The McKelvy Group

At Morgan Stanley, The McKelvy Group partners with a diverse clientele — including global entrepreneurs, business leaders, professionals, multi-generational families, and emerging ventures — to deliver tailored wealth management solutions grounded in experience, discipline, and a client-first philosophy. Leveraging the full breadth of Morgan Stanley’s global platform, we provide comprehensive financial planning, sophisticated investment management, and customized strategies designed to help clients pursue their long-term objectives with confidence.

We take a holistic approach to financial wellbeing, integrating personalized planning with tax-efficient wealth accumulation, retirement income strategies, and access to alternative investments and private market opportunities where appropriate. Our team brings particular experience in income-oriented portfolios and retirement planning, helping clients navigate complexity, manage risk, and make informed decisions across market cycles. We work closely with clients and their professional advisors to align investment strategy, tax planning, estate considerations, and liquidity needs into a cohesive plan.

Rooted in the Menlo Park community and shaped by a legacy of hard work and long-term thinking, The McKelvy Group is committed to building enduring client relationships and providing thoughtful leadership throughout each stage of the financial journey. Our focus is on helping clients protect, grow, and thoughtfully deploy capital in support of their goals, families, and lasting legacy.

Services Include

Retirement Planning^Footnote1
Wealth Management^Footnote2
Alternative Investments^Footnote3
Trust Accounts^Footnote4
Financial Planning^Footnote5
Estate Planning Strategies^Footnote6
Endowments and Foundations^Footnote7
401(k) Rollovers
Stock Option Plans^Footnote8
Planning for Education Funding^Footnote9
Cash Management and Lending Products^Footnote10

Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*

Our Commitment

It is important for your financial advisor(s) to acknowledge how your investment concerns and goals are uniquely specific to you, your family or a foundation. This is why The McKelvy Group is proudly comprised of industry recognized experts who deliver first-class leadership.

While highly regarding by its peers, The McKelvy Group also consistently receives awards by industry publications such as; Forbes, Barron’s, Financial Times and San Francisco Business Times, representing the level of commitment that each member of The McKelvy Group delivers to each client. Welcoming a client to our services is only the beginning – we believe delivering long-term financial leadership is our ultimate service to a client.

Forbes Best-In-State Wealth Advisor

Northern California (High Net Worth) - Ranked #3 April 2021
Northern California (High Net Worth) - Ranked #5 April 2022
Northern California (High Net Worth) - Ranked #4 April 2023

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Barron's - America's Top 100 Advisors

Barron's - America's Top 100 Advisors - #18 April 2011
Barron's - America's Top 100 Advisors - #9 April 2012
Barron's - America's Top 100 Advisors - #15 April 2013
Barron's - America's Top 100 Advisors - #39 April 2014
Barron's - America's Top 100 Advisors - #46 April 2015
Barron's - America's Top 100 Advisors - #62 April 2016
Barron's - America's Top 100 Advisors - #42 April 2017
Barron's - America's Top 100 Advisors - #28 April 2018
Barron's - America's Top 100 Advisors - #45 April 2019
Barron's - America's Top 100 Advisors - #23 April 2020
Barron's - America's Top 100 Advisors - #17 April 2021
Barron's - America's Top 100 Advisors - #28 April 2022
Barron's - America's Top 100 Advisors - #36 April 2023

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Barron's - America's Top 1,200 Advisors - California

Barron's - America's Top 1,000 Advisors - California #1 February 2010
Barron's - America's Top 1,000 Advisors - California #6 February 2011
Barron's - America's Top 1,000 Advisors - California #4 February 2012
Barron's - America's Top 1,000 Advisors - California #5 February 2013
Barron's - America's Top 1,000 Advisors - California #7 February 2014
Barron's - America's Top 1,000 Advisors - California #14 February 2015
Barron's - America's Top 1,000 Advisors - California #25 February 2016
Barron's - America's Top 1,000 Advisors - California #9 February 2017
Barron's - America's Top 1,000 Advisors - California #11 February 2018
Barron's - America's Top 1,000 Advisors - California #16 February 2019
Barron's - America's Top 1,200 Advisors - California #12 February 2020
Barron's - America's Top 1,200 Advisors - California #10 February 2021
Barron's - America's Top 1,200 Advisors - California #12 February 2022
Barron's - America's Top 1,200 Advisors - California #9 February 2023

