Joshua Malkin
Managing Director, Private Wealth Management, Private Wealth Advisor, Portfolio Management Director, Founders Specialist
Phone:
(212) 893-6530(212) 893-6530
Morgan Stanley Private Wealth Management
The Malkin Group
Our Mission Statement
Delivering the experience, resources and personalized service needed to help affluent families address their most complex wealth management issues.
Barron's Top 250 Private Wealth Management Teams 2024-2026*
Barron's Top 250 Private Wealth Management Teams 2024-2026*
Our Story & Services
Welcome to The Malkin Group at Morgan Stanley Private Wealth Management.
At The Malkin Group, we operate as your personal Chief Financial Officer, taking a comprehensive and strategic approach to managing your financial life. We organize and oversee all aspects of your wealth, coordinating seamlessly with your attorneys, accountants, and insurance representatives. Our mission is to simplify complexity, alleviate stress, and help you achieve clarity and confidence in your financial decisions.
Whether it is asset and liability management, estate planning, or investment strategy, we are deeply committed to providing personalized guidance tailored to your unique needs. With a focus on high net worth and ultra-high net worth individuals, our team of experienced professionals, including three Certified Financial Planners, offers deep expertise and access to the powerful resources of Morgan Stanley Private Wealth Management.
Our Services Include:
- Investment Management: Comprehensive portfolios spanning equities, fixed income, currencies, commodities, and alternative investments
- Lending Solutions: Including mortgages, portfolio credit lines, and more
- Estate & Financial Planning: Strategic advice supported by trusted third-party legal experts and Morgan Stanley's planning resources
- Insurance Strategy: Insurance-licensed advisors leveraging Morgan Stanley's third party insurance platform
- Corporate Executive Services: Specialized guidance on RSUs, PSUs, and stock option plan analysis
- Professional Collaboration: We join client meetings with attorneys, accountants, and insurance professionals to ensure alignment and reduce your workload
We are a team of financial professionals united by one common goal: to help you face the challenges and embrace the opportunities that come with managing significant wealth.
We look forward to working with you.
*Named one of Barron's Top 250 Private Wealth Management Teams in 2024-2026
Source: barrons.com (Awarded 2024-2026) Data compiled by Barron's based on a 12-month time period concluding in December of the year prior to the issuance of the award.
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
About PWM
Founded in 1977, Private Wealth Management is the division of Morgan Stanley Wealth Management that is dedicated to serving the firm’s most affluent clients, including some of the world’s most accomplished entrepreneurs, executives and stewards of multigenerational wealth. Functioning as an exclusive investment boutique within a global financial firm, we deliver sophisticated solutions that leverage the intellectual capital and insight of Morgan Stanley’s substantial global resources. Drawing on a deep understanding of your financial life, our goal is to help you:
- Manage investments with an unwavering focus on your financial strategy and personal goals
- Create comprehensive, multigenerational wealth management plans based on your needs, challenges and the values that guide your life and legacy
- Simplify financial complexity to help you achieve clarity and control
Private Wealth Management Highlights
- Approximately 300 teams specialized in assisting individuals and families with $20MM+ in investable assets
- Over $1.2 trillion in AUM
- Comprising 26% of the Barron’s Top 100 Financial Advisors list for 2025
- Direct access to ultra high net worth experts in philanthropy, family dynamics, wealth transfer, lifestyle advisory and other areas of interest to ultra high net worth families
1 Morgan Stanley Wealth Management, September 2025
Source: Barron's (Awarded March 2025) This ranking was determined based on an evaluation process conducted by Barron's for the period Oct 2023-Sept 2024. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to Barron's to obtain or use the ranking. This ranking is based on an algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the assessment of Barron's and may not be representative of any one client’s experience. This ranking is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with Barron's. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.
Approach
Discovery Process
Investing the time to learn about you and your family; your assets and liabilities and the risk exposures, enables us to formulate strategies and customize the relationship to your needs.
Formulation of Tax, Trust and Estate Strategy
Working with your tax and legal advisors, we help analyze your income and estate tax circumstances to identify and tailor planning techniques that may be used to address your objectives.
