Micheal Lipshultz
Senior Vice President, Wealth Management, Financial Advisor, Insurance Planning Director, Portfolio Manager, Financial Planning Specialist
Phone:
(301) 279-6431(301) 279-6431
The Mergner Group at Morgan Stanley
Our Mission Statement
Human Connections.
Transformational Relationships.
First Class Resources.
Transformational Relationships.
First Class Resources.
Human Connections. Transformational Relationships. First Class Resource
The strength of The Mergner Group at Morgan Stanley comes from our cohesive team approach leveraged by experience. Collectively, the six Financial Advisors in our group – Thomas Mergner, Scott Mergner, Micheal Lipshultz, Jeff Garner, Victoria Underhill, and Christopher Wallace – have more than 100 years of combined industry experience. Our roots first manifested themselves in 1957, when the late Financial Advisor John G. Mergner, Sr. began guiding families and businesses toward their financial futures. John’s son, Tom, became a Financial Advisor in 1991, and his grandson, Scott, followed suit in 2015, making them the second and third generations of the Mergner family to devote themselves to guiding you through your accumulation, preservation and transfer of wealth. Mike and Tom began working together over twenty years ago; laying the groundwork for the team that exists today. Jeff and John’s relationship also began at the turn of the Millennium as the Mergner Group grew with the new industry demands. Victoria first Joined Morgan Stanley in 2019 where her talents were immediately evident. Soon after, she started working closely with The Mergner Group and seamlessly joined as an advisor in an official capacity bringing more than a decade of industry expertise. Chris Wallace started with Morgan Stanley in 2011 after more than fifteen years in the industry thoughtfully guiding families and institutions. What first started as friendly neighbors within the office, strong bonds between Chris and the team made the formal partnership a natural next step. As a well-rounded team, we help you achieve your goals by always holding your best interest paramount. The Mergner Group looks forward to working with you and your family.
You’ve worked hard to put down roots and build a strong financial foundation for the future. The Mergner Group at Morgan Stanley works just as hard on your behalf, helping you grow and preserve your wealth so you can create the future you want for yourself and your family.
We have developed and refined a process that is centered around multi-generational wealth accumulation and preservation to prepare and equip the next generation with the tools, tactics and techniques to be good stewards… in whatever that means. This begins by treating your family like a business and treating your business like a family. In addition to providing access to the full range of financial services offered at Morgan Stanley, we create a comprehensive financial plan that helps put the pieces of your puzzle into place so that as your life unfolds, the plan evolves. We also serve as a hub, coordinating with your other professional advisors to integrate all aspects of your financial life into a cohesive whole.
The cornerstones of our strong heritage in the financial services industry are our goal-based approach to wealth management and our commitment to getting to know our clients on a deep personal level. It is only by understanding your needs, goals, and values that we are able to make recommendations and offer ideas that we believe can bring you closer to achieving what matters to you most.
You’ve worked hard to put down roots and build a strong financial foundation for the future. The Mergner Group at Morgan Stanley works just as hard on your behalf, helping you grow and preserve your wealth so you can create the future you want for yourself and your family.
We have developed and refined a process that is centered around multi-generational wealth accumulation and preservation to prepare and equip the next generation with the tools, tactics and techniques to be good stewards… in whatever that means. This begins by treating your family like a business and treating your business like a family. In addition to providing access to the full range of financial services offered at Morgan Stanley, we create a comprehensive financial plan that helps put the pieces of your puzzle into place so that as your life unfolds, the plan evolves. We also serve as a hub, coordinating with your other professional advisors to integrate all aspects of your financial life into a cohesive whole.
The cornerstones of our strong heritage in the financial services industry are our goal-based approach to wealth management and our commitment to getting to know our clients on a deep personal level. It is only by understanding your needs, goals, and values that we are able to make recommendations and offer ideas that we believe can bring you closer to achieving what matters to you most.
Services Include
- Wealth PlanningFootnote1
- Financial PlanningFootnote2
- Professional Portfolio ManagementFootnote3
- Retirement PlanningFootnote4
- Corporate Retirement PlansFootnote5
- Cash Management and Lending ProductsFootnote6
- Life InsuranceFootnote7
- Long Term Care InsuranceFootnote8
- Planning for Education FundingFootnote9
- 529 PlansFootnote10
- Business PlanningFootnote11
- Alternative InvestmentsFootnote12
- Trust AccountsFootnote13
- Planning for Individuals with Special Needs
- Estate Planning StrategiesFootnote14
- Business Succession PlanningFootnote15
- Sustainable InvestingFootnote16
- Stock Plan ServicesFootnote17
- Stock Option PlansFootnote18
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Our Services and Process
Services We Provide
FINANCIAL PLANNING: Goals Analysis, Retirement Income, Debt Analysis, Special Circumstances
INVESTMENT PLANNING: Security Recommendations, Economics, Asset Allocation, Tax Efficient Investing
WEALTH PLANNING: Wills & Legal Documents, Legacy Planning/Gifting, Family Governance, Charitable Planning
EXECUTIVE PLANNING: Incentive Compensation, Stock Options, Concentrated Positions, Stock Monetization
BUSINESS OWNER PLANNING: Risk Management, Cash Management, Retirement Benefits, Succession Planning
EMPLOYER RETIREMENT PLANS: Investment Management & Monitoring, Participant Financial Education, Participation Focus, Plan Design & Implementation, Evaluate & Recommend Record Keeper/Provider, Plan Fiduciary Responsibilities
Our Tailored Process
Step 1 -> Discovery Process: We listen, learn, and identify what is important to you and your legacy
Step 2 -> Develop Strategies: We determine risk and gather data to analyze current investments and create a financial plan
Step 3 -> Onboarding Meeting: We present and discuss the plan
Step 4 -> Deployment of Solutions: Focus on asset movement and assign responsibilities
Step 5 -> Orientation Meeting: Meet and understand the team and "who to contact"
Step 5 -> Wealth Team Integration: Develop and understand your network, liquidity needs, and secondary plans
Step 6 -> Strategy/Tactical Meetings: Monitor, discuss, and adjust future transitions
Our Suite of Digital Tools
Morgan Stanley Online:
Beyond viewing your account balance and activity, Morgan Stanley Online (MSO) has a suite of features that allow you to manage your everyday finances from paying bills and sending money to transferring funds and authorizing transactions with one click using eAuthorizations.
