Beth Ann Mahanger, CFP®
Senior Vice President, Financial Advisor, Family Wealth Director, Portfolio Management Director
Phone:
(607) 274-8521(607) 274-8521
The Lenroc Team at Morgan Stanley
Direct:
(607) 274-8532(607) 274-8532
Toll-Free:
(800) 633-6336(800) 633-6336
Our Mission Statement
Our team, backed by Morgan Stanley resources, helps people make smart decisions with their money.
Welcome Message
Welcome to the Lenroc Team at Morgan Stanley. We are an Ithaca-based team serving clients nationwide, helping people make smart decisions around money. We take time to understand our clients’ full stories and work side-by-side during life’s big moments. Whether your needs involve retirement and estate planning strategy, selling a business, or investment management, our team has the knowledge, resources, and disciplined process to help guide you throughout your journey.
We believe success in achieving important financial goals begins with a clear, personalized strategy. Our process defines what is most important to you and formulates a personal plan—whether you are accumulating wealth to strengthen your retirement plan or developing a distribution approach designed to support your lifestyle and legacy goals. Helping you achieve the most from your investments is our priority.
Morgan Stanley provides access to a broad range of investment solutions and research across global markets. Our role is to translate those resources into clear, actionable guidance tailored to your goals and preferences. Together, we will formulate a strategy designed to increase the likelihood of your success, delivered in a personalized manner. Our disciplined process helps keep you on track—so you can focus entirely on what you enjoy most in life.
We believe success in achieving important financial goals begins with a clear, personalized strategy. Our process defines what is most important to you and formulates a personal plan—whether you are accumulating wealth to strengthen your retirement plan or developing a distribution approach designed to support your lifestyle and legacy goals. Helping you achieve the most from your investments is our priority.
Morgan Stanley provides access to a broad range of investment solutions and research across global markets. Our role is to translate those resources into clear, actionable guidance tailored to your goals and preferences. Together, we will formulate a strategy designed to increase the likelihood of your success, delivered in a personalized manner. Our disciplined process helps keep you on track—so you can focus entirely on what you enjoy most in life.
Services Include
- Wealth PlanningFootnote1
- Retirement PlanningFootnote2
- Estate Planning StrategiesFootnote3
- Life InsuranceFootnote4
- Long-term Care InsuranceFootnote5
- Philanthropic ManagementFootnote6
- Planning for Education FundingFootnote7
- Cash Management and Lending ProductsFootnote8
- Professional Portfolio ManagementFootnote9
- Executive Financial ServicesFootnote10
- 401(k) Rollovers
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
At The Lenroc Team at Morgan Stanley, we work with individuals and families in Ithaca and across the country who want a clear plan and a disciplined investment strategy. We take time to understand your full story and help you make smart decisions with your money —especially during life's big moments.
- How do I create a retirement income plan that lasts?
- What's the most tax-efficient way to withdraw from IRA, Roth and taxable accounts?
- What should I do financially before selling my business?
- How can a business owner reduce taxes and diversify after a liquidity event?
- How do we plan for multigenerational wealth transfer and family legacy?
- How can we fund education for children and grandchildren without derailing retirement goals?
- How can I invest more tax-efficiently in a taxable brokerage account?
- Should I prioritize retirement savings, college funding or paying down debt?
- What should I do after receiving an inheritance?
- Do I need a financial advisor after divorce or the loss of a spouse?
Retirees & Pre-Retirees
You've spent years building wealth—now the focus is turning it into a retirement income plan you can rely on. We help connect the dots between income planning, tax-aware investing and long-term legacy goals so decisions feel coordinated, not piecemeal.
Questions we hear:
Business Owners & Entrepreneurs
Business owners often manage "two financial lives" at once—personal and business. We help bring structure to planning around growth, succession and potential liquidity events, so you can make decisions with more confidence before and after a major milestone.
