William May
Managing Director, Wealth Management, Wealth Advisor, Corporate Client Group Director
Phone:
(770) 643-7676(770) 643-7676
The May Group at Morgan Stanley
Direct:
(800) 785-3144(800) 785-3144
Toll-Free:
(800) 785-3144(800) 785-3144
Our Mission Statement
Providing the highest level of service to inspire confidence, clarity, and results.
Our Story
Since establishing his practice in 1984, Will May has grown The May Group into a robust, highly knowledgeable and nimble team of professionals. From an established foundation backed by the vast resources of Morgan Stanley, our team operates with an entrepreneurial mindset, deftly anticipating our clients’ needs while delivering sound financial counsel with confidence and ease.
Services Include
- Wealth Consulting
- Executive Benefit ServicesFootnote1
- Executive Financial ServicesFootnote2
- Stock Option PlansFootnote3
- Stock Purchase Plans
- Stock Plan ServicesFootnote4
- Corporate Retirement PlansFootnote5
- Institutional ServicesFootnote6
- Philanthropic Services
- Professional Portfolio ManagementFootnote7
- SyndicateFootnote8
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Workplace Advisor - Equity Compensation
As Morgan Stanley Workplace Advisors – Equity Compensation, we have specific training and education on company specific stock plans that uniquely positions us to service our clients. We assist our clients in determining how to best use their equity compensation in the context of a greater financial strategy that is tailored to their specific needs.
We answer questions on the full suite of workplace benefits. Learn more about our approach and some of the common types of equity compensation we deal with:
We answer questions on the full suite of workplace benefits. Learn more about our approach and some of the common types of equity compensation we deal with:
Stock Options
Employee Stock Options (ESOs) give an employee the right - not the obligation - to purchase company shares at a fixed, predetermined price. ESOs typically have a vesting period, during which the employee must remain with the company to be able to exercise the options.
Learn more
Restricted Stock Units (RSUs)
Another form of equity compensation, RSUs represent a promise by the company to issue shares of stock to an employee. When granted RSUs, they do not receive any actual shares of stock. They are instead awarded a number of units that represent the right to receive shares at a specified point in the future, and they tend to vest over a period of time.
Learn more
Employee Stock Purchase Plans (ESPPs)
An optional benefit offered by certain companies that allows employees to purchase company stock at a discounted price. ESPPs typically operate through payroll deductions, where employees contribute a portion of their salary to purchase company stock. They can be either qualified or non-qualified, each having different tax treatment.
Learn more
Best-In-Class Rule 10b5-1 and 144 Transaction Services
Morgan Stanley has been #1 in Rule 144 Sales and the #1 provider of 10b5-1 services over the last 19 years.
Learn more about what sets our Executive Services apart.
Learn moreLearn more about what sets our Executive Services apart.
Our Clients
Corporate Executives
Over the years, we have provided corporate executives with nuanced financial advice, and strategize executive compensation, bonuses, deferred compensation, stock options and restricted stock. We understand the time and dedication it has taken to accumulate the money many executives have earned, and we make it our goal to assist them in navigating the complicated financial landscape.
Institutions
Our team provides astute financial counsel to institutions and corporations. We assist institutions on all ends of their financial picture by helping them manage resources effectively, develop investment strategies, and establish a sound risk management plan. For corporations, we manage retirement plans and ensure that they stay on track to meet its long-term goals.
Families
For families, we provide a wide range of services to help them reach their financial goals. We create comprehensive strategies that can include budgeting, investing, retirement planning, and estate planning – making sure to maintain flexibility for when unpredictable circumstances inevitably arise. With a boutique level of service, we provide ongoing support with regular check-ins that help to keep our clients on track.
Our clients come to us with the following questions:
• How do I ensure a secure and stress-free retirement in the midst of volatile markets
• When will I be able to retire?
• What are the potential risks associated with my equity compensation?
• How can I plan a secure future for my children?
• How can I diversify my portfolio when a significant amount of my net worth is tied up in equity compensation?
• What does the new tax law mean to my investments?
• How can I set aside assets to gift and still maintain my current lifestyle?
• When will I be able to retire?
• What are the potential risks associated with my equity compensation?
• How can I plan a secure future for my children?
• How can I diversify my portfolio when a significant amount of my net worth is tied up in equity compensation?
• What does the new tax law mean to my investments?
• How can I set aside assets to gift and still maintain my current lifestyle?