Spending + Budgeting:
Track spending habits, categorize expenses and create budgets across your Morgan Stanley and external financial accounts with our Spending and Budgeting Tool. We make it easy for you and your financial advisor to oversee trends in your financial life.
Total Wealth View:
We've launched a new tool that allows you to link information from your accounts at other financial institutions directly to your Morgan Stanley Online or Morgan Stanley Mobile App profile. The ability to view all of your assets together provides the opportunity to advise on your Morgan Stanley accounts with your entire financial picture in mind.
eDelivery:
Morgan Stanley Online has a variety of features that can enhance your digital experience and provide a deeper level of security. One of those tools, eDelivery, allows you to securely save, print, send or receive documents at any time from both Morgan Stanley Online and the Morgan Stanley Mobile App.
Digital Vault:
Digital Vault lets you easily and securely manage and share important documents such as account statements, authorizations, tax filings and other relevant documents with your Financial Advisor.
Portfolio Risk Platform:
Our Portfolio Risk Platform, backed by institutional-caliber analytics, assesses thousands of risk factors using a holdings-based approach to assess a portfolio's exposures, analyze how securities behave together across portfolios and forecast how they influence risk and return moving forward.
MONTHLY MARKET UPDATES AND OUTLOOK CALL SERIES
The Mergner Group at Morgan Stanley would like to invite you to join our upcoming Market Perspectives Calls that we are hosting throughout 2025.
Please join us on the below dates for a market update and discussion.
Event: Wednesday, April 16, 2025
Topic: Large Cap
Featured Speaker: James E Russell, Jr., CFA Senior Wealth Advisor, Principal, and Portfolio Manager at Bahl & Gaynor.
Date: Wednesday, April 16, 2025
Times: 12:30pm ET
Dial In Toll Free: +1 877 777-8895
Participant Code: 0141197
Event: Wednesday, May 14, 2025
Topic: US Political and Economic Outlook
Featured Speaker: Robert Stein, CFA Deputy Chief Economist at First Trust Advisors, L.P.
Date: Wednesday, May 14, 2025
Times: 12:30pm ET
Dial In Toll Free: +1 877 777-8895
Participant Code: 0141197
Our Suite Of Financial Resources
Your one stop shop on retirement and financial planning. Designed to educate and enlighten our clients in any stage of life.
- Successful investing involves patience and fortitude.
- Need to save early: time is money.
- Don't let emotions get in the way of your decisions.
- Going in alone without a plan can be costly.
Gift and Estate Tax Planning Video
Morgan Stanley Family Office Resources offers a differentiated value proposition to integrate comprehensive tax, estate, and financial planning strategies into your overall wealth plan. Please enjoy this educational video about the basics of estate and gift taxes.
Estate & Gift Tax Video
Understanding Estate & Gift Taxes: Learn how to protect your wealth, maximize exemptions, and plan for a tax-efficient future.
Irrevocable Trust Video
Unlock the Power of Irrevocable Trusts: Protect your assets, reduce taxes, and secure your legacy.
The Basics of Estate Planning Video
Estate Planning 101: Protect your assets, secure your legacy, and plan with confidence.
Asset Allocation and Diversification
The four major asset classes are Cash & Cash Alternatives, Fixed Income, Equities, and Alternative Investments. One of the most important parts of investing is selecting appropriate asset classes for your goals. Diversification can assist through the spreading of your investments both among and within different asset classes.
Basic Tenets of Investing
Rule of 72
The Rule of 72 is a formula that enables you to see how long it will take, at a certain interest rate, to double your money. It's valuable in that it provides an estimated time for reaching a financial goal based on how much you save for a given amount of time at a specific interest rate. Utilizing the Power of Compounding.
Alternative Investments
Alternatives are the investments that go beyond traditional stocks and bonds. They can open doors to unique opportunities to help grow and protect your wealth, and have long sought to offer enhanced returns, portfolio diversification, lower volatility, as well as potential tax efficiency.
IRA Distributions
There are a variety of different distributions from IRAs that are crucial to have an understanding of no matter if you're working or retired. Check out a very helpful guide below on these distributions.
Estate Planning
Should I get a trust? A trust is a contract to manage the investment and/or distribution of assets under that contract. You can't take it with you, but through a trust, you can define how you want your life's work and wealth to continue to benefit the people and causes you love and care for.
Gifting Considerations
Giving financial gifts to children or grandchildren can help reduce your estate taxes. However, if you are concerned about wasteful spending by the recipients or protecting assets from bad actors, there are several options that allow you to exercise some control over how the money is used.
Planning to Fund Long-Term Care Expenses
Healthcare costs are rising, especially for retirees, and many will need Long Term Care. It's important to take steps to minimize your financial exposure to unwanted medical costs so you can afford your desired lifestyle after your working years.
The Mergner Group at Morgan Stanley
Located in Potomac, Maryland, Our 9-person team delivers more than 100 years of combined industry experience and we are proud to guide and serve you and all of your unique needs. We share our clients' commitment to generously supporting the causes and communities they are passionate about. Here are just some of the organizations to which our team members devote their money and time.