Questions we hear:
Families & Multigenerational Planning
For many families, wealth is about stewardship across generations. We help align education funding, legacy planning and long-term investment strategy so your wealth can support today's priorities and tomorrow's goals.
Questions we hear:
Corporate Executives & Busy Professionals with Complex Planning Needs
High earners often have strong income but competing priorities—retirement savings, taxes, education costs and long-term goals—plus limited time to coordinate it all. We help simplify decisions with a planning process that connects cash flow, investment strategy and long-term outcomes.
Questions we hear:
Individuals Navigating a Transition
Transitions can be emotional and complex—inheritance, divorce, loss of a spouse, a career change, relocation or a sudden shift in financial responsibility. We help clients move from uncertainty to a clear plan by focusing on thoughtful next steps, not rushed decisions.
Questions we hear:
What it’s like to work with The Lenroc Team
At The Lenroc Team at Morgan Stanley, we help people make smart decisions with their money—by starting with your full story, not just your accounts. We’re Ithaca-based, but we work with clients nationally, and we’re built to support you through life’s big moments—whether that means retirement and estate planning, selling a business, or ongoing investment management.
We believe the best outcomes start with a comprehensive strategy and a disciplined process: we define what matters most to you, build a coordinated plan, and then help you implement it—so you can stay focused on what you enjoy most in life.
We believe the best outcomes start with a comprehensive strategy and a disciplined process: we define what matters most to you, build a coordinated plan, and then help you implement it—so you can stay focused on what you enjoy most in life.
1) Discovery Conversation: Your story, your goals, your priorities
We start by listening. We’ll talk through what’s most important to you, what you’re working toward, and what’s on your mind—so we understand your goals in the context of your life.
2) Organize & Clarify: Bring your financial life into one clear picture
Next, we consolidate the details. We review key aspects of your financial life—such as accounts, cash flow, workplace benefits, insurance coverage, and, when applicable, estate documents—to help identify potential gaps, opportunities, and priorities.
3) Strategy & Planning: Build a comprehensive strategy and personal plan
Then we build a comprehensive strategy aligned to what matters most to you. That may include investment management, retirement planning, and legacy priorities—and we coordinate tax-related planning with your tax advisor as appropriate.
4) Implementation: Put the strategy to work
Once the strategy is clear, we assist you in implementing it—by setting up appropriate accounts and solutions, aligning investments with the plan, and establishing a service approach that suits your needs.
5) Ongoing Review: Stay on track through life’s big moments
Life changes. Markets change. Priorities evolve. We remain engaged with regular reviews to monitor progress and make adjustments, helping to ensure your plan continues to align with your goals over time.
Your questions. Our perspective. Morgan Stanley research—made easier to follow.
Clear, timely perspectives on the markets—and what they may mean for you.
We know headlines move fast and financial topics can feel complex. In Lenroc Answers, we share Morgan Stanley insights and research designed to help you stay informed on the trends shaping the economy, markets, and investing landscape—so you can make decisions with greater confidence.
GIC Weekly
At The Lenroc Team, we believe informed decisions start with clear, credible research. The GIC Weekly from Morgan Stanley Wealth Management's Global Investment Committee (GIC) provides a concise snapshot of key market and economic developments, investment themes, and what investors may be watching in the week ahead.
Use this weekly update to stay current on market conditions—and bring any questions to your next conversation with our team
On the Markets (Global Investment Committee)
Looking for clear perspective beyond the headlines? On the Markets is a regularly published report from Morgan Stanley Wealth Management's Global Investment Committee (GIC) that explores timely themes shaping the economy, markets, and investment strategy. Each edition offers actionable context on what's driving market moves and what investors may want to watch next—so you can stay informed and come prepared for planning conversations with The Lenroc Team.
U.S. Policy Pulse
We're sharing U.S. Policy Pulse, a Morgan Stanley Wealth Management publication that tracks key developments in Washington policy and politics and highlights potential implications for the economy, markets, taxes, and investors. Each edition is designed to be a quick, practical read—helping you stay current on policy themes that may influence financial planning and investment decisions.