Creation of Customized Strategic Asset Allocation
Your customized asset allocation reflects risk, opportunities and taxation across multiple entities, while integrating your investing and estate plans.
Integration of Tactical Asset Allocation
Short-term adjustments seek to capitalize on temporary market distortions. Before making adjustments, we analyze the impact of taxes and trading costs on potential returns.
Implementation of a Customized Wealth Strategy
After comprehensive due diligence and analysis of expected results across multiple market scenarios, strategies are chosen from our expansive investment platform.
Ongoing Assessment
In coordination with your other advisors, we can conduct ongoing reviews and comprehensive reporting to ensure that your strategy adapts to changing financial and family needs.
Investor Resources
At The Malkin Group, we are committed to making complex financial concepts easier to understand. Our goal is to ensure clients feel confident and informed about the strategies being implemented to support their financial goals. We believe in providing a wealth of resources to help clients stay on market trends, economic outlooks, and key developments,. The linked below offer in-depth analysis on timely topics shaping the world of finance and business.
Thoughts on the Market Podcast
Join Mike Wilson, Chief Investment Officer and Chief US Equity Strategist for Morgan Stanley, as he and his colleagues discuss a variety of viewpoints regarding the latest trends in the financial marketplace.
Listen Here
Hard Lessons
Iconic investors sit down with Morgan Stanley leaders to go behind the scenes on the critical moments – both successes and setbacks – that shaped who they are today.
Listen Here
Exceptional Leaders
In this engaging series from Morgan Stanley, experts from across the firm sit down with leaders at world-class companies for insightful conversations covering everything from leadership lessons to foundational changes in industries, markets and society.
Listen here
2H 2026 Market Signals: Rates, Earnings and Private Markets
Our market signals for stocks, bonds and alternatives in the second half of 2026 indicate growth, inflation and interest rates should settle at higher levels.
Learn More
7 Ways to Invest in the Growing Space Economy
Investor interest in space is surging as NASA’s Artemis program, increased defense spending and private innovation drive growth across the space economy, from materials to satellite services.
Learn More
Lifestyle Advisory by Morgan Stanley
Curated access, integrated guidance and seamless coordination—helping to transform everyday moments into exceptional experiences.
Learn More
The Midterm Election Signals Investors Should Watch
Affordability concerns are shaping the election backdrop, with implications for policy expectations and sectors such as technology and energy.
Learn More
Slimmon's Take: August 2026
In his August 2026 Equity Market Outlook, Andrew Slimmon, Senior Portfolio Manager and the Head of Applied Equity Advisors team, presents recent news in equity markets, analyzes economic indicators, and offers personal insights into bull market trends.
Learn MoreAwards & Recognition
Barron's Top 1,500 Financial Advisors: State-by-State
Joshua D. Malkin was named one of the Top 1,500 Financial Advisors in the U.S. by Barron's in 2026 and has been on the list every year since 2016.
Barron's Top 250 Private Wealth Management Teams
The Malkin Group was named to Barron's Top 250 Private Wealth Teams list 2024-2026.
Morgan Stanley Acknowledgements
Joshua D. Malkin was recognized as one of the top Morgan Stanley Financial Advisors as a Chairman's Club Member in 2026 and has been on the list every year since 2014.
Daniel Bello was recognized as a Pacesetter's Club Member every year from 2015 - 2019.
Morgan Stanley Wealth Management Chairman's and Pacesetter's Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Chairman's and Pacesetter's Club membership is no guarantee of future performance.
Daniel Bello was recognized as a Pacesetter's Club Member every year from 2015 - 2019.
Morgan Stanley Wealth Management Chairman's and Pacesetter's Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Chairman's and Pacesetter's Club membership is no guarantee of future performance.
