David Berberian, QPFC
Senior Vice President, Wealth Management, Financial Advisor, Alternative Investments Director, Insurance Planning Director
Phone:
(703) 739-3672(703) 739-3672
The LDB Group at Morgan Stanley
Direct:
(703) 739-3674(703) 739-3674
Toll-Free:
(800) 336-5405(800) 336-5405
Our Mission Statement
As a family serving families, we understand that wealth is never just about numbers — it's about the people and moments it's meant to protect. Across generations of our own practice, we've built lasting relationships rooted in trust, continuity, and genuinely personalized advice. Our mission is to guide your family through every stage of your financial journey with the same care and commitment we bring to our own.
Welcome to The LDB Group
The LDB Group at Morgan Stanley provides comprehensive financial planning and advisory services and is based in Northern Virginia and Vermont. As a referral-based practice with over 50 years of combined experience in the financial services industry, we've guided a diverse range of families and individuals through the complexities of building, preserving, and growing their wealth.
The group was founded in 2013 when David Berberian joined his father, Larry Berberian, at Morgan Stanley. As a family business, our team is passionate about guiding our clients to plan for the moments that matter most — from funding education to planning for retirement to transferring wealth and protecting your legacy. We develop deep, lasting relationships with our clients, built on transparency, honesty, and understanding.
The newest addition to the team is John Pion, David's brother-in-law, whose background in private investments and management consulting brings fresh perspective and depth of experience to the practice. Together, David — who holds Morgan Stanley's Alternative Investment Director designation — and John, who previously sourced, structured, and managed private fund investments across private credit, growth equity, and real assets, bring specialized experience in both private and public markets that complements the team's core financial planning focus. Paired with Charlotte's deep experience in client service and relationship management, the team is equipped to serve a wide range of clients across each stage of life and wealth.
Today, David, John, and Charlotte bring a forward-thinking, hands-on approach to every client relationship — staying engaged with the ideas, strategies, and market developments that matter most to the families they serve. It's this combination of institutional experience and next-generation energy that keeps the practice both dependable and current, ensuring The LDB Group remains a trusted partner for families today and for generations to come.
By combining our team's expertise with the resources of Morgan Stanley, we are here to help you and your loved ones pursue financial confidence and clarity.
The group was founded in 2013 when David Berberian joined his father, Larry Berberian, at Morgan Stanley. As a family business, our team is passionate about guiding our clients to plan for the moments that matter most — from funding education to planning for retirement to transferring wealth and protecting your legacy. We develop deep, lasting relationships with our clients, built on transparency, honesty, and understanding.
The newest addition to the team is John Pion, David's brother-in-law, whose background in private investments and management consulting brings fresh perspective and depth of experience to the practice. Together, David — who holds Morgan Stanley's Alternative Investment Director designation — and John, who previously sourced, structured, and managed private fund investments across private credit, growth equity, and real assets, bring specialized experience in both private and public markets that complements the team's core financial planning focus. Paired with Charlotte's deep experience in client service and relationship management, the team is equipped to serve a wide range of clients across each stage of life and wealth.
Today, David, John, and Charlotte bring a forward-thinking, hands-on approach to every client relationship — staying engaged with the ideas, strategies, and market developments that matter most to the families they serve. It's this combination of institutional experience and next-generation energy that keeps the practice both dependable and current, ensuring The LDB Group remains a trusted partner for families today and for generations to come.
By combining our team's expertise with the resources of Morgan Stanley, we are here to help you and your loved ones pursue financial confidence and clarity.
Services Include
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
The Optimal Client Experience
While every client is different, we follow a general process to ensure that we address the most essential client needs and can make recommendations that are in their best interest.
Develop an understanding
Investing the time to understand your unique circumstances to identify, develop, and prioritize your financial goals.
“Plot” your starting point
Identify your current trajectory to identify and address weaknesses, and strengths.
Creating of a plan
Working with you we will develop a plan that improves upon your current trajectory in a way that works for you. We will craft a tailored Investing strategy and asset allocation designed to balance your short and long-term goals, help protect you from the many different forms of risk and seek to to optimize your outcomes.
Formulation of Tax, Trust, and Estate Strategy
Working with your tax and legal advisors, we will help to analyze your tax and estate tax circumstances to help identify and tailor planning techniques that may be used to address your objectives.
Put the plan into action
We implement your plan utilizing strategies that will adjust for the unknowns the future brings. Working with your tax and legal advisors, we will help to analyze your tax and estate tax circumstances to identify and tailor planning techniques that may be used to address your objectives.
