Managing Director, Wealth Management, Financial Advisor, Lending Specialist
Phone:
(215) 963-3933(215) 963-3933
The Massaux Group at Morgan Stanley
Direct:
(215) 963-3933(215) 963-3933
Our Mission Statement
Your financial journey is not set in stone, it is an open book of possibilities. We want to be in your corner and help you find what the next step is in your life. Our team can add clarity to your financial health so you can know your options and the unique paths you can take. By providing education, cooperation, and the breadth of resources our firm has to offer, we can help guide you towards your goals.
Our Story and Services
Prior to The Massaux Group joining Morgan Stanley, Richard Massaux began his career in wealth management in 1996 with Prudential Securities, which later became Wells Fargo Advisors. After 22 years as a Managing Director and principal of an investment group at Wells Fargo, Richard transitioned his business to Morgan Stanley and established his own investment group with Amanda Wasson and Christopher Funkey.
The Massaux Group strives to build long-term relationships and, therefore, focuses on long-term financial planning. By thoughtfully integrating industry-leading technology and advancements in artificial intelligence into our practice, we are able to enhance our research, insights, and responsiveness while maintaining the personalized guidance our clients expect. We view technology as a powerful tool that supports, not replaces, the human relationships at the heart of our business. This balanced approach allows us to deliver a more informed, efficient, and forward-thinking client experience while ensuring our clients’ goals, needs, and priorities remain at the center of everything we do.
Our clients deserve a hands-on, focused, forward-thinking group of advisors and assistants. Each request is promptly carried through with the utmost attention to client satisfaction and comfort level. Richard and his team pride themselves on trust, dedication, and professionalism. The Massaux Group is devoted to maintaining an efficient process and consistent communication with clients.
Richard Massaux, CEPA®, holds the Certified Exit Planning Advisor® designation, reflecting advanced knowledge in business transition and exit planning strategies for business owners. Christopher Funkey, CFP®, is a CERTIFIED FINANCIAL PLANNER® professional, demonstrating a commitment to comprehensive financial planning and a high standard of professional excellence.
The Massaux Group strives to build long-term relationships and, therefore, focuses on long-term financial planning. By thoughtfully integrating industry-leading technology and advancements in artificial intelligence into our practice, we are able to enhance our research, insights, and responsiveness while maintaining the personalized guidance our clients expect. We view technology as a powerful tool that supports, not replaces, the human relationships at the heart of our business. This balanced approach allows us to deliver a more informed, efficient, and forward-thinking client experience while ensuring our clients’ goals, needs, and priorities remain at the center of everything we do.
Our clients deserve a hands-on, focused, forward-thinking group of advisors and assistants. Each request is promptly carried through with the utmost attention to client satisfaction and comfort level. Richard and his team pride themselves on trust, dedication, and professionalism. The Massaux Group is devoted to maintaining an efficient process and consistent communication with clients.
Richard Massaux, CEPA®, holds the Certified Exit Planning Advisor® designation, reflecting advanced knowledge in business transition and exit planning strategies for business owners. Christopher Funkey, CFP®, is a CERTIFIED FINANCIAL PLANNER® professional, demonstrating a commitment to comprehensive financial planning and a high standard of professional excellence.
Services Include
- Financial PlanningFootnote1
- Wealth ManagementFootnote2
- Alternative InvestmentsFootnote3
- Sustainable InvestingFootnote4
- Estate Planning StrategiesFootnote5
- Cash Management and Lending ProductsFootnote6
- Planning for Education FundingFootnote7
- Professional Portfolio ManagementFootnote8
- 401(k) Rollovers
- Life InsuranceFootnote9
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
The Step by Step Process
In the vast landscape of wealth management offerings, we feel what sets us apart is our dedicated approach to service. We encourage our clients not only to lean on us to share the responsibilities of managing their often-complex everyday financial needs, but to come to us for guidance in aspects all of life. Things that may not be of current financial concern one day might, and the strong foundations we build allow us to stand ready to step in and face the challenge of the expected or unexpected.
Discovery
Knowing our client and their family situation is imperative to financial planning. Our clients are guided throughout the process to determine the level of risk and long term goals. From concept to completion of your financial plan, we look forward to getting acquainted at our Center City Philadelphia location or if preferred, in the comfort of our clients home.
Setting Your Goals
In this step, we will request specific financial information and statements to help us better understand your current financial picture in detail so that we can begin to identify any unique circumstances and thus, set your financial goals.