Tom Mergner
Tom supports his local community through his involvement in the following organizations:
• Georgetown Preparatory School
• Wendt Center: Camp Forget-Me-Not
• America Heart Association
• NIH Children’s Center
• Patriot Point
• National Center for Children and Families
• A Wider Circle
Tom is honored to have achieved the following designations, awards, and titles:
• Awarded Forbes Best-In-State Wealth Advisor 2021, 2022, and 2023
• Awarded Managing Director
• Awarded Financial Planning Specialist Title
• Awarded Portfolio Manager Title
• Awarded Executive Director Title
• Awarded Senior Vice President Title
• Awarded First Vice President Title
• Awarded Vice President Title
• Awarded Assistant Vice President Title
• Chairman’s Club 2012, 2013, 2015-2018
• President’s Club 2010, 2011, 2014, 2019-2024
See the Forbes ranking here!• Georgetown Preparatory School
• Wendt Center: Camp Forget-Me-Not
• America Heart Association
• NIH Children’s Center
• Patriot Point
• National Center for Children and Families
• A Wider Circle
Tom is honored to have achieved the following designations, awards, and titles:
• Awarded Forbes Best-In-State Wealth Advisor 2021, 2022, and 2023
• Awarded Managing Director
• Awarded Financial Planning Specialist Title
• Awarded Portfolio Manager Title
• Awarded Executive Director Title
• Awarded Senior Vice President Title
• Awarded First Vice President Title
• Awarded Vice President Title
• Awarded Assistant Vice President Title
• Chairman’s Club 2012, 2013, 2015-2018
• President’s Club 2010, 2011, 2014, 2019-2024
Mike Lipshultz
Mike supports his local community through his involvement in the following organizations:
• Mockingbird Foundation
• Glenelg High School PTSA
• Howard County Food Bank
• Western Maryland Food Bank
• Conscious Alliance
• Humanitarian Aid
• Quilts For Kids Nepal
Mike is honored to have achieved the following designations, awards, and titles:
• Awarded Insurance Planning Director Title (2022)
• Awarded Portfolio Manager Title (2023)
• Awarded Senior Vice President Title
• Awarded First Vice President Title
• Awarded Vice President Title
• Awarded Assistant Vice President Title
• Awarded Financial Planning Specialist Title
• Pacesetter’s Club 2011-2015
Learn more About Portfolio Management• Mockingbird Foundation
• Glenelg High School PTSA
• Howard County Food Bank
• Western Maryland Food Bank
• Conscious Alliance
• Humanitarian Aid
• Quilts For Kids Nepal
Mike is honored to have achieved the following designations, awards, and titles:
• Awarded Insurance Planning Director Title (2022)
• Awarded Portfolio Manager Title (2023)
• Awarded Senior Vice President Title
• Awarded First Vice President Title
• Awarded Vice President Title
• Awarded Assistant Vice President Title
• Awarded Financial Planning Specialist Title
• Pacesetter’s Club 2011-2015
Chris Wallace, CRPC®
Chris supports his community through his involvement in the following organizations:
• The Greek Orthodox Church of Saint George
• Orthodox Christian Mission Center
• Church of the Epiphany’s Welcome Table for the homeless
• The Boomer Esiason Foundation for Cystic Fibrosis
• Tunnels for Towers
• Wounded Warriors
• Feeding America
• St. Jude Children’s Research Hospital
• Shriners Hospitals for Children
• Covenant House
• The Animal Rescue Mission
Chris is honored to have achieved the following designations, awards, and titles:
• Awarded Senior Vice President Title
• Awarded Senior Portfolio Manager Title
• Chartered Retirement Planning Counselor (CRPC)
• The Greek Orthodox Church of Saint George
• Orthodox Christian Mission Center
• Church of the Epiphany’s Welcome Table for the homeless
• The Boomer Esiason Foundation for Cystic Fibrosis
• Tunnels for Towers
• Wounded Warriors
• Feeding America
• St. Jude Children’s Research Hospital
• Shriners Hospitals for Children
• Covenant House
• The Animal Rescue Mission
Chris is honored to have achieved the following designations, awards, and titles:
• Awarded Senior Vice President Title
• Awarded Senior Portfolio Manager Title
• Chartered Retirement Planning Counselor (CRPC)
Scott Mergner, CEPA®
Scott supports his local community with his involvement in the following organizations:
• Georgetown Preparatory School
• St. Frances Academy
• The Military Bowl
• Patriot Point
• National Football Foundation & College Football Hall of Fame
• Intervarsity Athletics
Scott is honored to have achieved the following designations, awards, and titles:
• Scott earned the Certified Exit Planning Advisor designation - CEPA® in 2024.
• Awarded 2023 Five Star Professional
• Awarded Vice President Title
• Awarded Associate Vice President Title
• Awarded Financial Planning Specialist Title
• Pacesetter’s Club 2016-2021
A Financial Family Affair!• Georgetown Preparatory School
• St. Frances Academy
• The Military Bowl
• Patriot Point
• National Football Foundation & College Football Hall of Fame
• Intervarsity Athletics
Scott is honored to have achieved the following designations, awards, and titles:
• Scott earned the Certified Exit Planning Advisor designation - CEPA® in 2024.