Monitor and continuous refinement
We will provide timely updates and monitor your performance. At the end of the day most people want to know that they are on track, so as we review your plans we will maintain that focus so that you can know that you are on track, and if you are not, help you identify how to get back on track.
Research & Insights
A collection of resources so you can stay informed about the latest market trends, outlooks, and breakdowns.
On The Markets
Detailed market commentary from Morgan Stanley's thought leaders on topics such as global equities, fixed income, monetary policy and more.
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The GIC Weekly
The Global Investment Committee (GIC) is a group of seasoned investment professionals who meet regularly to discuss the global economy and markets. The committee determines the investment outlook that guides our advice to clients.
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Thinking About Your Legacy? Why You May Need a Trust
You can't take it with you, but 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.
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Estate Planning
Estate planning can be an emotionally and financially complex task, but creating an estate plan can help protect your wealth and prevent hardship for your heirs.
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Life After Selling a Business
Selling your business can mean big changes for your life, both personally and financially. Know how to make the most of your windfall.
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Family Resources
Hidden risks abound. For affluent families, this can mean unwanted financial exposure. A simple risk assessment can go a long way to help close these gaps.
Click to Read MoreExclusive Tools Designed Just for You
We provide access to a comprehensive suite of tools to help enhance virtually every aspect of your financial life. Below are a few of the technologies we utilize every day. These tools have been designed exclusively for Morgan Stanley clients. We have also curated important resources from our firm that transform complex financial analysis and research into concise and easily digestible content.
Morgan Stanley Online
Morgan Stanley Online allows you to seamlessly and securely manage your investments and everyday finances in one place.
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Goals-Based Planning
Our goals-based planning system (GPS) is built on intellectual capital and capabilities to provide our clients with a comprehensive solution for their unique goals. GPS is an intuitive and efficient platform to ensure clients will have a successful financial plan.
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Financial Planning
Morgan Stanley Financial Planning can show you a single, comprehensive snapshot of your finances. We can help you create a wealth plan that’s adaptable to the different stages of your life using our award winning tools- Goals Planning System (GPS) and LifeView.
Morgan Stanley Goals-Based Wealth Management
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—while maintaining a goals-based approach for asset allocation.
Morgan Stanley Alternative Investments
Global Investment Office
The Morgan Stanley Global Investment Office provides you with world-class thought leadership timely market commentary, and portfolio ideas to help guide your investment decisions.
Morgan Stanley Portfolio Insights
Total Wealth View
Total Wealth View allows you to link information from your accounts at other financial institutions directly to your Morgan Stanley Online or Morgan Stanley Mobile App. The ability to view all of your assets together provides the opportunity to advise on your accounts with your entire financial picture in mind.
Access our Total Wealth View Client GuideTax Efficient Strategies
Here at Morgan Stanley, we strive to simplify complex financial ideas so that our clients understand what is being done on their behalf to plan for their financial future. We want to provide our clients with as many resources as possible so they can stay informed about the latest market trends, outlooks, and breakdowns. The links below provide detailed analysis on interesting topics that are affecting the finance and business worlds.
How to Access Your Tax Forms
How to Access Your Tax Forms
1. Log into your account via Morgan Stanley Online
2. Click the Accounts tab
3. Select the Documents tab
4. Go to the Statement drop-down tab
5. Select Tax Documents and download them
Click Here to Log In to Morgan Stanley Online1. Log into your account via Morgan Stanley Online
2. Click the Accounts tab
3. Select the Documents tab
4. Go to the Statement drop-down tab
5. Select Tax Documents and download them
2026 Federal Tax Tables
The 2026 tax rate schedule, including standard deductions for various filing statuses and additional deductions for non itemizers.
Click to Access Tables
Tax-Smart Strategies for Retirement
Looking for ideas on how to be more tax efficient when planning for your retirement?
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Are You Prepared for Tax Day?
The countdown to Tax Day has begun. Here are some strategies to consider as the deadline approaches.
Click Here to Learn MoreLocation
333 John Carlyle St
Suite 650
Alexandria, VA 22314
US
Direct:
(703) 739-3674(703) 739-3674
Toll-Free:
(800) 336-5405(800) 336-5405
Meet The LDB Group
John Pion
Financial Advisor
Phone:
(802) 652-6043(802) 652-6043
Charlotte S. McGhee
Portfolio Associate
Phone:
(703) 739-3663(703) 739-3663
About David Berberian
David Berberian is a second-generation Financial Advisor with over 15 years of experience in the financial services industry. In 2013, David joined Morgan Stanley and partnered with his father Larry to form The LDB Group at Morgan Stanley. David takes a great deal of pride in continuing the tradition of excellence and integrity that The LDB Group has brought to individuals and families in helping them pursue their financial goals.