Asking the Right Questions
After our initial meeting, we will begin to develop a tailored wealth management strategy that is centered around your concerns and needs. By asking you the right questions, we will be able to fully understand the bigger picture and start taking the steps towards the future you want to see.
Constructing your Unique Plan
Through a fully customized approach, we will assist you in determining the appropriate asset allocation and investment strategy that can help reach your goals. We consider your current situation, long-term goals, legal and regulatory constraints, liquidity needs, expected tax status, risk and other variables towards the construction of your portfolio.
Implementation
The Massaux Group applies 35 years of combined experience to execute a plan designed to help accomplish our clients' goals with the vision of a secure retirement, supported by the immense resources of Morgan Stanley. By combining experienced financial guidance with innovative planning technology and artificial intelligence-powered insights, we can evaluate a broad range of opportunities and strategies across education planning, retirement, insurance, lending, and charitable giving.
Monitoring
We understand that plans change. It is imperative to make sure that we are in constant communication with our clients, because the aspects of our client's plans will need to be adjusted. Our typical relationship has at least one in-person meeting per year, along with quarterly conference calls. We want to be available for you with any questions you may have and handle the necessary changes to keep your portfolio on track.
The Evolution of an Investor’s Life Cycle
Wherever you, or your family are in the Investor Life Cycle, we are here to guide you and as a multi-generational team, we will be with you and your family every step of the way.
Starting your Career
After graduation, there are a few elements that any young professional should be focused on financially. Some of these include: making sure that you have a liquid emergency fund, a balanced budget (accounting for necessary expenses, saving & investment and discretionary spending), learning about your company sponsored retirement plans, and potentially setting up Individual Retirement Accounts.
Watch a Video on Budgets
Starting a Family
Starting a family comes with many capital expenditures that young individuals and families want to be prepared for. Many young families end up asking themselves, “How do we budget for…our wedding, a down payment on our first home, a new car, etc.?”. These are milestone moments for any young family, and we all want to feel prepared when they come up. Our goal is to help you feel confident when this time comes.
A Conversation Guide
Expanding your Family
Every parent wants to give their child the best opportunity to succeed in this world, and upon the birth of a child, many find themselves asking, “How do we do that?”. There are many ways that parents and grandparents can help give a child a head start. We are here to help plan for this, whether it be education funding, gifting, or transferring securities. We are here to answer any questions you may have and to do everything in our power to help prepare your child for their future.
Gifting Considerations
Building your Career or Business
As your career or business grows, so too will your compensation. This can come in many different forms, increased revenue from a business, Incentive Stock Options, Restricted Stock, Bonuses. Additionally, at this stage of life it is not uncommon to also see some sort of inheritance come to you from a loved one. It is crucial to have a financial plan in place to make sure that your money is working towards the goals and objectives that you and your family have set out to accomplish.
Financial Literacy Resources
Preparing for Retirement or the Sale of a Business
Getting ready for retirement and winding down your career can bring numerous questions to the forefront of anyone’s mind. Questions like: When is the right time to retire? Will I have enough? What do I do with my 401k? And so many more. This can be a concerning time for anyone. It is our goal explain financial complexities in a practical manner and work with you to build a comprehensive financial plan that helps you to make decisions and answer these questions with confidence.
Strategies to Prepare for Any Retirement StyleAlternative Investments
Alternative investments go beyond traditional stocks and bonds, offering access to assets like real estate, private equity, hedge funds, and commodities. They can provide diversification, reduce exposure to market volatility, and open the door to unique growth opportunities. Reach out and schedule a meeting with us if you'd like to explore how alternative investments could benefit your investment strategy.
Potential Benefits
- Diversify Your Holdings
- Grow Your Assets
- Mitigate Tax Liabilities
- Generate Income
What You Can Expect
- Exclusive access with personalized guidance
- Rigorous investment and operational due diligence
- Opportunities to invest directly in private companies
- Values-based investing
Financial Resources & Tools
Our goal is simple: to be the firm where the most talented, trusted advisors in the industry leverage cutting-edge technology and deliver customized wealth management solutions to their clients and their families to enable them to achieve their goals. The below modules are a pallet of financial resources and market-leading technology platforms that are resilient, safe, efficient, smart, fast, and flexible.
Total Wealth View
It’s hard to see the complete picture with only half of the details. As a Morgan Stanley client, you can now conveniently view your accounts from other financial institutions in one location to give you and your financial advisor a full picture of your financial wealth and health. Log into Morgan Stanley Online or download the Morgan Stanley Mobile App to link and add external accounts
Total Wealth View
Morgan Stanley Online and Mobile App
Securely access your Morgan Stanley account from virtually anywhere. Morgan Stanley Online allows you to seamlessly and securely manage your investments and everyday finances in one place.