CFP® - Certified Financial Planner™ (Michael Kane, William Allgeier, Nicholas Nappi & Alan Klipper)
The Certified Financial Planner™ designation is awarded to candidates who have demonstrated extensive knowledge in the areas of Education, Investment, Tax, Retirement, Estate and Insurance planning strategies. CFP® professionals must accrue several years of experience related to delivering financial planning services to clients and pass a comprehensive exam before calling themselves a CFP® Professional and are held to strict ethical standards to help ensure financial planning recommendations are in the best interest of their clients.
Disclosures
Barron's Top 250 Private Wealth Management Teams Source: barrons.com (Awarded 2024-2026) Data compiled by Barron's based on a 12-month time period concluding in December of the year prior to the issuance of the award.
2016-2026 Barron's Top 1,500 Financial Advisors: State-by-State (formerly referred to as Barron's Top 1,200 Financial Advisors: State-by-State)
Source: Barrons.com (Awarded 2016 - 2026). Data compiled by Barron's based on 12-month period concluding in Sept of the year prior to the issuance of the award.
2016-2026 Barron's Top 1,500 Financial Advisors: State-by-State (formerly referred to as Barron's Top 1,200 Financial Advisors: State-by-State)
Source: Barrons.com (Awarded 2016 - 2026). Data compiled by Barron's based on 12-month period concluding in Sept of the year prior to the issuance of the award.
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
399 Park Ave
12th Fl
New York, NY 10022
US
Direct:
(212) 893-6530(212) 893-6530
Meet The Malkin Group
Daniel Bello
Senior Vice President, Private Wealth Advisor, Alternative Investments Director
Phone:
(212) 893-6305(212) 893-6305
Michael Kane, CFP®
Senior Vice President, Financial Advisor, CERTIFIED FINANCIAL PLANNER®
Phone:
(212) 271-0638(212) 271-0638
William Allgeier, CFP®
Vice President, Private Wealth Management, Financial Planning Specialist, Financial Advisor, CERTIFIED FINANCIAL PLANNER®, Chartered Financial Consultant
Phone:
(212) 893-6330(212) 893-6330
Nicholas Nappi, CFP®
Financial Advisor, Financial Planning Specialist, CERTIFIED FINANCIAL PLANNER®
Phone:
(212) 893-6443(212) 893-6443
Joanne Aubry
Senior Client Service Associate
Phone:
(212) 893-6413(212) 893-6413
Alyssa D'Antona
Private Wealth Management Analyst
Phone:
(212) 893-7657(212) 893-7657
Evie Rearden
Registered Client Service Associate
Phone:
(212) 893-6537(212) 893-6537
Troy Straus
Client Service Associate
Phone:
(212) 307-2847(212) 307-2847
Alan Klipper, CFP®
Vice President, Chief of Staff, CERTIFIED FINANCIAL PLANNER®
Phone:
(212) 271-0403(212) 271-0403
About Joshua Malkin
Throughout Josh's time as a financial advisor, he has earned various distinctions, including being named in Barron’s Top 1500 Financial Advisors in the US every year from 2016 - 2026. Josh has been recognized as one of the top Morgan Stanley Financial Advisors every year from 2014 - 2026 as a Chairman’s Club Member. Josh and the team service clients in all facets of wealth management with a focus on investments (including equity, fixed income and alternatives), retirement planning and financial planning.
Josh is the Chief Executive Officer of The Malkin Group, overseeing all investment and financial planning decisions for the team. His financial and legal experience, coupled with the training and knowledge of the other team members, helps guide and shape the recommendations tailored to each client’s personal financial objectives.
Josh received his Bachelor of Science degree at Cornell University and his J.D. degree at Duke University School of Law with magna cum laude and Order of the Coif distinctions. Upon graduating from law school, he worked as a corporate lawyer (currently non-practicing) at Davis Polk & Wardwell. He is Series 7, 31 and 66 registered and insurance licensed.
A strong advocate of giving back to the community, Josh participates with numerous foundations on philanthropic endeavors, along with coaching town travel and recreation sports teams. He enjoys playing basketball and golf, and, most importantly, spending time with his children. He currently resides in Old Tappan, NJ.