• Awarded 2023 Five Star Professional
• Awarded Vice President Title
• Awarded Associate Vice President Title
• Awarded Financial Planning Specialist Title
• Pacesetter’s Club 2016-2021
Jeff Garner
Jeff supports his local community with his involvement in the following organizations:
• Pat Tillman Foundation
• Susan G. Komen
• Capital Area Food Bank
Jeff is honored to have achieved the following designations, awards, and titles:
• Awarded to the Pacesetter's Club at Morgan Stanley in 2022, 2023, and 2024
• Pat Tillman Foundation
• Susan G. Komen
• Capital Area Food Bank
Jeff is honored to have achieved the following designations, awards, and titles:
• Awarded to the Pacesetter's Club at Morgan Stanley in 2022, 2023, and 2024
Victoria Underhill, QPFC
Victoria supports her local community with her involvement in the following organizations:
• Rockville Chapter of the Izaak Walton League
• Life of Joy Foundation
Victoria is honored to have achieved the following designations, awards, and titles:
• Awarded to the Pacesetter's Club at Morgan Stanley in 2023, and 2024
• Victoria earned the Qualified Plan Financial Consultant - QPFC Designation in 2023
• Rockville Chapter of the Izaak Walton League
• Life of Joy Foundation
Victoria is honored to have achieved the following designations, awards, and titles:
• Awarded to the Pacesetter's Club at Morgan Stanley in 2023, and 2024
• Victoria earned the Qualified Plan Financial Consultant - QPFC Designation in 2023
Gregory Underhill
Greg supports his local community with his involvement in the following organizations:
• Upper Montgomery County
• Frederick County Community Volunteer
• Montgomery County Agricultural Reserve
• Upper Montgomery County
• Frederick County Community Volunteer
• Montgomery County Agricultural Reserve
Douglas Haller
Doug supports his local community with his involvement in the following organizations:
• Active in the Palisades community of Washington D.C. and previously in Arlington VA Community
• Passion for developing Strong Relationships with Small Business Owners and Employees in the DC area
• Active in Montgomery County local Events, Markets and Fundraisers
• Active in Local Farmers Markets supporting local business
• Active in the Palisades community of Washington D.C. and previously in Arlington VA Community
• Passion for developing Strong Relationships with Small Business Owners and Employees in the DC area
• Active in Montgomery County local Events, Markets and Fundraisers
• Active in Local Farmers Markets supporting local business
Jerrel Cayo
Jerrel supports his local community with his involvement in the following organizations:
• Active in the Upper Montgomery County community
• Passion for supporting local businesses and employees in Maryland
• Active in Montgomery County local Events, Markets and Fundraisers
• Active in various community creative workshops within the DMV
• Active in the Upper Montgomery County community
• Passion for supporting local businesses and employees in Maryland
• Active in Montgomery County local Events, Markets and Fundraisers
• Active in various community creative workshops within the DMV
Gabriela Cohen
Gabriela supports her local community with her involvement in the following organizations:
• Wheaton Volunteer Rescue Squad Explorer Post 742
• Heifer International
• Alpha Phi Omega National Service Fraternity
• Wheaton Volunteer Rescue Squad Explorer Post 742
• Heifer International
• Alpha Phi Omega National Service Fraternity
Location
12505 Park Potomac Avenue
Suite 200
Potomac, MD 20854
US
Direct:
(301) 279-6427(301) 279-6427
Fax:
(240) 392-4478(240) 392-4478
7500 Old Georgetown Road
10th Floor
Bethesda, MD 20854
US
Direct:
(301) 279-6401(301) 279-6401
Meet The Mergner Group
Thomas S Mergner
Managing Director, Wealth Management, Financial Advisor, Portfolio Manager
Phone:
(301) 279-6427(301) 279-6427
Scott Mergner, CEPA®
Vice President, Wealth Management, Financial Advisor
Phone:
(301) 279-6429(301) 279-6429
Jeffrey Garner
Financial Advisor
Phone:
(301) 279-6435(301) 279-6435
Victoria Underhill, QPFC
Financial Advisor
Phone:
(301) 279-6437(301) 279-6437
Chris J Wallace, CRPC®
Senior Vice President, Financial Advisor
Phone:
(301) 279-6461(301) 279-6461
Gregory Underhill
Vice President, Group Director
Phone:
(301) 279-6454(301) 279-6454
Jennifer Monroe Heebink
Senior Registered Associate
Phone:
(301) 657-6320(301) 657-6320
Jerrel Cayo
Client Service Associate
Phone:
(301) 279-6445(301) 279-6445
Douglas Haller
Registered Client Service Associate
Phone:
(301) 279-6438(301) 279-6438
Gabriela Cohen
Team Administrator
Phone:
(301) 279-6401(301) 279-6401
About Micheal Lipshultz
Micheal Lipshultz is a Senior Vice President, Wealth Management and Financial Advisor with The Mergner Group at Morgan Stanley. Designations Mike holds include Insurance Planning Director, Financial Planning Specialist and Portfolio Manager. Mike's dedication to the financial services industry which began in 1992 has shaped his knowledge of and focus on asset allocation, risk review, and financial planning strategies for individuals, families, and institutions. This dedication, knowledge and focus helps Mike advise you and those you care about in achieving financial goals. Mike currently holds a variety of licenses including the Series 7, 31, 63, 65 as well as those in health and life insurance.
A D.C. area native, Mike spent the majority of his formative years travelling and living around the globe. This includes time spent in the Midwest, on the West Coast, as well as in Europe and Asia. Mike returned home to graduate from John F. Kennedy H.S. in Silver Spring. Mike then earned a B.S. in Finance from the University of Maryland at College-Park.
Mike has been married to his wife, Dawn, since 1997 and they have two daughters. When he isn’t at the office you can find Mike volunteering for various causes, on a hiking trail, or playing his five-string banjo.
A D.C. area native, Mike spent the majority of his formative years travelling and living around the globe. This includes time spent in the Midwest, on the West Coast, as well as in Europe and Asia. Mike returned home to graduate from John F. Kennedy H.S. in Silver Spring. Mike then earned a B.S. in Finance from the University of Maryland at College-Park.
Mike has been married to his wife, Dawn, since 1997 and they have two daughters. When he isn’t at the office you can find Mike volunteering for various causes, on a hiking trail, or playing his five-string banjo.
