Mequon, Wisconsin.
My approach is client-first, ensuring transparency and honesty in all interactions. I believe in the importance of meeting clients' needs and offer flexible meeting options, whether through Zoom, at clients' homes, or in the office. My goal is to guide clients towards successful retirement planning while fostering meaningful connections.
Outside of work, I enjoy playing baseball, having participated in college and amateur leagues. I am an avid movie enthusiast and love exploring new countries and cultures. My educational background includes a degree in Finance from Concordia University in Mequon, Wisconsin.
Securities Agent: NJ, CT, OH, MO, MI, HI, UT, SC, MN, VA, PA, NC, WI, MD, IN, FL, CO, IL, GA, CA, AZ, WA, VT, TX; General Securities Representative; Investment Advisor Representative
NMLS#: 2783645
NMLS#: 2783645
About Aggie Bruge
Aggie has more than 15 years of experience in the financial industry. This solid background enables her to provide a seasoned perspective to our team and to our clients.
Prior to joining Morgan Stanley in the summer of 2015, Aggie worked at Regal Securities, an independent brokerage firm in downtown Milwaukee. She earned her master’s degree in finance and marketing from Concordia University in 2005 and has the FINRA Series 7 and 66 registrations.
In her free time, Aggie enjoys spending time with her daughter and Husband, reading, skiing and traveling. Aggie is a native of Latvia and loves to visit her family every year.
Prior to joining Morgan Stanley in the summer of 2015, Aggie worked at Regal Securities, an independent brokerage firm in downtown Milwaukee. She earned her master’s degree in finance and marketing from Concordia University in 2005 and has the FINRA Series 7 and 66 registrations.
In her free time, Aggie enjoys spending time with her daughter and Husband, reading, skiing and traveling. Aggie is a native of Latvia and loves to visit her family every year.
About Michael Good
Mike has more than 20 years of experience in the financial industry, joining Morgan Stanley in 2004. Since joining Morgan Stanley, Mike has obtained the FINRA Series 7 and 66 licenses.
In his free time, Mike and his wife enjoy gardening (flowers and vegetables) and spending time outdoors. He has a teenage son who loves anything car related.
In his free time, Mike and his wife enjoy gardening (flowers and vegetables) and spending time outdoors. He has a teenage son who loves anything car related.
About Jewell Graham
Jay has over a decade of experience in the financial services industry. He holds the SIE, Series 7, Series 63, and Series 66 licenses, bringing a strong foundation of knowledge and expertise to his role.
Jay earned his bachelor’s degree in economics (Quantitative Emphasis) from the University of Wisconsin–Oshkosh. Known for his strong administrative skills, attention to detail, and charismatic yet professional personality; Jay excels at managing client accounts, streamlining processes, and ensuring smooth day-to-day operations.
Outside of work, Jay enjoys watching and playing basketball, spending time on the golf course, and traveling to explore new places and experiences.
Jay earned his bachelor’s degree in economics (Quantitative Emphasis) from the University of Wisconsin–Oshkosh. Known for his strong administrative skills, attention to detail, and charismatic yet professional personality; Jay excels at managing client accounts, streamlining processes, and ensuring smooth day-to-day operations.
Outside of work, Jay enjoys watching and playing basketball, spending time on the golf course, and traveling to explore new places and experiences.
Contact Steven J Indermuehle
Contact Colin Indermuehle
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
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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
Rational Investing in an Age of Uncertainty
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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 Indermuehle Group today.
1Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
2Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
3Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
5Investors 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.
6When 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.
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.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
13Physical precious metals are non-regulated products. Precious metals are speculative investments, which may experience short-term and long-term price volatility. The value of precious metals investments may fluctuate and may appreciate or decline, depending on market conditions. If sold in a declining market, the price you receive may be less than your original investment. Unlike bonds and stocks, precious metals do not make interest or dividend payments. Therefore, precious metals may not be appropriate for investors who require current income. Precious metals are commodities that should be safely stored, which may impose additional costs on the investor. The Securities Investor Protection Corporation (“SIPC”) provides certain protection for customers’ cash and securities in the event of a brokerage firm’s bankruptcy, other financial difficulties, or if customers’ assets are missing. SIPC protection does not apply to precious metals or other commodities.
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.
15Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
16Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
17Morgan 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.
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.
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Awards Disclosures | Morgan Stanley
2Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
3Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
5Investors 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.
6When 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.
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.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
13Physical precious metals are non-regulated products. Precious metals are speculative investments, which may experience short-term and long-term price volatility. The value of precious metals investments may fluctuate and may appreciate or decline, depending on market conditions. If sold in a declining market, the price you receive may be less than your original investment. Unlike bonds and stocks, precious metals do not make interest or dividend payments. Therefore, precious metals may not be appropriate for investors who require current income. Precious metals are commodities that should be safely stored, which may impose additional costs on the investor. The Securities Investor Protection Corporation (“SIPC”) provides certain protection for customers’ cash and securities in the event of a brokerage firm’s bankruptcy, other financial difficulties, or if customers’ assets are missing. SIPC protection does not apply to precious metals or other commodities.
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.
15Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
16Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
17Morgan 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.
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Awards Disclosures | Morgan Stanley
CRC 4665150 (8/2025)