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Additional Awards

San Francisco Business Times - Top Wealth Advisors Bay Area - March 2011
Registered Rep's Top 100 Wirehouse Advisors - 2007 to 2016
Financial Times Top 400 - April 2013
Financial Times Top 400 - April 2014

Disclosures

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.
2011-2022 Barron's Top 100 Financial Advisors (formerly referred to as Barron's Top 1,000 Financial Advisors: State-by-State)
Source: Barrons.com (Awarded 2011-2022). Data compiled by Barron's based on 12-month period concluding in Dec of the year prior to the issuance of the award.
2010-2021 Barron's Top 1,200 Financial Advisors: State-by-State (formerly referred to as Barron's Top 1,000 Financial Advisors: State-by-State)
Source: Barrons.com (Awarded 2010-2021). Data compiled by Barron's based on 12-month period concluding in Sept of the year prior to the issuance of the award.
2013, 2014 Financial Times 400 Top Financial Advisors
Source: ft.com. Data compiled by the Financial Times based the following time periods:
Awarded 2014; data 9/30/12 - 9/30/13
Awarded 2013; data as of 12/31/12

ALTERNATIVE INVESTMENTS

Alternative investments describe a spectrum of strategies that cannot be accessed through traditional fixed income and equity markets. These strategies have the potential to help lower volatility and increase diversification in clients’ portfolios.

Morgan Stanley has extensive experience in the alternative investments industry through a strong commitment to managing alternative investment strategies across an established global network. The power of the Morgan Stanley Alternative Investments platform provides clients access to leading managers in the industry.

The power of alternative investments derives from their versatility to offer innovative strategies that align with sophisticated investors’ financial goals. Across the variety of available strategies, these can be organized into four core solutions.

Please reach out to learn more about our custom Alternative Investment strategies.

Income Generation

Products that seek higher returns/yield and lower volatility versus traditional fixed income investments, with potential for low correlation to stocks and bonds, a reliable current income stream and an inflation hedge

Portfolio Diversification

Products that strive to maintain low correlations with traditional equity markets, with potential for lower portfolio volatility, increased risk-adjusted returns and reduced reliance on any one company, sector, country, etc

Tax Advantages

Products designed to alleviate yearly tax liability, defer payment of capital gains, harness tax-managed structures or offer a step up in basis and tax advantaged income

Growth Orientation

Products that aim to generate excess returns and provide clients with incremental upside potential, wealth accumulation strategies or seek to take advantage of the “illiquidity premium” of private markets

IMPACT AND SUSTAINABLE INVESTMENTS

At Morgan Stanley, we find many clients are looking for an investment strategy that not only seeks to generate market-rate financial returns, but that also strives to deliver positive environmental impact.

Globally, one in three dollar is invested with a focus on sustainability, up 73% since 2014. Additionally, 95% of asset owners are either already integrating ESG criteria – or actively considering integration of ESG criteria within their investment process.

With that said, we understand that every client has a unique set of priorities to consider when making investment decisions that seek to align with personal values so we provide a range of client-centered sustainable solutions.

Restriction Screening

Investments that seek to minimize or avoid certain companies, sectors, geographies or themes

Environmental, Social and Governance (ESG)

Invest in companies with sustainable corporate practices, including efficient natural resource use, efforts to reduce greenhouse gas emissions, employee and customer treatment and governance

Thematic Exposure

Investments in companies with products and services targeting solutions to key sustainability goals such as alleviating poverty, community development, climate solutions and more

Impact Investing

Private market investments focused on enterprises that deliver positive impact

Financial Planning

Regardless of what stage your life is in — moving ahead in your career, enjoying retirement or somewhere in between, the McKelvy Group can help you achieve your financial goals.

Do you want to purchase a vacation home, fund your children’s or grandchildren’s education, spend your retirement as you’ve dreamed — or all of the above? Together, we can create a personalized wealth management strategy to help you prepare for a successful financial future.

Using a suite of tools that includes goal-specific analysis, we can work with you to create a realistic, holistic strategy that integrates the various aspects of your financial life, including your investments and cash management needs. We can also work with you, suggesting modifications as needed to help keep your goals in reach and your strategy on the right course.