Securities Agent: AR, AK, AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MD, ME, MI, MN, MS, MT, NC, NH, NJ, NM, NV, NY, OH, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, IA; General Securities Representative; Investment Advisor Representative
NMLS#: 1262310
NMLS#: 1262310
About Thomas S Mergner
Thomas Mergner is a Managing Director, Senior Portfolio Management Director, and Financial Advisor for The Mergner Group at Morgan Stanley. He focuses on investment research, portfolio management, and developing comprehensive financial planning strategies. As a licensed investment professional for more than 25 years, Tom has dedicated himself to listening and learning about individuals and corporations to better serve their financial needs. He focuses on both growth and fixed income portfolios. In addition, he holds Series 7, 63, 65 security licenses as well as those in health and life insurance. Tom holds distinctions and awards in addition to being named a Managing Director in 2015 such as the 2011 President’s Club Member, Chairman’s Club Member 2012, and is a Director’s Club Member - 2012 within Morgan Stanley.
A resident of the Washington, DC metro area his entire life, Tom attended Walt Whitman High School. He earned a B.S. and B.A. from The American University in Washington D.C. concentrating in the fields of Real Estate and Urban Development and a dual-minor in Finance and Economics.
When not in the office, Tom can be found with a wrench or fishing pole in his hand. He shares a passion for classic cars and enjoying the outdoors with his two sons, Scott and Tyler. He is also an active participant in fundraising events through local medical and military charities as well as education and athletic programs.
A resident of the Washington, DC metro area his entire life, Tom attended Walt Whitman High School. He earned a B.S. and B.A. from The American University in Washington D.C. concentrating in the fields of Real Estate and Urban Development and a dual-minor in Finance and Economics.
When not in the office, Tom can be found with a wrench or fishing pole in his hand. He shares a passion for classic cars and enjoying the outdoors with his two sons, Scott and Tyler. He is also an active participant in fundraising events through local medical and military charities as well as education and athletic programs.
Securities Agent: AR, IA, AZ, MI, OH, WA, TN, RI, VT, NH, MT, CA, MS, ND, ME, NJ, MO, WV, WI, PA, UT, SD, TX, SC, VA, OR, OK, NY, NV, NM, DC, FL, HI, NC, ID, MN, IL, DE, KS, MA, LA, MD, KY, IN, CO, GA, CT, AK; General Securities Representative; Investment Advisor Representative
NMLS#: 1261871
NMLS#: 1261871
About Scott Mergner
Scott Mergner, CEPA® is a Vice President and Financial Advisor for The Mergner Group at Morgan Stanley. He leads the team’s ultra-high-net-worth division and liquidity management financial planning services. Scott first began his career at Morgan Stanley in 2012 where he joined The Mergner Group at Morgan Stanley, making him the third generation to commit himself to developing long term relationships with clients and families through wealth management. Scott has made it his priority to implement the newest technology and platforms offered by Morgan Stanley to best suit individual needs and goals.
Scott currently holds Series 7 and 66 security licenses as well as those in health and life insurance. In addition, Scott earned the Certified Exit Planning Advisor designation - CEPA® to further strengthen his offering on helping business owners protect and manage their wealth through an exit transition. He is able to connect with clients on a business ownership level and provide a unique perspective of advice and products that are relevant, beneficial, and appropriate for clients.
Scott is a graduate of Georgetown Preparatory High School in North Bethesda, MD. He graduated from Amherst College in Amherst, MA where he majored in English and co-captained the un-defeated NESCAC Championship football team.
Scott and his wife Mary happily reside in Potomac, MD with their Australian Shepherd mix Buddy. They are passionate members of their community supporting the DC Sports contingent, eager to volunteer in their local charity events, and tackling life head-on. In his spare time, Scott can be found meeting up with friends around the globe, taking Buddy for long walks, staying in shape, and mentoring young alumnus at his High-school alma mater.
Scott currently holds Series 7 and 66 security licenses as well as those in health and life insurance. In addition, Scott earned the Certified Exit Planning Advisor designation - CEPA® to further strengthen his offering on helping business owners protect and manage their wealth through an exit transition. He is able to connect with clients on a business ownership level and provide a unique perspective of advice and products that are relevant, beneficial, and appropriate for clients.
Scott is a graduate of Georgetown Preparatory High School in North Bethesda, MD. He graduated from Amherst College in Amherst, MA where he majored in English and co-captained the un-defeated NESCAC Championship football team.
Scott and his wife Mary happily reside in Potomac, MD with their Australian Shepherd mix Buddy. They are passionate members of their community supporting the DC Sports contingent, eager to volunteer in their local charity events, and tackling life head-on. In his spare time, Scott can be found meeting up with friends around the globe, taking Buddy for long walks, staying in shape, and mentoring young alumnus at his High-school alma mater.
Securities Agent: NV, WA, TX, WV, WI, VT, VA, UT, TN, SC, PA, OR, OK, OH, NY, NM, NJ, NH, MT, MS, MN, ME, MD, MA, LA, KY, IN, IL, ID, HI, GA, FL, DE, DC, CT, CO, CA, AZ, AK, NC, MI, AR, IA; General Securities Representative; Investment Advisor Representative
NMLS#: 1446202
NMLS#: 1446202
About Jeffrey Garner
Jeffrey Garner is a Financial Advisor with The Mergner Group at Morgan Stanley. He was named to The Pacesetters Club at Morgan Stanley in 2022, 2023, 2024 and 2025, a global recognition program for Financial Advisors who, early in their career, have demonstrated the highest professional standards and first-class client service.
Jeff was accepted into the rigorous and esteemed Financial Advisor program at Morgan Stanley in 2020, a promotion within the team from Registered Associate to a Financial Advisor. Jeff has twenty years of experience with The Mergner Group at Morgan Stanley and celebrated his25–year anniversary with the firm in the beginning of February 2025.