Josh is the Chief Executive Officer of The Malkin Group, overseeing all investment and financial planning decisions for the team. His financial and legal experience, coupled with the training and knowledge of the other team members, helps guide and shape the recommendations tailored to each client’s personal financial objectives.
Josh received his Bachelor of Science degree at Cornell University and his J.D. degree at Duke University School of Law with magna cum laude and Order of the Coif distinctions. Upon graduating from law school, he worked as a corporate lawyer (currently non-practicing) at Davis Polk & Wardwell. He is Series 7, 31 and 66 registered and insurance licensed.
A strong advocate of giving back to the community, Josh participates with numerous foundations on philanthropic endeavors, along with coaching town travel and recreation sports teams. He enjoys playing basketball and golf, and, most importantly, spending time with his children. He currently resides in Old Tappan, NJ.
Securities Agent: RI, CT, SC, WY, TX, NV, SD, NJ, GA, CA, AZ, PR, OH, NC, MI, ME, IN, DC, CO, TN, IL, DE, MD, MA, IA, WA, VA, UT, PA, NY, KS, MO, FL; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1270076
NMLS#: 1270076
About Daniel Bello
After receiving his Bachelor of Science in Business Administration with concentrations in both Finance and Economics from the University of Richmond’s Robins School of Business, Dan joined Morgan Stanley in 2009 as a Consulting Group Analyst conducting manager due diligence and selecting both hedge funds and long-only investments for the team’s client portfolios. Since becoming an advisor in 2012, Dan was named to the Firm’s Pacesetter’s Club every year between 2015 and 2019, a global recognition program for Financial Advisors who, within their first five years, demonstrate the highest professional standards and first class client service.
Dan is the Chief Operating Officer of the Malkin Group and director of investment and economic research for the team. In addition, Dan leads the group’s alternative investment due diligence and selection process. He is Series 3, 7, 31, and 66 registered and licensed for life, accident, and health insurance.
Dan is very active in his business school's alumni community in an effort to give back to the school that had such a positive impact on his life. He is also an active supporter of Don Bosco Prep's Football Program, as well as the University of Richmond’s’ Athletic Department. Dan also has a passion for History. He can often be found reading a book on a president or great leader in our nation's history. Nothing, however, is more important to Dan than his family and friends with whom he enjoys spending most of his time. Dan currently resides in Manhattan, NY.
Dan is the Chief Operating Officer of the Malkin Group and director of investment and economic research for the team. In addition, Dan leads the group’s alternative investment due diligence and selection process. He is Series 3, 7, 31, and 66 registered and licensed for life, accident, and health insurance.
Dan is very active in his business school's alumni community in an effort to give back to the school that had such a positive impact on his life. He is also an active supporter of Don Bosco Prep's Football Program, as well as the University of Richmond’s’ Athletic Department. Dan also has a passion for History. He can often be found reading a book on a president or great leader in our nation's history. Nothing, however, is more important to Dan than his family and friends with whom he enjoys spending most of his time. Dan currently resides in Manhattan, NY.
Securities Agent: VA, DC, WA, CO, AZ, WY, TX, SD, NV, MI, IL, DE, CA, GA, SC, PR, UT, RI, OH, PA, KS, FL, NY, MD, NJ, MO, IA, CT, TN, NC, ME, MA, IN; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1270056
NMLS#: 1270056
About Michael Kane
Michael began working in the financial services industry in 2005, following a brief career in the non-profit sector where he fostered his desire to help people provide a better life for themselves.
As Director of Financial Planning for the team, Michael works closely with individuals and families to help them meet their financial goals by creating customized financial solutions that are designed to meet their specific needs. This includes investment planning, retirement planning, insurance planning, cash management and lending and working closely with CPAs and Estate Attorneys to administer tax efficient strategies.
Michael is Series 3, 7, 31, 66 registered, insurance licensed, and a CERTIFIED FINANCIAL PLANNER™. He graduated from The University of Scranton where he received his BA in Marketing and currently resides in Cranford, NJ with his wife Anna and their two daughters, Isabelle and Madison.