Morgan Stanley’s personalized wealth management process is designed to provide a road map to your financial future. Leveraging our vast resources — including intellectual capital, experience and dedicated personal service — we can work with you to create a personalized wealth strategy. Then, over time, we can adapt it to changing circumstances, helping you to achieve — and to protect — your goals.

Please reach out to learn more about our Financial Planning services.

Discover

We start with a conversation to gain a thorough understanding of your needs, lifestyle and family — and your goals for the future

Advise

We work with you to develop portfolio strategies that help you achieve and protect the outcomes you envision

Implement

We look across multiple accounts and products to help you implement solutions that are an appropriate fit for your strategy

Track Progress

We help you track your progress as well as spending and savings to ensure you remain on track toward your goals

WORKPLACE FINANCIAL BENEFITS WITH MORGAN STANLEY AT WORK

Our mission is to help your company elevate your workplace financial benefits—helping you to attract and retain top talent. Our end-to-end solutions support your company and employees at any stage of growth through a powerful combination of modern technology, insightful guidance, and dedicated service.

Equity Solutions

Equity ownership is a powerful motivator. Streamline equity management through our leading-edge technology and provide global audit-ready reporting and insights, alongside customizable participant experiences to engage and educate your employees on how to make the most of their benefits. Our global solutions support private and public companies at any stage of growth.

• Equity Administration and Financial Reporting
• Liquidity Events
• 409A Valuation Services and Cap Table Management

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Retirement

For your employees, retirement is more than a date in the future—it's a milestone that takes time, hard work, and the right tools. Through our consultative process, we strive to assist with the management of your fiduciary responsibilities and risk, simplify plan management, and help you improve retirement readiness for your employees.

• Defined Contribution Consulting
• Solutions-Oriented Plans
• Fiduciary Investment Oversight

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Deferred Compensation

Access a range of Nonqualified Deferred Compensation plan services or pick the ones that best fit your needs. We provide recordkeeping and plan design, portfolio construction services, and plan education for your executive talent. We help you determine the appropriate plan design and inform a funding strategy through a needs-based assessment and consultative approach.

Services include:

Recordkeeping and Plan Design
Portfolio Construction
Wealth Management Services

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Executive Services

Our dedicated team provides concierge-level support for your executives' equity compensation plans, from 10b5-1 trading plans to form filing related to Rule 144 transactions, to access to wealth management and tax-optimization strategies, so helping them navigate their complex financial needs with greater confidence and certainty:

Equity Compensation Services
Equity Award Analysis
Specialized Solutions

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Saving and Giving

Saving and Giving benefits can make a real difference in your employees' lives as they can support the things that matter most to them—like saving for education and repaying student loans. Show that you are committed to your employees' priorities with leading-edge solutions that help them chart a path toward financial well-being.

College Savings
Student Loan Repayment and Refinancing
Charitable Giving

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Financial Wellness

We offer Financial Wellness with every solution we provide. Through a powerful combination of education, digital tools and guidance, Financial Wellness is designed to address the unique needs of your employees and empower their financial journey at every stage. Give your employees the confidence to take charge of their finances.

• Financial Education
• Digital Tools
• Financial Guidance

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Location

2882 Sand Hill Rd

Ste 200

Menlo Park

CA 94025

Direct:

Wealth Management Associate

Phone:

(650) 234-5130(650) 234-5130

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About Dorian McKelvy

Dorian’s professional investment career began at Davis Skaggs Investment Management in 1983. Since then, Dorian has built The McKelvy Group into one of the largest private client practices here at Morgan Stanley Private Wealth Management.

As a Managing Director at Morgan Stanley PWM, Dorian oversees all aspects of The McKelvy Group. While the group’s primary focus is investment strategies and complex estate plans for high net worth individuals, families and foundations; Dorian also focuses his 40 years of experience on comprehensive fixed-income strategies.

He is among a select few financial advisors recognized as a Family Wealth Director. Financial advisors who earn this designation must meet stringent quantitative and qualitative requirements. Specifically, financial advisors are required meet a significant level of client assets under management as well as pass a rigorous exam demonstrating their professional knowledge.