Jeff is committed to developing a strong relationship with his clients and their families to discover your unique needs and implement goals-based planning to help his clients in achieving their financial goals. Jeff currently holds Series 7, 63, and 65 licenses.
Jeff is a Maryland native. He attended Thomas Stone High School and studied Finance at Towson University. Jeff currently resides in Silver Spring, MD and spends much of his time out of the office on the golf course or cheering on one of the D.C. sports teams.
Jeff was accepted into the rigorous and esteemed Financial Advisor program at Morgan Stanley in 2020, a promotion within the team from Registered Associate to a Financial Advisor. Jeff has twenty years of experience with The Mergner Group at Morgan Stanley and celebrated his25–year anniversary with the firm in the beginning of February 2025.
Jeff is committed to developing a strong relationship with his clients and their families to discover your unique needs and implement goals-based planning to help his clients in achieving their financial goals. Jeff currently holds Series 7, 63, and 65 licenses.
Jeff is a Maryland native. He attended Thomas Stone High School and studied Finance at Towson University. Jeff currently resides in Silver Spring, MD and spends much of his time out of the office on the golf course or cheering on one of the D.C. sports teams.
Securities Agent: ME, DC, VA, OR, IA, CA, AZ, MS, MN, MD, CO, SC, IL, PA, OH, NM, DE, AK, WI, NH, ID, HI, GA, NJ, KY, IN, WA, UT, NY, NV, MT, FL, VT, TX, TN, OK, CT, NC, MA, AR, WV, MI, LA; General Securities Representative; Investment Advisor Representative
NMLS#: 2109157
NMLS#: 2109157
About Victoria Underhill
Victoria Underhill is a Financial Advisor with The Mergner Group at Morgan Stanley. Leveraging her experience, Victoria is dedicated to working with executives to manage their roles as fiduciaries and stewards of their organization.
Victoria began her career with a boutique Broker/Dealer in 2007, serving in several advisory related and supervisory roles. Before moving the Morgan Stanley in 2019, Victoria was the Director of Individual and Corporate Planning with an independent Registered Investment Advisor firm. She holds the Series 7, 66, 24, 52 and 53 FINRA registrations as well as those in health and life insurance. In addition, Victoria earned the Qualified Plan Financial Consultant (QPFC) designation to further assist retirement plan sponsors and ultimately help their employees prepare for retirement. Victoria was named to The Pacesetters Club at Morgan Stanley in 2023, 2024 and 2025, a global recognition program for Financial Advisors who, early in their career, have demonstrated the highest professional standards and first-class client service.
Victoria is a graduate of Sacred Heart Academy in Hamden, CT. She went on to a Post Graduate year at Cheshire Academy before attending The Catholic University of America in Washington, DC. Victoria and her husband, Greg, reside in Poolesville, Maryland with their young son, Braden and the newest addition to the family their puppy, Tilly. When not in the office, Victoria can be found at the baseball field cheering on Braden, at a historical site, or volunteering with a number of non-profit organizations that range from medical to education to conservation and preservation.
Victoria began her career with a boutique Broker/Dealer in 2007, serving in several advisory related and supervisory roles. Before moving the Morgan Stanley in 2019, Victoria was the Director of Individual and Corporate Planning with an independent Registered Investment Advisor firm. She holds the Series 7, 66, 24, 52 and 53 FINRA registrations as well as those in health and life insurance. In addition, Victoria earned the Qualified Plan Financial Consultant (QPFC) designation to further assist retirement plan sponsors and ultimately help their employees prepare for retirement. Victoria was named to The Pacesetters Club at Morgan Stanley in 2023, 2024 and 2025, a global recognition program for Financial Advisors who, early in their career, have demonstrated the highest professional standards and first-class client service.
Victoria is a graduate of Sacred Heart Academy in Hamden, CT. She went on to a Post Graduate year at Cheshire Academy before attending The Catholic University of America in Washington, DC. Victoria and her husband, Greg, reside in Poolesville, Maryland with their young son, Braden and the newest addition to the family their puppy, Tilly. When not in the office, Victoria can be found at the baseball field cheering on Braden, at a historical site, or volunteering with a number of non-profit organizations that range from medical to education to conservation and preservation.
Securities Agent: VA, SC, OH, WV, WI, WA, VT, MS, UT, TX, TN, PA, OR, OK, NY, NV, NM, NJ, NH, NC, MT, MN, MI, ME, MA, LA, KY, KS, IN, IL, ID, HI, GA, FL, DE, MD, DC, CT, CO, CA, AZ, AK, AR, IA; General Securities Principal; General Securities Representative; Investment Advisor Representative
NMLS#: 1970584
NMLS#: 1970584
About Chris J Wallace
Chris J Wallace, CRPC® is a Senior Vice President and Financial Advisor with The Mergner Group at Morgan Stanley. Chris first entered the financial services industry in 1994 and during his career has come to focus on guiding individuals and families towards retirement strategies. As a Chartered Retirement Plan Counselor (CRPC®) Chris is committed to evaluating current and future financial status to design an optimal plan for what life has to offer. Chris currently holds a variety of licenses including the Series 7, 31, 63, 65 as well as those in health and life insurance.
A resident of the Washington, DC metro area his entire life, Chris attended Winston Churchill High School. He earned his B.S. from West Virginia University where he studied Finance and Business Administration and is a proud Mountaineer.
Chris has been married to his wife Mozhgan since 1989 and they have three daughters. When not at the office, Chris can be found trying to improve his handicap as a golf enthusiast, cycling along roads and trails in the local area, surrounding himself with family and friends, or volunteering for a number of local charities.
A resident of the Washington, DC metro area his entire life, Chris attended Winston Churchill High School. He earned his B.S. from West Virginia University where he studied Finance and Business Administration and is a proud Mountaineer.