Thoughts on the Market Podcast
Prefer insights you can absorb in just a few minutes? Thoughts on the Market is Morgan Stanley's podcast featuring short, timely takes on the forces shaping markets—often released on weekdays and delivered from a range of perspectives across the firm. Episodes cover topics like the economy, rates, equities, global events, and major investment themes, making it an easy way to stay informed between meetings and market headlines.
Have a question you'd like us to address?
AWARD-WINNING WEALTH MANAGEMENT. FOCUSED ON YOU.
With the guidance of a Morgan Stanley Financial Advisor and the strength of a five-time award-winning wealth management platform<sup> <a href="#wm-disclosure-1" class="Link--underline"> <span class="sr-only">Footnote</span> 1 </a> </sup>, you can build, preserve, and manage your wealth with precision and purpose. For every stage of your financial journey.
Tax-Smart Solutions
Leading tax optimization capabilities\<sup\> \<a href="#wm\-disclosure\-2" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 2 \</a\> \</sup\> designed to deliver year\-round tax management with an eye toward reducing taxes and boosting after\-tax returns.
Seamless Cash Management Integration
A comprehensive, coordinated strategy with access to competitive yields, flexible financing options, and exclusive cash management resources.
Premier Risk Management and Cyber Defense
Industry\-acclaimed risk management tools\<sup\> \<a href="#wm\-disclosure\-3" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 3 \</a\> \</sup\> to help drive smarter portfolio decisions. In\-house team of cybersecurity experts dedicated to help protect you from cyber threats.
Personalized Legacy Planning
Guidance from experienced professionals across estate, trust, philanthropy, and financial planning to help preserve and grow your legacy.
An Industry-Leading Platform
Expert insights from 500+ equity analysts to help unlock your portfolio's potential and investment guidance.
Liquidity When You Need It
Industry\-leading securities\-based lending solutions to help access liquidity without selling assets or disrupting your investment strategy.\<sup\> \<a href="#wm\-disclosure\-4" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 4 \</a\> \</sup\>
Robust Concentrated Stock Solutions
Powerful tools and strategies to help manage concentrated stock positions and look to optimize portfolio outcomes.
Alternatives & Private Markets Access
A comprehensive alternative investments platform offering tailored solutions, early access to select offerings, and competitive pricing structures. Exclusive private market and pre\-IPO opportunities that were previously reserved for institutions.
Location
130 East Seneca St
Suite 500
Ithaca, NY 14850
US
Direct:
(607) 274-8532(607) 274-8532
Toll-Free:
(800) 633-6336(800) 633-6336
Fax:
(607) 274-8555(607) 274-8555
Meet The Lenroc Team
Jeremy Downs
Vice President, Financial Advisor, Senior Portfolio Manager
Phone:
(607) 274-8532(607) 274-8532
Marissa Carey
Financial Advisor, Financial Planning Specialist, Portfolio Manager
Phone:
(607) 274-8501(607) 274-8501
Phone:
(607) 274-8519(607) 274-8519
Crista Gee
Senior Registered Client Service Associate
Phone:
(607) 274-8512(607) 274-8512
Drake Grizenko
Client Service Associate
Phone:
(607) 274-8507(607) 274-8507
About Beth Ann Mahanger
Raised west of Rochester, NY, Beth Ann Mahanger, CFP® came to Ithaca to attend Cornell University in 1984. With a wide range of interests, she pursued an independent studies major in Cornell’s College of Human Ecology and spent a semester in New York City during her senior year exploring the fashion and design industry—before returning to the pace and lifestyle of Upstate New York.
Beth joined Morgan Stanley in 2014 and brings 25+ years of experience in personal finance. She is the lead advisor of The Lenroc Team at Morgan Stanley, where she serves as Senior Vice President, Family Wealth Director, Portfolio Management Director, and Financial Advisor. As a CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Beth is trained in comprehensive financial planning and uses a planning-led approach to help clients make smart decisions with their money—especially during life’s big moments—by connecting the moving pieces of their financial lives into one coordinated strategy. That includes retirement income planning, tax-aware investing, and long-term legacy goals so decisions feel intentional, not reactive.