Dorian is also member of Morgan Stanley’s Directors Council. In partnership with this elite group of financial advisors, here at Morgan Stanley, Dorian has provided invaluable leadership to his peers for the last 14 years. Throughout this time has also been consistently recognized by industry publications such as Barron’s, Financial Times and San Francisco Business Times.

Dorian is Series 7, 8, 63, 65, 31 and Life & Variable Annuity Insurance Licensed.

Dorian is a graduate of California Polytechnic, San Luis Obispo. In March 2010, Dorian completed the Executive Education program at Stanford Graduate School of Business.

Dorian and his family make their home in Portola Valley, California. He enjoys spending time with his wife and two children, volunteering for the Juvenile Diabetes Research Foundation and racing sailboats in the San Francisco Bay.

Securities Agent: VA, WV, NH, SD, MT, NY, WY, WI, WA, VT, 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, ID, IA, HI, GA, FL, DE, DC, CT, CO, CA, AZ, AR, AL, AK, LA, IL; BM/Supervisor; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1262148

About Max McKelvy

Max McKelvy is a Bay Area native who grew up in Portola Valley. He began his academic career at Bucknell University, where he studied Accounting and Finance and competed as a varsity water polo athlete—an experience that helped shape his disciplined, team-oriented approach to leadership and performance.

Upon graduation, Max moved to New York City to join BlackRock, where he worked in capital markets with a focus on portfolio management and trading across debt and equity exchange-traded products and derivatives. In this role, he partnered with institutional clients, gaining firsthand experience in market structure, risk management, and portfolio construction across a wide range of asset classes. Max later relocated with BlackRock to London, where he spent three years advising institutional investors in the European markets, further deepening his global perspective on investing and capital allocation.

Today, Max is an Investment Advisor at Morgan Stanley, where he works closely with entrepreneurs, professionals, families, and business owners to deliver comprehensive wealth management solutions. His practice centers on holistic financial planning, disciplined investment management, and helping clients navigate complex financial decisions across market cycles. Drawing on his background in institutional portfolio management, Max brings a thoughtful, risk-aware approach to portfolio design, retirement income planning, and the integration of public and private investment opportunities where appropriate.

Max is committed to building long-term client relationships grounded in trust, transparency, and thoughtful advice. He takes pride in helping clients gain clarity and confidence around their financial lives—whether planning for retirement, managing liquidity events, or building multi-generational wealth. Outside of work, Max enjoys biking, running, and spending time with his family.

Securities Agent: WY, WI, WA, VT, VI, VA, TX, SD, SC, RI, PA, OR, OK, OH, NY, NV, NM, UT, NJ, NH, NE, ND, PR, NC, MT, MS, MO, TN, MI, MN, MD, ME, MA, LA, WV, KY, KS, IN, IL, ID, IA, HI, GA, FL, DE, DC, CT, CO, CA, AZ, AR, AL, AK; General Securities Representative; Investment Advisor Representative
NMLS#: 2192348

About Kathy Tabrizi

With 26 years of experience in financial services, Kathy leads the McKelvy Group’s custody and execution business for institutional clients and oversees more than $12 billion in client assets.

In her role, Kathy serves as the primary liaison for the team’s institutional business, improving efficiencies across trading capabilities, account management and technology deployment. Kathy holds Series 7, 63, 9, 10, and 66 Licenses.

In her free time, she enjoys international travel, watching the NFL, and exploring restaurants around the Bay Area.

About Gemma LaBar

Gemma May LaBar joined the McKelvy Group in 2018 bringing her years of financial services industry in supporting roles to this dynamic team. Gemma's career in financial services began in 2004. She has previously worked with broker/dealer firms such as Linsco/Private Ledger (now LPL Financial), NFP Securities, and RBC Financial. In 2015, she joined Morgan Stanley, where she has found her professional home. Gemma holds a Series 7 License, obtained in 2008, and a Series 66 License, obtained in 2009.

Outside of work, Gemma enjoys spending time with her family and two large, cuddly dogs. She also loves golfing, playing PokemonGO, and exploring new restaurants in the Bay Area.

About Dan Di Lulo

Dan joined Morgan Stanley in 2018. Prior to joining the McKelvy Group, he worked at Merrill Lynch. He holds the Series 7 and 66 licenses.