Learn More
Security Center
Morgan Stanley’s Security Center is a helpful place to stay informed about common fraud trends, identity protection best practices, and steps you can take to help safeguard your personal and financial information. If you ever receive a suspicious email, text, or phone call, these resources can help you recognize red flags, take practical next steps, and find guidance on how to report concerns.
Visit our Security Center
Alternative Investments
Our leading alternatives platform offers 200+ third-party and proprietary funds, including first look and exclusive opportunities, that may help qualified investors enhance returns, reduce volatility, manage taxes and generate income. From simplified vehicles available more broadly to institutional strategies, the platform supports a goals-based approach for asset allocation tailored to investor needs.
Morgan Stanley Alternative Investments
Reserved Offers
Exclusive offers to keep Reserved Clients and their families safe and engaged. Offers span across such categories as Dining, Health & Wellness, Travel, Entertainment, and more.
Learn More
Financial Planning
Morgan Stanley Financial Planning can show you a single, comprehensive snapshot of your finances. We can help you create a wealth plan that’s adaptable to the different stages of your life using our cutting edge tools- Goals Planning System (GPS) and LifeView.
Morgan Stanley Goals-Based Wealth Management
Portfolio Risk Platform
Our Portfolio Risk Platform, backed by institutional-caliber analytics, assesses thousands of risk factors using a holdings-based approach to assess a portfolio’s exposures, analyze how securities behave together across portfolios and forecast how they influence risk and return moving forward.
Portfolio Risk PlatformAWARD-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
1650 Market St
42nd Fl
Philadelphia, PA 19103
US
Direct:
(215) 963-3933(215) 963-3933
Meet The Massaux Group
Phone:
(215) 854-6121(215) 854-6121
Amanda Wasson
Client Service Associate
Phone:
(215) 963-3932(215) 963-3932
Grace Manning
Client Service Associate
Phone:
(215) 963-3836(215) 963-3836
About Richard J. Massaux
A 25-year native to the financial services industry, Richard J. Massaux strives for excellence in both performance and service to his clients. Richard believes having a close connection with his clients is crucial in establishing long term relationships. Aside from focusing on investment strategies, Richard and his team assist their clients by establishing and monitoring their long-term financial plans.
Representing Forbes Best-In-State Wealth Advisors in 2021, and Morgan Stanley's President's Club from 2020-2023, he displays insurmountable dedication to his clients, his business, as well as his family. He and his wife, Donna, reside in Voorhees, New Jersey with their three sons, Chase, Brody, and Landon. A devoted family man, when he isn’t coaching or watching his boys play soccer or basketball, Richard enjoys time with his family at their home at the Jersey Shore in Margate. Born and raised in Central New Jersey, Richard earned his bachelor’s degree in economics and philosophy from Rutgers University where he was a member of the Chi Phi fraternity. Over the last two decades, Richard has worked closely with the American Cancer Society on several different boards as he is personally dedicated to help raise awareness for an important cause close to his heart.
2021 Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded Feb 2021) Data compiled by SHOOK Research LLC based on time period from 6/30/19 - 6/30/20.
Representing Forbes Best-In-State Wealth Advisors in 2021, and Morgan Stanley's President's Club from 2020-2023, he displays insurmountable dedication to his clients, his business, as well as his family. He and his wife, Donna, reside in Voorhees, New Jersey with their three sons, Chase, Brody, and Landon. A devoted family man, when he isn’t coaching or watching his boys play soccer or basketball, Richard enjoys time with his family at their home at the Jersey Shore in Margate. Born and raised in Central New Jersey, Richard earned his bachelor’s degree in economics and philosophy from Rutgers University where he was a member of the Chi Phi fraternity. Over the last two decades, Richard has worked closely with the American Cancer Society on several different boards as he is personally dedicated to help raise awareness for an important cause close to his heart.
2021 Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded Feb 2021) Data compiled by SHOOK Research LLC based on time period from 6/30/19 - 6/30/20.