Our Suite of Services
Wealth Consulting
We provide comprehensive financial advice to high-net-worth individuals and families. By taking the time to get to know our clients, we understand what makes their situation unique. Through a well thought out investment strategy, we help clients navigate complex financial issues such as tax planning, estate planning, and risk management.
Executive Financial Services
We provide customized financial advice and support to high-level executives. Our financial guidance ranges from investment management, estate planning, retirement planning, and executive compensation packages including stock options and other forms of equity compensation.
Corporate Retirement Plans
Businesses trust us to help them design, implement, and manage their employee retirement plans. We provide guidance on investment options, plan design and advise businesses on how to communicate the benefits of their retirement plans to their employees. By offering ongoing support, adjustments, and management of plan expenses, we help ensure the plan remains effective over time.
Philanthropic Services
Our team offers guidance to individuals, families, and organizations interested in making charitable donations or establishing foundations. We help create philanthropic strategies on behalf of our clients that align with their values and goals. Also, we provide advice on and access to on tax-efficient giving strategies, such as donor-advised funds or charitable trusts.
Retirement Planning
It’s never too early to prepare for retirement. We help our clients navigate a wide scope of retirement issues by estimating retirement expenses, determining retirement income needs, and creating a retirement savings plan. In addition, we work to optimize any Social Security benefits and manage retirement account distributions.
Financial Planning
For wealthy individuals, it can be especially challenging to budget, save and invest efficiently. We work closely with our clients to develop a custom plan that addresses the specific needs they have for themselves and their families. Once the plan is in motion, we check in regularly to ensure that they are on track to reach their goals.
Make the most of your equity
We make it our goal to demystify equity compensation so that you can make the most of yours. To learn more about the basics of equity compensation, the different types of compensation packages from stock options to ESPPs, and different ways you can leverage your compensation within your larger wealth management strategy - consider exploring some of the resources below.
Basic Equity Compensation Guide
Discover Equity Comp
What is a Restricted Stock Unit?
Learn about RSUs
What is an Incentive Stock Option?
Learn about ISOs
What is an Employee Stock Purchase?
Learn about ESPPs
What's the Difference Between an RSU and Stock Options?>
RSUs versus Stock Options
Using Equity Compensation to Optimize Taxes
4 ways to optimize
Using Equity Compensation for Education Planning
Discover Strategies
Using Equity Compensation to Reach Your Financial Goals
Discover StrategiesAWARD-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
2400 Lakeview Pkwy
Suite 300
Alpharetta, GA 30009
US
Direct:
(800) 785-3144(800) 785-3144
Toll-Free:
(800) 785-3144(800) 785-3144
Meet The May Group
Senior Vice President, Wealth Management, Financial Advisor, Family Wealth Advisor, Senior Portfolio Management Director
Phone:
(770) 643-7674(770) 643-7674
First Vice President, Wealth Management, Financial Advisor, Portfolio Management Director, Workplace Advisor - Equity Compensation
Phone:
(770) 643-7671(770) 643-7671
Vice President, Wealth Management, Financial Advisor, Financial Planning Specialist, Workplace Advisor – Equity Compensation, Senior Portfolio Manager
Phone:
(770) 643-7670(770) 643-7670
Phone:
(770) 664-3323(770) 664-3323
Adam Stowell
First Vice President, Business Development Director
Phone:
(770) 643-7696(770) 643-7696
Suzanne Rider
First Vice President, Director of Business Strategy
Phone:
(770) 664-3414(770) 664-3414
Cristy Speer
Portfolio Associate
Phone:
(770) 643-7675(770) 643-7675
Katlyn Bradach
Registered Client Relationship Analyst
Phone:
(770) 643-7673(770) 643-7673
About William May
William May is the Managing Director and founder of The May Group at Morgan Stanley, where he leads a distinguished team specializing in comprehensive wealth management solutions for corporate executives, Section 16 insiders, and board members. With over four decades of experience in the financial services industry, Will has built a reputation for delivering strategic guidance tailored to the complexities of equity compensation and stock plan administration.
Since joining Morgan Stanley in 1984, Will has been instrumental in developing customized financial strategies that address the evolving needs of executives across diverse sectors, including Energy, Financials, Healthcare, Industrials, Technology, and Utilities. A thought leader in the field, he co-founded and served as chapter president of the National Association of Stock Plan Professionals (NASPP) – Atlanta Chapter.
Under Will’s leadership, The May Group has grown into one of the premier advisory teams within Morgan Stanley. He holds a Bachelor of Science in Marketing from Georgia State University.