Disclaimer:
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
As Director of Financial Planning for the team, Michael works closely with individuals and families to help them meet their financial goals by creating customized financial solutions that are designed to meet their specific needs. This includes investment planning, retirement planning, insurance planning, cash management and lending and working closely with CPAs and Estate Attorneys to administer tax efficient strategies.
Michael is Series 3, 7, 31, 66 registered, insurance licensed, and a CERTIFIED FINANCIAL PLANNER™. He graduated from The University of Scranton where he received his BA in Marketing and currently resides in Cranford, NJ with his wife Anna and their two daughters, Isabelle and Madison.
Disclaimer:
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Securities Agent: IL, GA, SC, WA, SD, MD, MA, KS, PR, NY, NJ, MI, CO, VT, NC, CT, OH, PA, NV, IN, CA, WY, FL, DC, AZ, TN, RI, MO, ME, IA, DE, UT, TX, VA; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1632020
NMLS#: 1632020
About William Allgeier
Before joining The Malkin Group in 2014, Bill was a Financial Advisor at AXA where he focused on financial planning and risk management. Bill’s experience at AXA helped him cultivate his holistic planning skills along with his passion for helping clients pursue their financial goals, which is a commitment he carries with him to the group at Morgan Stanley.
Bill is dedicated to fostering ongoing relationships with the team’s clients and is focused on helping them make the important decisions that are necessary throughout the financial planning process. This includes various aspects of financial planning such as investments, lending and insurance, as well as the planning regarding taxes, retirement, children’s education, and estate planning strategies.
Bill is Series 7, 63, 65 registered, insurance licensed, a CERTIFIED FINANCIAL PLANNER™ and a Chartered Financial Consultant® (ChFC®). He graduated from the State University of New York at Cortland with a Bachelor of Science in Economics.
As his belief is that you can never stop learning, Bill is often reading to better himself each day. He enjoys skiing and golf, along with spending time and with his family and friends. Originally from Bayport, New York, Bill currently resides in Stamford, Connecticut.
Disclaimer:
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Bill is dedicated to fostering ongoing relationships with the team’s clients and is focused on helping them make the important decisions that are necessary throughout the financial planning process. This includes various aspects of financial planning such as investments, lending and insurance, as well as the planning regarding taxes, retirement, children’s education, and estate planning strategies.
Bill is Series 7, 63, 65 registered, insurance licensed, a CERTIFIED FINANCIAL PLANNER™ and a Chartered Financial Consultant® (ChFC®). He graduated from the State University of New York at Cortland with a Bachelor of Science in Economics.
As his belief is that you can never stop learning, Bill is often reading to better himself each day. He enjoys skiing and golf, along with spending time and with his family and friends. Originally from Bayport, New York, Bill currently resides in Stamford, Connecticut.
Disclaimer:
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Securities Agent: NV, MO, KS, OH, CO, RI, AZ, UT, TX, PA, NJ, FL, DC, SC, SD, NC, TN, ME, DE, CT, VT, PR, MD, MA, GA, WY, IN, IL, CA, WA, NY, MI, IA, VA; General Securities Representative; Investment Advisor Representative
NMLS#: 2461952
NMLS#: 2461952
About Nicholas Nappi
Nicholas has over 10 years of experience at Morgan Stanley and joined The Malkin Group at Morgan Stanley in 2018. As a relationship focused wealth advisor, he works closely with many of the team’s clients to deliver holistic financial planning. Nicholas also oversees the team’s trading and portfolio analytics, along with conducting equity, fixed income, and alternative investment due diligence for the team’s investment strategies.
Nicholas is Series 7 and 66 registered, insurance licensed, and a CERTIFIED FINANCIAL PLANNER®. He graduated summa cum laude from the Frank G. Zarb School of Business at Hofstra University with a Bachelor of Business Administration in Finance.
Outside of the office, Nicholas is an active member of his community and parish, serving on the Finance Council for St. Vincent Ferrer & St. Catherine of Siena Roman Catholic Churches, and participating in the Confraternity of the Most Holy Rosary. He also enjoys cooking, snowboarding, training Brazilian Jiu-Jitsu, Formula 1, and spending quality time with his family and friends.