Beth is now primarily located in Florida, and she travels back to Ithaca often to stay closely connected to clients and the community. She is proud of how her mixed-racial background has shaped her perspective and her understanding of modern financial plans that can help meet clients’ cultural, financial, and social ambitions.
Beth’s volunteer and community involvement has included the Tompkins County Public Library Foundation, the Child Development Council, the McGraw House, the Ithaca Montessori School, Cornell’s College of Human Ecology, and serving as President of the Cornell Club of the Ithaca Area (CCIA). She is also a sustaining member of the President’s Council of Cornell Women (PCCW). Away from her desk, Beth enjoys time with her children, AJ and Alaina, as well as yoga, and the occasional round of golf.
Beth joined Morgan Stanley in 2014 and brings 25+ years of experience in personal finance. She is the lead advisor of The Lenroc Team at Morgan Stanley, where she serves as Senior Vice President, Family Wealth Director, Portfolio Management Director, and Financial Advisor. As a CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Beth is trained in comprehensive financial planning and uses a planning-led approach to help clients make smart decisions with their money—especially during life’s big moments—by connecting the moving pieces of their financial lives into one coordinated strategy. That includes retirement income planning, tax-aware investing, and long-term legacy goals so decisions feel intentional, not reactive.
Beth is now primarily located in Florida, and she travels back to Ithaca often to stay closely connected to clients and the community. She is proud of how her mixed-racial background has shaped her perspective and her understanding of modern financial plans that can help meet clients’ cultural, financial, and social ambitions.
Beth’s volunteer and community involvement has included the Tompkins County Public Library Foundation, the Child Development Council, the McGraw House, the Ithaca Montessori School, Cornell’s College of Human Ecology, and serving as President of the Cornell Club of the Ithaca Area (CCIA). She is also a sustaining member of the President’s Council of Cornell Women (PCCW). Away from her desk, Beth enjoys time with her children, AJ and Alaina, as well as yoga, and the occasional round of golf.
Securities Agent: DC, VT, PA, AZ, WI, ME, IL, SC, OH, CO, CA, DE, WA, OR, NC, MD, GA, AL, UT, MS, NJ, NH, MN, CT, NY, MA, FL, RI, VA, TX, MT, MO, MI, ID; General Securities Representative; Investment Advisor Representative
NMLS#: 1262043
NMLS#: 1262043
About Jeremy Downs
Jeremy graduated from Cornell University in 2005 with a degree in Applied Economics and Management. He was a Dean’s List student and a four-year varsity letterman on Cornell’s nationally ranked hockey team. After graduation, Jeremy continued playing hockey professionally in the United States and Europe before returning to Ithaca, where he began his off-ice career helping start-up companies grow their businesses.
In 2014, Jeremy joined Morgan Stanley and co-founded The Lenroc Team with Beth Mahanger. As a Senior Portfolio Manager, he helps clients translate a clear plan into a disciplined investment strategy—grounded in the team’s planning-led process of understanding a client’s full story, organizing the moving pieces of their financial life, building a coordinated strategy, and staying engaged through ongoing reviews as life and markets change. His work supports the planning priorities reflected across the team’s client focus areas, including retirement income planning, tax-aware investing, long-term legacy goals, and guidance through major transitions.
Jeremy lives in Lansing, NY with his wife Billie and their three sons, Dakota, Dyson, and Declan. Away from the office, he is active in the community through the Cornell Alumni Association of the Ithaca Area, serves on the board of the Suicide Prevention Foundation, is a “Dream Team” member on Ithaca’s Coaches vs. Cancer Committee, and volunteers as a youth hockey coach. In his spare time, Jeremy enjoys working on his home, fishing, and spending time at his children’s activities.