Since joining Morgan Stanley in 1984, Will has been instrumental in developing customized financial strategies that address the evolving needs of executives across diverse sectors, including Energy, Financials, Healthcare, Industrials, Technology, and Utilities. A thought leader in the field, he co-founded and served as chapter president of the National Association of Stock Plan Professionals (NASPP) – Atlanta Chapter.
Under Will’s leadership, The May Group has grown into one of the premier advisory teams within Morgan Stanley. He holds a Bachelor of Science in Marketing from Georgia State University.
Securities Agent: AR, DE, PA, MO, LA, IN, HI, VI, OH, NY, NC, MN, MD, IA, CT, CO, AZ, WA, PR, OK, NH, KY, IL, UT, MT, GA, CA, WY, RI, ME, KS, VT, NJ, DC, VA, TX, TN, NM, ID, AL, WV, ND, MS, MI, MA, AK, OR, NV, NE, WI, SD, SC, FL; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1409799
NMLS#: 1409799
About J. Michael Gray
J. Michael Gray is a Senior Vice President and Senior Portfolio Management Director at The May Group at Morgan Stanley, where he delivers comprehensive wealth management strategies tailored to corporate executives, entrepreneurs, and high-net-worth families. With over 16 years of experience, Michael has developed a reputation for his deep expertise in investment management, risk assessment, and financial planning, helping clients navigate the complexities of wealth accumulation, preservation, and transfer.
As both a Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP), Michael is committed to the highest standards of professional integrity and market expertise. His insights into wealth accumulation and preservation strategies empower clients to navigate complex financial decisions with confidence.
Outside of work, Michael is a fair-weather golfer, instrument rated private pilot, blue-water enthusiast, occasional mountaineer, and an amateur apiarist. Most importantly, Michael values his role as a husband and father. He and his wife have three daughters and are active in the Atlanta community as members of Johnson Ferry Baptist Church and with Orchard Resources, a faith-based nonprofit, where Michael serves as Chairman of the Board.
As both a Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP), Michael is committed to the highest standards of professional integrity and market expertise. His insights into wealth accumulation and preservation strategies empower clients to navigate complex financial decisions with confidence.
Outside of work, Michael is a fair-weather golfer, instrument rated private pilot, blue-water enthusiast, occasional mountaineer, and an amateur apiarist. Most importantly, Michael values his role as a husband and father. He and his wife have three daughters and are active in the Atlanta community as members of Johnson Ferry Baptist Church and with Orchard Resources, a faith-based nonprofit, where Michael serves as Chairman of the Board.
Securities Agent: WY, NY, WI, VA, NH, SD, WV, WA, VT, VI, UT, TX, TN, SC, RI, PR, PA, OR, OK, OH, NV, NM, NJ, NE, ND, NC, MS, MO, MN, MI, ME, MD, MA, KY, KS, IN, IL, ID, IA, HI, GA, FL, DE, DC, CT, CO, CA, AZ, MT, AR, AL, AK, LA; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1279030
NMLS#: 1279030
About William L May II
William L. May II is a Vice President and Senior Portfolio Manager at The May Group, where he specializes in designing and implementing customized financial strategies for individuals with concentrated holdings, entrepreneurs, and private foundations. Since joining Morgan Stanley in 2013, Bill has played a pivotal role in managing the group’s investment portfolios and driving business development initiatives.
Prior to his tenure at Morgan Stanley, Bill honed his expertise at NCR Corporation within the Manufacturing and Global Operations divisions. He serves on the board of North Metro Georgia Tech, helping to provide scholarships to incoming Georgia Tech students.
Bill earned a Bachelor of Science in Industrial Engineering with a Certificate in Finance from the Georgia Institute of Technology. Bill and his wife have three young children. The family lives in Peachtree Corners where they enjoy traveling and supporting their favorite sports teams.
Prior to his tenure at Morgan Stanley, Bill honed his expertise at NCR Corporation within the Manufacturing and Global Operations divisions. He serves on the board of North Metro Georgia Tech, helping to provide scholarships to incoming Georgia Tech students.
Bill earned a Bachelor of Science in Industrial Engineering with a Certificate in Finance from the Georgia Institute of Technology. Bill and his wife have three young children. The family lives in Peachtree Corners where they enjoy traveling and supporting their favorite sports teams.
Securities Agent: MD, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY, ME, AR, AL, AK, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1285250
NMLS#: 1285250
About Charles Shakar Jr.
Charles Shakar Jr. is a Vice President and Financial Advisor at Morgan Stanley Wealth Management. He works with high-net-worth and ultra-high-net-worth individuals and families, including corporate executives, founders, and other professionals with complex financial needs.