Nicholas married his high school sweetheart, Marissa, in November 2022 on Long Island, NY. He is a native of Massapequa, NY.
Nicholas is Series 7 and 66 registered, insurance licensed, and a CERTIFIED FINANCIAL PLANNER®. He graduated summa cum laude from the Frank G. Zarb School of Business at Hofstra University with a Bachelor of Business Administration in Finance.
Outside of the office, Nicholas is an active member of his community and parish, serving on the Finance Council for St. Vincent Ferrer & St. Catherine of Siena Roman Catholic Churches, and participating in the Confraternity of the Most Holy Rosary. He also enjoys cooking, snowboarding, training Brazilian Jiu-Jitsu, Formula 1, and spending quality time with his family and friends.
Nicholas married his high school sweetheart, Marissa, in November 2022 on Long Island, NY. He is a native of Massapequa, NY.
Securities Agent: CA, AZ, VA, TN, NC, SC, MA, FL, MD, CT, CO, WY, SD, OR, MO, MI, IL, DE, TX, NY, GA, VT, RI, DC, PA, NV, KS, IA, PR, OK, ME, IN, UT, OH, WA, NJ; General Securities Representative; Investment Advisor Representative
NMLS#: 2871735
NMLS#: 2871735
About Joanne Aubry
Joanne began working for Morgan Stanley in 2005 where she gained extensive experience in account operations, banking and client relations. Joanne joined The Malkin Group in 2009 as a Senior Client Service Associate. Joanne focuses on satisfying the day-to-day operational needs of clients, effectively utilizing her knowledge of, and experience with, policies and procedures. Prior to working at Morgan Stanley, Joanne spent 5 years at Charles Schwab. A graduate of Brooklyn College with a degree in Psychology, Joanne is fluent in French and conversant in Spanish.
In her spare time, Joanne enjoys traveling, outdoor activities and above all, spending precious moments with her family and friends. Joanne currently resides in Brooklyn, NY with her family.
In her spare time, Joanne enjoys traveling, outdoor activities and above all, spending precious moments with her family and friends. Joanne currently resides in Brooklyn, NY with her family.
About Alyssa D'Antona
Alyssa is a Private Wealth Management Analyst for The Malkin Group at Morgan Stanley, where she provides analytical support across the team’s investment and client service efforts. Alyssa graduated cum laude from Villanova University with a B.A. in Economics and minors in Communication and Italian. Alyssa holds the Series 7 and 66 licenses and collaborates closely with advisors to assist in investment research, portfolio management, and the development of customized financial strategies tailored to each client’s objectives.
Originally from Westchester, NY, Alyssa now lives in Hoboken, NJ. Outside of work, she enjoys staying active through yoga and Pilates, exploring new destinations and spending quality time with her loved ones.
Originally from Westchester, NY, Alyssa now lives in Hoboken, NJ. Outside of work, she enjoys staying active through yoga and Pilates, exploring new destinations and spending quality time with her loved ones.
About Evie Rearden
Evie Rearden joined the Malkin Group at Morgan Stanley in 2024 as a Registered Client Service Associate. Prior to joining, Evie graduated from the University of North Carolina at Chapel Hill in May 2023 with a double-major in political science and public relations. Holding both the Series 7 and 66 licenses, Evie works to provide analytical support to advisors, as well as a white-glove approach and personalized level of service to all clients within the Malkin group.
Originally from Atlanta, Georgia, Evie enjoys spending time with friends and family, running on the West Side Highway, and exploring new restaurants around New York City.
Originally from Atlanta, Georgia, Evie enjoys spending time with friends and family, running on the West Side Highway, and exploring new restaurants around New York City.
About Troy Straus
Troy joined the Malkin Group in the summer of 2025 as a Client Service Associate. Prior to joining the team, Troy graduated from the Farmer School of Business at Miami University (OH) with a Bachelor of Science in Finance. With a multitude of internships working at small financial boutiques and having a Private Wealth Management internship at BNY Mellon, Troy brings a culmination of skills in Investments and client service. Eager to learn and grow within this industry, he is very excited to add meaningful contributions to the Malkin Group supporting clients in any way to help achieve their goals.