Dan grew up in the Sierra Foothills, moving the Bay Area to earn his bachelor’s degree in finance from San Francisco State University. While not working, Dan enjoys woodworking, watching Formula 1 and snowboarding.

About Jonah Manarang

Jonah rejoined Morgan Stanley and The McKelvy Group in mid-2025, having previously been with the firm from 2021 to 2022.

In the interim, he specialized in joint trench dry utility consulting, collaborating with various developers and utility companies across the Bay Area.

He earned a Bachelor of Science in Computer Science from San Francisco State University. Jonah is a Bay Area native and enjoys playing board games, video games, and following local sports teams.

About Amaris Ramirez

Amaris joined the McKelvy Group in 2022 and is dedicated to delivering an exceptional standard of client service. She attended Saint Mary’s College of California where she earned a Bachelor of Science in Business Administration with concentrations in Finance and Data Analytics.

Prior to joining Morgan Stanley, Amaris built a strong foundation in client care as a patient care coordinator in the dental field, where she worked closely with patients to help ensure optimal treatment outcomes. She brings this same attentiveness, professionalism, and client-centered approach to her work with current clients.

Outside of the office, Amaris enjoys international travel, experimenting with new recipes, savoring specialty coffees as a self-proclaimed connoisseur, and cherishes time spent with family, friends, and her two dogs, Portia and Elsa.

About Alev Yildiz

Alev Yildiz joined Morgan Stanley in 2023 and works closely with clients, bringing a thoughtful and detail-oriented approach to her role.

Alev holds a Master’s degree in Data Analytics from Arizona State University and a Master’s degree in International Law from European University Viadrina Frankfurt (Oder), Germany. Outside of work, she enjoys reading, spending time with her children and values continuous learning.

About Brian Vera Cruz

Brian joined Morgan Stanley in 2022 and is a Series 7/66 licensed Wealth Management Associate supporting client operations.

Beyond work, Brian is deeply involved in non-profit leadership as well as helping organize and support annual large-scale community events. He is an avid musician, freelance photographer and maintains a disciplined strength training regimen. He lives in San Jose with his black Labrador, Onyx.

About Brian Hughes

Brian joined Morgan Stanley in 2001. Prior to joining the McKelvy Group 2024, he worked in Private Wealth Management with another branch.

He is fluent in German and English. Brian is a Bay Area native and enjoys learning new languages, international travel and karaoke.

About Joshua Sheng

Joshua joined Morgan Stanley in 2024. He graduated from UC Berkeley with a BA in Environmental Science in 2021 and holds the Series 7 and 66 licenses.

Outside of work, Joshua is a chess grandmaster and enjoys food, writing, and teaching.

Wealth Management

Global Investment Office

Portfolio Insights

Read "On the Markets"

Equity Compensation

Helping you make the most of your equity awards and better understand how it may fit into your your larger financial picture – today and tomorrow.

Vesting events
Option expirations
Restricted stock units
Tax implications

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

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A Simple Six-Step Retirement Checkup

Checking in on your retirement plan may make a lot of sense, especially when market volatility arises.

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

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Rational Investing in an Age of Uncertainty

When it comes to investing, even the most savvy of us fall prey to bias and emotional trades. So what triggers should you watch for?

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

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529 Plans: A Powerful Tool to Save for Education

Though education costs continue to climb, starting to save and invest early can make a difference.

Business Planning

Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.

Succession Planning
Business Planning
Qualified Retirement Plans

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Financial Planning for Life After Selling a Business

Selling your business can mean big changes for your life, both personally and financially. Know how to make the most of your windfall.

Financial Wellness

Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:

Reduce employee stress,
Improve retention and engagement, and
Set themselves apart by offering comprehensive financial wellness benefits.

Learn More

The Business Case for a Financially Resilient Workforce

In the face of turbulent markets, the word “resilience” may be top of mind. Broadly speaking, resilience is the ability to “bounce back” when encountering life’s inevitable challenges.

Ready to start a conversation? Contact The McKelvy Group today.

Market Information Delayed 20 Minutes

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.

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.

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.

⁴Morgan 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.

⁵Morgan 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.

⁶Morgan 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.

⁷Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

⁸Morgan 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.

⁹When 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.

¹⁰Morgan 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

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

CRC 4665150 (8/2025)

The McKelvy Group at Morgan Stanley

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