His practice is focused on aligning investment strategy with financial planning, with an emphasis on helping clients navigate common planning considerations tied to equity compensation and concentrated stock positions. He also works with clients on tax-aware approaches to generating income and planning across generations.
Charles is part of an experienced advisory team committed to delivering a high-touch client experience and helping clients simplify financial complexity and make informed decisions across their wealth.
A native of Atlanta, Charles maintains deep ties within the local business and philanthropic communities. He currently lives in Alpharetta with his wife Whitney, and their three children, Grant, Ford, and Shelby. In his free time, he enjoys spending time with his family or playing golf, both of which require the same devotion and discipline he applies to his clients’ needs.
His practice is focused on aligning investment strategy with financial planning, with an emphasis on helping clients navigate common planning considerations tied to equity compensation and concentrated stock positions. He also works with clients on tax-aware approaches to generating income and planning across generations.
Charles is part of an experienced advisory team committed to delivering a high-touch client experience and helping clients simplify financial complexity and make informed decisions across their wealth.
A native of Atlanta, Charles maintains deep ties within the local business and philanthropic communities. He currently lives in Alpharetta with his wife Whitney, and their three children, Grant, Ford, and Shelby. In his free time, he enjoys spending time with his family or playing golf, both of which require the same devotion and discipline he applies to his clients’ needs.
Securities Agent: KS, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY, KY, CO, AK, AL, AR, AZ, CA, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN; General Securities Representative; Investment Advisor Representative
NMLS#: 1636244
NMLS#: 1636244
About Chris Birozes
Chris Birozes’s path to becoming a Financial Advisor was shaped by a serious health challenge he faced while at Wingate University. The experience showed him how much the right people matter during life’s hardest moments, and that success isn’t just about what we accumulate but about being prepared for whatever life brings. It’s why he does this work: to help individuals and families make confident financial decisions so they can focus on what matters most.
Chris is a Financial Advisor at Morgan Stanley in North Atlanta, part of an established team that serves business leaders and high-net-worth families with the full resources of the firm behind them. Much of the team’s work centers on equity compensation at private and public companies, including stock options, RSUs, and concentrated stock positions. Chris helps clients fit those decisions into a coordinated plan for investments, retirement, cash flow, and risk management.
He especially enjoys working with professionals whose income has grown faster than their plan, and with business owners at every stage, from early-stage founders to owners preparing for a sale. For both, the right decisions about taxes, savings, and protecting their families can make a meaningful difference over time.
Before joining Morgan Stanley, Chris spent more than five years as a Financial Advisor at Bank of America Merrill Lynch in Charlotte, North Carolina. At Wingate, he was the starting punter for the football team, a two-time Academic All-American, semi-finalist for the William V. Campbell Trophy, and a recipient of the SAC Scholar-Athlete Award.
Outside of work, Chris’s faith and family come first. He and his wife, Gabby, are raising their two boys and three girls, and are active in their parish at St. Brendan’s Catholic Church. He enjoys running, golf, and traveling with his family.
Chris works with clients locally and across the country. He is always glad to connect, whether the conversation is about your finances, your next race, or you favorite vacation spot.
Chris is a Financial Advisor at Morgan Stanley in North Atlanta, part of an established team that serves business leaders and high-net-worth families with the full resources of the firm behind them. Much of the team’s work centers on equity compensation at private and public companies, including stock options, RSUs, and concentrated stock positions. Chris helps clients fit those decisions into a coordinated plan for investments, retirement, cash flow, and risk management.
He especially enjoys working with professionals whose income has grown faster than their plan, and with business owners at every stage, from early-stage founders to owners preparing for a sale. For both, the right decisions about taxes, savings, and protecting their families can make a meaningful difference over time.
Before joining Morgan Stanley, Chris spent more than five years as a Financial Advisor at Bank of America Merrill Lynch in Charlotte, North Carolina. At Wingate, he was the starting punter for the football team, a two-time Academic All-American, semi-finalist for the William V. Campbell Trophy, and a recipient of the SAC Scholar-Athlete Award.
Outside of work, Chris’s faith and family come first. He and his wife, Gabby, are raising their two boys and three girls, and are active in their parish at St. Brendan’s Catholic Church. He enjoys running, golf, and traveling with his family.
Chris works with clients locally and across the country. He is always glad to connect, whether the conversation is about your finances, your next race, or you favorite vacation spot.