With David, clients can expect to receive highly personalized financial advice, a disciplined approach, and a high level of service and support. His ability to communicate complex financial concepts in a clear and concise manner allows clients to make informed and thoughtful decisions to advance their long-term objectives. David derives deep satisfaction from helping clients work towards their long-term goals and seeing their hard work pay off. David was drawn to his profession as a financial advisor through his passion for following equity markets and his desire to serve others. During his tenure at the firm, David earned Alternative Investments Director and Insurance Planning Director designations within Morgan Stanley.
David’s financial services career began at Citibank based out of New York City, in their Operations and Technology sector. He graduated from Boston College, Wallace E. Carroll School of Management, with a Bachelor of Science Degree in Management and concentrations in Finance and Economics.
David is a native of the DC metro area. He grew up in Fairfax Station, Virginia, and attended Gonzaga College High School. David currently resides in the Capitol Hill neighborhood of Washington, DC. Outside of work, David and his wife, Anne, enjoy neighborhood strolls with their dog Frank, traveling the globe, and subjecting themselves to the ups and downs of Washington sports fandom.
With David, clients can expect to receive highly personalized financial advice, a disciplined approach, and a high level of service and support. His ability to communicate complex financial concepts in a clear and concise manner allows clients to make informed and thoughtful decisions to advance their long-term objectives. David derives deep satisfaction from helping clients work towards their long-term goals and seeing their hard work pay off. David was drawn to his profession as a financial advisor through his passion for following equity markets and his desire to serve others. During his tenure at the firm, David earned Alternative Investments Director and Insurance Planning Director designations within Morgan Stanley.
David’s financial services career began at Citibank based out of New York City, in their Operations and Technology sector. He graduated from Boston College, Wallace E. Carroll School of Management, with a Bachelor of Science Degree in Management and concentrations in Finance and Economics.
David is a native of the DC metro area. He grew up in Fairfax Station, Virginia, and attended Gonzaga College High School. David currently resides in the Capitol Hill neighborhood of Washington, DC. Outside of work, David and his wife, Anne, enjoy neighborhood strolls with their dog Frank, traveling the globe, and subjecting themselves to the ups and downs of Washington sports fandom.
Securities Agent: VT, AK, NV, NC, LA, KY, GA, FL, CA, TN, SC, RI, NH, IL, AZ, WA, UT, NY, KS, WV, IN, IA, TX, PA, MN, MI, MA, DC, AL, MT, MD, OR, NJ, CO, AR, WI, OK, OH, ID, HI, DE, VA; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1395632
NMLS#: 1395632
About John Pion
John Pion has a decade of experience in finance, investment management, and management consulting. He brings a distinctive background in impact investing and private markets to his work with clients. John joined Morgan Stanley and the LDB Group in June 2026. He has partnered with his brother-in-law, David Berberian, to help steward the family tradition of integrity and excellence that The LDB Group has brought to guiding its clients in pursuing their financial goals. John was drawn to the profession through his desire to serve others and help clients navigate the financial decisions that matter most to them with clarity and confidence.
Prior to joining Morgan Stanley, John served as Director of Investments at Social Finance, an impact investing firm, where he led the sourcing, due diligence, and execution of private fund investments spanning private credit, growth equity, and real assets. He co-led the development of an open-ended fund of funds that attracted private capital from foundations, donor-advised funds, financial institutions, and family offices, and managed the fund's ongoing portfolio and asset allocation strategy. He also advised community foundations on place-based impact investment opportunities.
Before Social Finance, John was a Consultant in Deloitte's Strategy and Analytics practice, where he advised clients in healthcare and transportation on market entry strategy, revenue cycle optimization, and commercialization planning.
John graduated summa cum laude from Boston College with a B.A. in Economics and earned membership to the Alpha Sigma Nu Jesuit Honor Society.
Outside of work, John and his wife, Molly, have one child. John is an avid runner, skier, and maple syrup producer at his family's operation in Vermont.
Prior to joining Morgan Stanley, John served as Director of Investments at Social Finance, an impact investing firm, where he led the sourcing, due diligence, and execution of private fund investments spanning private credit, growth equity, and real assets. He co-led the development of an open-ended fund of funds that attracted private capital from foundations, donor-advised funds, financial institutions, and family offices, and managed the fund's ongoing portfolio and asset allocation strategy. He also advised community foundations on place-based impact investment opportunities.
Before Social Finance, John was a Consultant in Deloitte's Strategy and Analytics practice, where he advised clients in healthcare and transportation on market entry strategy, revenue cycle optimization, and commercialization planning.