In 2014, Jeremy joined Morgan Stanley and co-founded The Lenroc Team with Beth Mahanger. As a Senior Portfolio Manager, he helps clients translate a clear plan into a disciplined investment strategy—grounded in the team’s planning-led process of understanding a client’s full story, organizing the moving pieces of their financial life, building a coordinated strategy, and staying engaged through ongoing reviews as life and markets change. His work supports the planning priorities reflected across the team’s client focus areas, including retirement income planning, tax-aware investing, long-term legacy goals, and guidance through major transitions.
Jeremy lives in Lansing, NY with his wife Billie and their three sons, Dakota, Dyson, and Declan. Away from the office, he is active in the community through the Cornell Alumni Association of the Ithaca Area, serves on the board of the Suicide Prevention Foundation, is a “Dream Team” member on Ithaca’s Coaches vs. Cancer Committee, and volunteers as a youth hockey coach. In his spare time, Jeremy enjoys working on his home, fishing, and spending time at his children’s activities.
Securities Agent: GA, WI, UT, OR, DE, CO, CA, NY, MA, CT, TX, SC, OH, MS, ME, VT, NC, DC, VA, MO, MI, ID, NJ, MT, MN, IL, MD, FL, AZ, AL, RI, WA, PA, NH; General Securities Representative; Investment Advisor Representative
NMLS#: 1479433
NMLS#: 1479433
About Marissa Carey
Marissa was born and raised in Watkins Glen, NY and earned associate degrees in Business Administration and Humanities and Social Sciences from Corning Community College (SUNY) before completing her bachelor’s degree in accounting at SUNY Brockport. Her love of numbers and attention to detail carried into her early career at an independent investment advisory firm in Rochester, where she quickly earned her Series 7 and Series 66 licenses and took on responsibility for managing the office.
Wanting to be closer to family in Watkins Glen ultimately led Marissa to The Lenroc Team at Morgan Stanley in August 2017. Today, she serves as a Financial Advisor, Financial Planning Specialist, and Portfolio Manager, and holds the Series 9 and Series 10 licenses. As a Financial Planning Specialist, Marissa helps clients bring their financial life into one clear picture and supports the team’s planning process by turning goals into an organized, actionable strategy—so decisions around retirement, taxes, and long-term priorities feel clear and coordinated over time.
Away from the office, Marissa enjoys spending time with family and friends, boating, and exploring the Finger Lakes. She lives in Montour Falls with her husband Trevor, their two children Myla and Callen, and their dogs Beau and Ollie.
Wanting to be closer to family in Watkins Glen ultimately led Marissa to The Lenroc Team at Morgan Stanley in August 2017. Today, she serves as a Financial Advisor, Financial Planning Specialist, and Portfolio Manager, and holds the Series 9 and Series 10 licenses. As a Financial Planning Specialist, Marissa helps clients bring their financial life into one clear picture and supports the team’s planning process by turning goals into an organized, actionable strategy—so decisions around retirement, taxes, and long-term priorities feel clear and coordinated over time.
Away from the office, Marissa enjoys spending time with family and friends, boating, and exploring the Finger Lakes. She lives in Montour Falls with her husband Trevor, their two children Myla and Callen, and their dogs Beau and Ollie.
Securities Agent: SC, ME, DE, OH, ID, MO, AZ, TX, NH, MS, AL, FL, CO, VA, NY, MD, CA, MI, VT, PA, MT, MA, DC, RI, WI, WA, UT, OR, NC, MN, IL, GA, CT, NJ; BM/Supervisor; General Securities Representative; Investment Advisor Representative
NMLS#: 2487692
NMLS#: 2487692
About William Currie
An experienced Financial Advisor, Bill Currie has provided advice, guidance and personal service to private clients for more than 30 years with the local office of Morgan Stanley. Bill is a registered investment professional, who has earned further distinctions as a Financial Planning Specialist, Investment Management Consultant and has achieved acceptance in the firm’s Portfolio Management program. He also previously served as the Resident Manager of the local office. Bill strives to establish long-term relationships with clients and is committed to serving the individual needs of each client through a disciplined approach developed over years of experience.