Securities Agent: IL, DE, SC, NY, MD, HI, CT, WV, SD, MS, MA, IA, UT, NV, CA, PR, OK, OH, NM, MN, KS, ID, GA, WA, TN, PA, NJ, DC, NC, KY, CO, WI, VT, NE, ND, MI, FL, VI, VA, RI, ME, IN, AK, WY, TX, LA, AZ, AR, AL, OR, NH, MT, MO; General Securities Representative; Investment Advisor Representative
NMLS#: 1944213
NMLS#: 1944213
About Adam Stowell
Adam Stowell brings nearly two decades of experience in banking and stock plan administration to his role as Business Development Director at The May Group. Beginning his career in banking in 2006, Adam transitioned in 2011 to specialize in stock plan administration and 10b5-1 plans, supporting corporate executives with equity transactions and ensuring adherence to complex regulatory requirements.
In his role, Adam leads business development efforts and provides strategic operational support to enhance The May Group’s ability to deliver high-quality, customized services. His experience in equity compensation strategy helps organizations optimize compensation structures, improve employee engagement, and maintain compliance.
Adam holds a Bachelor of Business Administration (BBA) in Management and a Master of Business Administration (MBA) from Kennesaw State University. In 2019, he earned the Certified Equity Professional (CEP) designation, highlighting his technical proficiency in equity compensation, tax considerations, and regulatory frameworks.
In his role, Adam leads business development efforts and provides strategic operational support to enhance The May Group’s ability to deliver high-quality, customized services. His experience in equity compensation strategy helps organizations optimize compensation structures, improve employee engagement, and maintain compliance.
Adam holds a Bachelor of Business Administration (BBA) in Management and a Master of Business Administration (MBA) from Kennesaw State University. In 2019, he earned the Certified Equity Professional (CEP) designation, highlighting his technical proficiency in equity compensation, tax considerations, and regulatory frameworks.
About Suzanne Rider
Suzanne Rider brings nearly four decades of financial services expertise to her role as First Vice President and Director of Business Strategy at The May Group. With a proven track record of leadership, operational excellence, and strategic vision, Suzanne plays an integral role in shaping the team’s approach to serving corporate executives and high-net-worth clients.
Before joining The May Group, Suzanne spent 32 years at Morgan Stanley in various senior roles, most recently as Market Business Service Officer for the Atlanta Perimeter Market. In this capacity, she oversaw service leadership, process improvement, and team culture, directly contributing to the success and efficiency of one of the firm’s most prominent markets. Her depth of experience and ability to streamline complex operations make her an invaluable resource for both clients and colleagues.
A native of Atlanta, Suzanne studied French and Business at Vanderbilt University. She is an avid cook, voracious reader, and dedicated NYT Games enthusiast. Suzanne and her husband share a recently empty nest and enjoy cheering on their four adult children as they pursue their own endeavors.
Before joining The May Group, Suzanne spent 32 years at Morgan Stanley in various senior roles, most recently as Market Business Service Officer for the Atlanta Perimeter Market. In this capacity, she oversaw service leadership, process improvement, and team culture, directly contributing to the success and efficiency of one of the firm’s most prominent markets. Her depth of experience and ability to streamline complex operations make her an invaluable resource for both clients and colleagues.
A native of Atlanta, Suzanne studied French and Business at Vanderbilt University. She is an avid cook, voracious reader, and dedicated NYT Games enthusiast. Suzanne and her husband share a recently empty nest and enjoy cheering on their four adult children as they pursue their own endeavors.
About Cristy Speer
With over three decades of experience in financial services, Cristy Speer serves as a Portfolio Associate at The May Group. She provides critical operational support, ensuring clients receive timely and accurate financial solutions, concierge level service and a seamless experience. Her strength in building deep and abiding relationships with our clients enhances her importance to the team.
Before joining The May Group in 2023, Cristy spent most of her 17 years here at Morgan Stanley in a similar role and also served as a Client Service Associate Coach, where she trained new associates and implemented best practices across the organization. Cristy resides in Cumming, GA, with her son and actively supports local animal shelters.
Before joining The May Group in 2023, Cristy spent most of her 17 years here at Morgan Stanley in a similar role and also served as a Client Service Associate Coach, where she trained new associates and implemented best practices across the organization. Cristy resides in Cumming, GA, with her son and actively supports local animal shelters.
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Creating customized financial strategies for the challenges that today’s families face.
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529 Plans: A Powerful Tool to Save for Education
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Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
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2Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
3Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
5When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
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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.
1When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
2Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
3Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
4Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
5When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
6Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
7Morgan 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.
8Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.
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)