Securities Agent: PR, CA, WY, TN, MO, MN, FL, WA, VA, PA, NC, LA, KS, DE, UT, RI, OH, MS, IL, GA, OK, NY, NJ, NV, WI, VT, MI, MD, DC, CO, WV, SC, NM, MA, CT, TX; General Securities Representative; Investment Advisor Representative
NMLS#: 345606
CA Insurance License #: 2102539
NMLS#: 345606
CA Insurance License #: 2102539
About Christopher Funkey
Christopher is a CFP® professional and financial advisor with The Massaux Group at Morgan Stanley. He began his career in the financial services industry with Lord Abbett & Co. Asset Management before joining Morgan Stanley. Christopher's desire to use his knowledge of and experience in capital markets to help individuals, families, and organizations meet their financial goals, and the opportunity to work in a collaborative team environment is what drove him to pursue a career as a financial advisor with Morgan Stanley.
Christopher is focused on designing comprehensive financial plans that are tailored to each individual client and family to ensure that they are on track to reach their financial goals. He takes a great deal of pride in understanding that every person and family he has the privilege of working with is unique, and therefore, every financial plan he creates is unique. Additionally, Christopher strives to present his clients with complex financial information in a practical manner that is easy to digest so that financial decisions can be made with confidence.
Prior to entering the financial services industry, Christopher attended Pennsylvania State University where he earned a Bachelor’s degree in Finance with a focus in Accounting. While at Penn State, Christopher spent four years playing on the Division 1 Men’s Ice Hockey Team. He helped the team to a Big 10 Championship and led the program’s community outreach efforts in his time at the university. Christopher is originally from Chicago, IL, and he currently resides in Philadelphia with his wife, Rachel, and their dog, Mick. In his free time, he enjoys playing golf, playing ice hockey, and spending time with his family.
Christopher is focused on designing comprehensive financial plans that are tailored to each individual client and family to ensure that they are on track to reach their financial goals. He takes a great deal of pride in understanding that every person and family he has the privilege of working with is unique, and therefore, every financial plan he creates is unique. Additionally, Christopher strives to present his clients with complex financial information in a practical manner that is easy to digest so that financial decisions can be made with confidence.
Prior to entering the financial services industry, Christopher attended Pennsylvania State University where he earned a Bachelor’s degree in Finance with a focus in Accounting. While at Penn State, Christopher spent four years playing on the Division 1 Men’s Ice Hockey Team. He helped the team to a Big 10 Championship and led the program’s community outreach efforts in his time at the university. Christopher is originally from Chicago, IL, and he currently resides in Philadelphia with his wife, Rachel, and their dog, Mick. In his free time, he enjoys playing golf, playing ice hockey, and spending time with his family.
Securities Agent: OH, NY, CO, SC, RI, PR, NM, MS, MD, WI, OK, LA, CT, WY, VT, TN, NV, MO, DE, VA, PA, NJ, IL, CA, OR, NC, TX, MA, UT, WV, WA, MI, GA, FL, DC, AZ; General Securities Representative; Investment Advisor Representative
NMLS#: 2405319
NMLS#: 2405319
About Amanda Wasson
Amanda has been a member of the Massaux Group since 2015, and transitioned with the team to Morgan Stanley in 2017. Amanda’s pivotal role with the Massaux Group is providing organizational strategies, streamlining the onboarding process, and instituting technological efficiencies. In addition to her accuracy and work ethic, she contributes a comfortable and reliable level of first class service to the Massaux Group’s clients.
Amanda graduated from Jefferson University in 2011 with a Bachelor of Science degree in Business. As lifelong residents of Delaware County, Pennsylvania, both Amanda and her husband currently reside in Swarthmore, PA. She enjoys exploring new cities, golfing, spending time outdoors, and cooking.
Amanda graduated from Jefferson University in 2011 with a Bachelor of Science degree in Business. As lifelong residents of Delaware County, Pennsylvania, both Amanda and her husband currently reside in Swarthmore, PA. She enjoys exploring new cities, golfing, spending time outdoors, and cooking.
About Grace Manning
Grace grew up at the Jersey Shore and brings a passion for connection and creativity to her work. She graduated from the University of Delaware with a degree in Communication and has a strong interest in marketing and relationship-building. Grace enjoys creating meaningful connections, collaborating with others, and bringing ideas to life. Outside of work, she is an avid animal lover.
Contact Richard J. Massaux
Contact Christopher Funkey
Wealth Management
From Our Team
The Massaux Group - Rethinking and Understanding Risk in 2026
Wealth Management
Global Investment Office
Portfolio Insights
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
A Simple Six-Step Retirement Checkup
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Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Iran Conflict: Seven Takeaways for Investors
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Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
529 Plans: A Powerful Tool to Save for Education
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Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Ready to start a conversation? Contact The Massaux Group 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.
1Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
3Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
4Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
5Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
6Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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’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.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
1Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
3Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
4Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
5Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
6Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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’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.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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)