Securities Agent: ID, CO, MO, MA, NJ, IN, VT, VA, OR, MD, HI, CA, WI, MN, KS, DC, AZ, WA, OH, MS, UT, TX, SC, NH, NC, KY, CT, AL, NV, MT, MI, GA, NY, DE, RI, PA, NM, ME, IL, FL; BM/Supervisor; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 616645
NMLS#: 616645
About Crista Gee
Crista Gee is a Senior Registered Client Service Associate with over 40 years of experience supporting clients and advisors through the day-to-day details that keep a wealth management relationship running smoothly. Crista began her career in the industry in 1983 with Shearson Lehman Brothers Holding, a predecessor firm of Morgan Stanley, where she built a deep foundation in back-office operations as a wire operator before moving into client-facing roles.
Over the years, Crista has served as a Sales Assistant and later as a Branch Administrator, developing a reputation for steady leadership, strong follow-through, and a client-first mindset. In 2004, she earned her Series 7 and Series 63 licenses and became a Registered Client Service Associate, strengthening her ability to support clients with both service and operational needs.
At The Lenroc Team at Morgan Stanley, Crista plays a key role in delivering the team’s planning-led experience—aiming to help ensure clients feel supported, organized, and well-served as the team coordinates the moving pieces of their financial lives and stays engaged through life’s big moments.
Outside the office, Crista and her husband Ed enjoy camping and fishing, and are avid motorcycle enthusiasts who participate in several charity rides each year.
Over the years, Crista has served as a Sales Assistant and later as a Branch Administrator, developing a reputation for steady leadership, strong follow-through, and a client-first mindset. In 2004, she earned her Series 7 and Series 63 licenses and became a Registered Client Service Associate, strengthening her ability to support clients with both service and operational needs.
At The Lenroc Team at Morgan Stanley, Crista plays a key role in delivering the team’s planning-led experience—aiming to help ensure clients feel supported, organized, and well-served as the team coordinates the moving pieces of their financial lives and stays engaged through life’s big moments.
Outside the office, Crista and her husband Ed enjoy camping and fishing, and are avid motorcycle enthusiasts who participate in several charity rides each year.
About Drake Grizenko
Drake graduated from SUNY Empire State College with a degree in Business, Management, and Economics. He joined The Lenroc Team at Morgan Stanley in the summer of 2025 as a Client Service Associate and is currently working toward becoming a Registered Client Service Associate. In his role, Drake is focused on delivering a smooth, responsive client experience—helping keep day-to-day service needs on track and supporting the team’s planning-led process so clients feel supported through life’s big moments. This aligns with the team’s commitment to helping clients make smart decisions with their money by starting with their full story and coordinating the moving pieces over time.
Drake lives in Montour Falls with his wife, Sierra, and their two children, Henry and Amelia. He is actively involved in his community and volunteers at his church, where he helps run the Kids Club by organizing games and activities for children. Outside of work, Drake enjoys playing disc golf and spending quality time with his family, many of whom live nearby.
Drake lives in Montour Falls with his wife, Sierra, and their two children, Henry and Amelia. He is actively involved in his community and volunteers at his church, where he helps run the Kids Club by organizing games and activities for children. Outside of work, Drake enjoys playing disc golf and spending quality time with his family, many of whom live nearby.
Contact Beth Ann Mahanger
Contact Jeremy Downs
Contact Marissa Carey
Contact William Currie
Wealth Management
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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
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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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
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 Lenroc Team today.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
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Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
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5Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
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Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
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.
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.
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.
3Morgan 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.
4Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
5Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
6Products 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.
7When 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.
8Morgan 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
9Morgan 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.
10Morgan 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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4665150 (8/2025), 5378280 (5/2026)