Troy is originally from Westchester, NY, and plans to move into the city in 2026. Beyond his professional life, he enjoys outdoor activities (golfing, skiing, running), spending time traveling to new places, and staying in close contact with friends and family. As a lifelong New Yorker, he also passionately supports the Yankees, Giants, and Rangers.
Troy is originally from Westchester, NY, and plans to move into the city in 2026. Beyond his professional life, he enjoys outdoor activities (golfing, skiing, running), spending time traveling to new places, and staying in close contact with friends and family. As a lifelong New Yorker, he also passionately supports the Yankees, Giants, and Rangers.
About Alan Klipper
Alan Klipper is the Chief of Staff for The Malkin Group, where he oversees business operations and partners closely with the advisors to execute the team’s strategic priorities. In this role, Alan coordinates key initiatives across client service, business development, marketing, and operational functions, ensuring alignment, efficiency, and a consistently high-quality client experience.
Alan began his career at Morgan Stanley as a Wealth Management Summer Intern in 2013. After earning a Bachelor of Science in Business Administration from Babson College, he joined the firm full-time in 2014 within Global Financial Crimes as an Anti-Money Laundering Investigations Analyst. He later transitioned to Wealth Management Risk, where he served as a Risk Officer, partnering with senior leadership and advisors to navigate complex risk matters while supporting business growth in the 399 Park Avenue Market.
Alan holds Series 3, 7, 9, 10, 24, and 66 registrations, is insurance licensed, and is a Certified Anti-Money Laundering Specialist (CAMS). He is also a CERTIFIED FINANCIAL PLANNER™.
Alan lives in Manhattan with his wife, Juliette, their son, Noah, and their labradoodle, Lucy. Outside of the office, Alan is an avid runner and 12-time NYC Marathon finisher. He also volunteers with Memorial Sloan Kettering Cancer Center’s Caring Canines program alongside Juliette and Lucy, helping provide comfort and meaningful moments to patients, their families, and hospital staff.
Alan began his career at Morgan Stanley as a Wealth Management Summer Intern in 2013. After earning a Bachelor of Science in Business Administration from Babson College, he joined the firm full-time in 2014 within Global Financial Crimes as an Anti-Money Laundering Investigations Analyst. He later transitioned to Wealth Management Risk, where he served as a Risk Officer, partnering with senior leadership and advisors to navigate complex risk matters while supporting business growth in the 399 Park Avenue Market.
Alan holds Series 3, 7, 9, 10, 24, and 66 registrations, is insurance licensed, and is a Certified Anti-Money Laundering Specialist (CAMS). He is also a CERTIFIED FINANCIAL PLANNER™.
Alan lives in Manhattan with his wife, Juliette, their son, Noah, and their labradoodle, Lucy. Outside of the office, Alan is an avid runner and 12-time NYC Marathon finisher. He also volunteers with Memorial Sloan Kettering Cancer Center’s Caring Canines program alongside Juliette and Lucy, helping provide comfort and meaningful moments to patients, their families, and hospital staff.
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Contact William Allgeier
Contact Nicholas Nappi
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Portfolio Insights
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Private Wealth Management Podcast
Bringing you engaging stories and key insights surrounding the complexities associated with significant wealth, including:
- Intergenerational Planning
- Philanthropic Giving
- Non-Traditional Assets
- Managing Family Wealth
Managing Significant Wealth
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Insights and Outcomes
Thought Leadership for our ultra high net worth clients, which contains thought-provoking articles, authored by leading experts from Morgan Stanley Family Office Resources.
We look forward to discussing your needs and goals, and the exceptional resources we can place at your disposal.
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.
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.
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.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products 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.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Morgan 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
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.
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.
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.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products 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.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Morgan 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
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 4677197 (7/2025), 5378280 (5/2026)