John graduated summa cum laude from Boston College with a B.A. in Economics and earned membership to the Alpha Sigma Nu Jesuit Honor Society.
Outside of work, John and his wife, Molly, have one child. John is an avid runner, skier, and maple syrup producer at his family's operation in Vermont.
Securities Agent: OH, AZ, MS, WI, VI, TX, NV, NE, KY, WA, PA, OK, MI, KS, IN, DE, WY, TN, MD, HI, DC, CO, AL, VT, UT, RI, ID, OR, NY, ND, MT, IA, AR, WV, SC, LA, GA, CA, AK, VA, SD, NH, PR, NM, NC, MN, ME, MA, FL, NJ, MO, IL, CT; General Securities Representative; Investment Advisor Representative
About Charlotte S. McGhee
Charlotte McGhee brings over 30 years of experience in the financial services industry to her role as the anchor of The LDB Group. Her deep institutional knowledge — built over decades within the firm — allows her to navigate complex situations efficiently and help ensure clients receive a high level of service at every step of their financial journey.
Charlotte's primary focus is service and relationship management, and she is the steady, energetic presence that clients turn to when they need answers. Her ability to build lasting, trusted relationships has made her an essential part of the practice's continuity — the person who aims to ensure no detail is missed and no client question goes unanswered.
Charlotte holds FINRA Series 6, 7, 9, 10, and 66 licenses, as well as a Life, Health, and Annuities insurance license. She graduated from the University of Maryland University College with a Bachelor’s degree in Business Administration.
Charlotte's primary focus is service and relationship management, and she is the steady, energetic presence that clients turn to when they need answers. Her ability to build lasting, trusted relationships has made her an essential part of the practice's continuity — the person who aims to ensure no detail is missed and no client question goes unanswered.
Charlotte holds FINRA Series 6, 7, 9, 10, and 66 licenses, as well as a Life, Health, and Annuities insurance license. She graduated from the University of Maryland University College with a Bachelor’s degree in Business Administration.
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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
Rick Baray
Vice President, Financial Planning Director
About Rick Baray
Rick Baray is a vice president and financial planning director, serving Morgan Stanley’s Wealth Management offices in Northern Virginia and Western Maryland. He is responsible for helping financial advisors with their clients’ and prospects’ financial planning needs.
Rick began his career in financial services in 2008 and joined Morgan Stanley in 2024. Prior to his current position, he was the head of financial planning for a local wealth management firm, specializing in clients that are in or near retirement.
Rick holds a bachelor’s degree in financial services, with a specialization in personal financial planning, from San Diego State University. He furthered his education by earning both a Master of Business Administration (MBA) and a Master of Advanced Finance degree from IE Business School in Madrid, Spain. Rick is both a CFA charter holder and CERTIFIED FINANCIAL PLANNER™, combining rigorous quantitative skills with practical expertise. He takes pride in his ability to translate complex topics into clear, actionable insights for clients and colleagues.
Rick has resided in Washington, D.C. since 2020. Outside of his professional life, Rick is passionate about fitness and is a devoted animal lover. He shares his home with his three beloved dogs, who are an essential part of his life and bring him great joy.
DISCLOSURE:
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
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.
© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.
Rick began his career in financial services in 2008 and joined Morgan Stanley in 2024. Prior to his current position, he was the head of financial planning for a local wealth management firm, specializing in clients that are in or near retirement.
Rick holds a bachelor’s degree in financial services, with a specialization in personal financial planning, from San Diego State University. He furthered his education by earning both a Master of Business Administration (MBA) and a Master of Advanced Finance degree from IE Business School in Madrid, Spain. Rick is both a CFA charter holder and CERTIFIED FINANCIAL PLANNER™, combining rigorous quantitative skills with practical expertise. He takes pride in his ability to translate complex topics into clear, actionable insights for clients and colleagues.
Rick has resided in Washington, D.C. since 2020. Outside of his professional life, Rick is passionate about fitness and is a devoted animal lover. He shares his home with his three beloved dogs, who are an essential part of his life and bring him great joy.
DISCLOSURE:
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
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.
© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
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.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
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.
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
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- 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
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Iran Conflict: Seven Takeaways for Investors
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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
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- 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
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Ready to start a conversation? Contact The LDB Group today.
1Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2When 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.
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.
4Alternative 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.
5Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
6Morgan 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
7Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
8Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
10Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
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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.
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Awards Disclosures | Morgan Stanley
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2When 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.
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.
4Alternative 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.
5Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
6Morgan 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
7Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
8Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
10Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
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Awards Disclosures | Morgan Stanley
CRC 4665150 (8/2025), 4763067 (9/2025)