Chris has been married to his wife Mozhgan since 1989 and they have three daughters. When not at the office, Chris can be found trying to improve his handicap as a golf enthusiast, cycling along roads and trails in the local area, surrounding himself with family and friends, or volunteering for a number of local charities.
Securities Agent: MN, AK, AR, AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KY, LA, MA, MD, ME, MI, MS, MT, NC, NH, NJ, NM, NV, NY, OH, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, HI; General Securities Representative; Investment Advisor Representative
NMLS#: 1285044
CA Insurance License #: 0H82190
NMLS#: 1285044
CA Insurance License #: 0H82190
About Gregory Underhill
Greg (Gregory) Underhill has been in the finance industry since 2008 and holds his Series 7 and 66 licenses. His roles have been focused supporting advisors and their clients for much of that time. Prior to joining Morgan Stanley, Greg served as the Director of Operations for a local RIA firm based out of Gaithersburg, Maryland, as well as in a supervisory role for Guggenheim Investments. In his role as the Group Director, he will be responsible for leading the operations team as well as leveraging his experience in client facing responsibilities to deepen the relationship with existing and new clients.
Greg has a B.S. degree in Management Studies from the University of Maryland. He also completed a Master’s of Business Administration and a Master’s of Science in Cyber Security Policy from the University of Maryland, Global Campus.
Greg and his wife, Victoria Underhill, resides in Poolesville, Maryland with their young son, Braden. He is an active volunteer in the Upper Montgomery County and Frederick County communities. Greg also has a passion for the Montgomery County Agricultural Reserve and outdoor conservation.
Greg has a B.S. degree in Management Studies from the University of Maryland. He also completed a Master’s of Business Administration and a Master’s of Science in Cyber Security Policy from the University of Maryland, Global Campus.
Greg and his wife, Victoria Underhill, resides in Poolesville, Maryland with their young son, Braden. He is an active volunteer in the Upper Montgomery County and Frederick County communities. Greg also has a passion for the Montgomery County Agricultural Reserve and outdoor conservation.
About Jennifer Monroe Heebink
Jennifer Monroe is a Senior Registered Associate for The Mergner Group at Morgan Stanley. She is responsible for providing daily client service and technology needs, operations and administration. Prior to joining the firm, Jennifer worked in wealth management and is an industry veteran of more than 25 years. She has held positions on institutional equity trading desks, mutual fund companies and a family wealth office. Jennifer will work hand in hand with the Client Service team and is ready to help. She has also obtained her Series 7, 63, and 66 licenses.
Jennifer grew up in Montgomery County where she attended The Bullis School. She earned a B.A. in Economics from the University of Richmond and currently lives in Reston, VA, where she enjoys visits from her 2 grown daughters whenever possible. When not in the office or honing her industry skills, she can be found staying active in the local community, enjoying travel & hiking, and live music.
Jennifer grew up in Montgomery County where she attended The Bullis School. She earned a B.A. in Economics from the University of Richmond and currently lives in Reston, VA, where she enjoys visits from her 2 grown daughters whenever possible. When not in the office or honing her industry skills, she can be found staying active in the local community, enjoying travel & hiking, and live music.
About Jerrel Cayo
Jerrel Cayo is a Client Service Associate with The Mergner Group at Morgan Stanley. He started his career within the financial industry in March 2014, working at Wells Fargo and JP Morgan Chase, before joining Morgan Stanley in September 2023. Bringing over 11 years of experience to the team, Jerrel’s primary focus is to provide clients with a high level of service in various operational and administrative areas.
Jerrel is a Montgomery County native and a graduate of Magruder High School where he was a well-rounded student athlete who participated in several sports, including football and rugby. He went on to graduate from Montgomery College in which he had a focus in Business Administration. Jerrel now resides in Gaithersburg, Maryland.
Outside of work, Jerrel enjoys spending time with family, sports, movies, anime, and music. He also appreciates traveling to taste what cuisine the world has to offer.
Jerrel is a Montgomery County native and a graduate of Magruder High School where he was a well-rounded student athlete who participated in several sports, including football and rugby. He went on to graduate from Montgomery College in which he had a focus in Business Administration. Jerrel now resides in Gaithersburg, Maryland.
Outside of work, Jerrel enjoys spending time with family, sports, movies, anime, and music. He also appreciates traveling to taste what cuisine the world has to offer.
About Douglas Haller
Doug Haller is a Registered Client Service Associate with The Mergner Group at Morgan Stanley. He started his career in the financial industry at Morgan Stanley in 2022 after working in various client-service industries. His commitment to putting clients first keeps him passionate about improving the white-glove experience every day.
After graduating from Northwest High School and retiring from lacrosse, Doug decided to leave his native Montgomery County roots and continue to Towson University in Baltimore, Maryland. While there, he graduated with a B.S. in Economics alongside achieving a double minor in Business and Entrepreneurship. He now resides in Washington, DC where he enjoys spending time on the Potomac River, experiencing new cuisine at local restaurants, and working on cars in his spare time.
Doug's primary focus with the team is to provide clients with a high level of service in various operational and administrative areas. He has obtained his Series 7, 63, and 65 licenses.
After graduating from Northwest High School and retiring from lacrosse, Doug decided to leave his native Montgomery County roots and continue to Towson University in Baltimore, Maryland. While there, he graduated with a B.S. in Economics alongside achieving a double minor in Business and Entrepreneurship. He now resides in Washington, DC where he enjoys spending time on the Potomac River, experiencing new cuisine at local restaurants, and working on cars in his spare time.
Doug's primary focus with the team is to provide clients with a high level of service in various operational and administrative areas. He has obtained his Series 7, 63, and 65 licenses.
About Gabriela Cohen
Gabriela Cohen is a Team Administrator with The Mergner Group at Morgan Stanley. As the Team Administrator she is responsible for providing support for the Advisory team including day-to-day functions such as calendar management, client calls, and information requests. Gabriela brings with her superior guest services experience, an energetic attitude, and a warm, bubbly smile. Previously she led teams as a guest services supervisor and client relationship manager outside of the financial industry.
Gabriela is another Montgomery County native to join the group. Having attended Walter Johnson High School and McDaniel College, she appreciates the proximity to family. When not in the office, Gabriela can be found volunteering as an advisor for the youth unit partnered with Wheaton Rescue Squad as a certified EMR or driving from dog park to dog park, blending her love for animals and cars. She is also an avid Detroit, Michigan sports fan and admirer of freshwater aquariums.
Gabriela is another Montgomery County native to join the group. Having attended Walter Johnson High School and McDaniel College, she appreciates the proximity to family. When not in the office, Gabriela can be found volunteering as an advisor for the youth unit partnered with Wheaton Rescue Squad as a certified EMR or driving from dog park to dog park, blending her love for animals and cars. She is also an avid Detroit, Michigan sports fan and admirer of freshwater aquariums.
Contact Micheal Lipshultz
Contact Thomas S Mergner
Contact Scott Mergner
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Contact Victoria Underhill
Contact Chris J Wallace
The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Maria Tashjian
Private Banker
Ope Afe, CFP®, CRPC®
Financial Planning Director, Vice President
Tess Pisanelli
Planning Associate
About Maria Tashjian
Maria Tashjian is a Private Banker serving Morgan Stanley Wealth Management offices in Maryland.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Maria began her career in financial services in 2006, and joined Morgan Stanley in 2010. Prior to being promoted to Private Banker in 2021, Maria served as the Associate Private Banker supporting Wealth Management offices in Virginia.
Maria is a graduate of the University of Massachusetts, where she received a Bachelor of Science in Management and a Master of Business Administration. She lives in Fairfax, Virginia with her family. Outside of the office, Maria enjoys spending time with her family and volunteering for local community organizations.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Maria began her career in financial services in 2006, and joined Morgan Stanley in 2010. Prior to being promoted to Private Banker in 2021, Maria served as the Associate Private Banker supporting Wealth Management offices in Virginia.
Maria is a graduate of the University of Massachusetts, where she received a Bachelor of Science in Management and a Master of Business Administration. She lives in Fairfax, Virginia with her family. Outside of the office, Maria enjoys spending time with her family and volunteering for local community organizations.
NMLS#: 1500388
About Ope Afe
Ope Afe is a Vice President and Financial Planning Director serving Morgan Stanley’s Wealth Management offices in Central Maryland. She is responsible for helping Financial Advisors with their clients’ and prospects’ financial planning needs.
Ope began her career in financial services in 2005 and joined Morgan Stanley in 2023. Prior to her current position, she worked as a Senior Advisor at T. Rowe Price in their Private Client Group in Owings Mills, MD. She has also held various wealth management roles at TIAA, SunTrust, PNC and Wells Fargo (Wachovia).
Ope is a graduate of Morgan State University where she received a bachelor’s degree in Finance, and also graduated from Loyola University MD with a Master of Business Administration (MBA). She holds her Certified Financial Planner® and Chartered Retirement Planning Counselor® designations. Ope lives in Howard County, MD and enjoys traveling, trying out new recipes and spending time with her husband and two daughters.
Ope began her career in financial services in 2005 and joined Morgan Stanley in 2023. Prior to her current position, she worked as a Senior Advisor at T. Rowe Price in their Private Client Group in Owings Mills, MD. She has also held various wealth management roles at TIAA, SunTrust, PNC and Wells Fargo (Wachovia).
Ope is a graduate of Morgan State University where she received a bachelor’s degree in Finance, and also graduated from Loyola University MD with a Master of Business Administration (MBA). She holds her Certified Financial Planner® and Chartered Retirement Planning Counselor® designations. Ope lives in Howard County, MD and enjoys traveling, trying out new recipes and spending time with her husband and two daughters.
About Tess Pisanelli
Tess is a Planning Associate at Morgan Stanley providing dedicated financial planning support to Financial Advisors and their teams. Operating as an extension of the FA/Team. She collaborates with clients to discover and define goals that matter most to them. Leveraging state of the art technology, she will evaluate various options and their potential outcomes to help clients confidently choose the appropriate course of action. Tess provides expertise across a wide suite of Morgan Stanley planning tools designed to assist in the areas of investment accumulation, retirement, education, major purchase, cash flow, risk management, tax efficiency, and wealth transfer planning.
She earned her undergraduate degree from Vanderbilt University and received the Financial Planning Specialist® designation from the College for Financial Planning. Tess is originally from Ridgefield, CT and currently resides in New York, NY.
She earned her undergraduate degree from Vanderbilt University and received the Financial Planning Specialist® designation from the College for Financial Planning. Tess is originally from Ridgefield, CT and currently resides in New York, NY.
Wealth Management
From Our Team
The Mergner Group at Morgan Stanley Q1 2025 Newsletter
Wealth Management
Global Investment Office
Portfolio Insights
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Donor Advised Funds: A Smart Way to Manage Your Giving
Article Image
Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
Ready to start a conversation? Contact The Mergner Group today.
1Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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.
3Morgan 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.
4When 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.
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 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
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
8Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
10Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
11Morgan 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.
12Alternative 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.
13Morgan 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.
14Morgan 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.
15Morgan 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.
16The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
17Morgan 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.
18Morgan 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.
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The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
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Awards Disclosures
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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.
3Morgan 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.
4When 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.
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 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
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
8Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
10Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
11Morgan 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.
12Alternative 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.
13Morgan 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.
14Morgan 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.
15Morgan 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.
16The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
17Morgan 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.
18Morgan 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.
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Awards Disclosures
CRC 6491812 (04/2024)
