Darren Golde, CPWA®, CIMA®, RMA®
Executive Director, Financial Advisor, Family Wealth Director
Phone:
(847) 480-5401(847) 480-5401
The One Eleven Wealth Management Group at Morgan Stanley
Darren Golde, CPWA®, CIMA®, RMA®Scott BerkRonald IdlerAdam Warkenthien, CFP®, CIMA®, CAIARyan Golde, CFP®
Direct:
(847) 480-5416(847) 480-5416
Toll-Free:
(800) 543-3623(800) 543-3623
Industry Award WinnerOur Mission Statement
We help families make confident financial decisions through thoughtful advice, lasting relationships, and coordinated wealth strategies designed to support their goals across generations.
Our Story
At The One Eleven Wealth Management Group at Morgan Stanley, we have worked together as a team for nearly 30 years, serving clients from our offices in Deerfield, New York, and Boca Raton. Throughout that time, we have remained a steady ally to the families we serve, offering thoughtful, personalized financial guidance as their needs evolve.
Our team provides integrated investment and planning advice for high-net-worth families, combining a collaborative approach with the extensive resources of Morgan Stanley. By listening closely and understanding your priorities, we develop strategies designed to align your wealth with your personal and financial objectives.
We understand that your financial life is about more than numbers. It reflects your family, goals, values, and the future you want to build. As wealth grows and life becomes more complex, we help you evaluate options, make informed decisions, and help bring clarity to the many moving parts of your financial picture.
Our goal is to serve as a trusted resource for you and your family, helping simplify your financial life, support confident decision-making, and advance your goals today and for years to come.
Whether you are planning for retirement, preparing for the next generation, managing liquidity, or navigating an important life transition, we are here to guide you with experience, perspective, and care.
Our team provides integrated investment and planning advice for high-net-worth families, combining a collaborative approach with the extensive resources of Morgan Stanley. By listening closely and understanding your priorities, we develop strategies designed to align your wealth with your personal and financial objectives.
We understand that your financial life is about more than numbers. It reflects your family, goals, values, and the future you want to build. As wealth grows and life becomes more complex, we help you evaluate options, make informed decisions, and help bring clarity to the many moving parts of your financial picture.
Our goal is to serve as a trusted resource for you and your family, helping simplify your financial life, support confident decision-making, and advance your goals today and for years to come.
Whether you are planning for retirement, preparing for the next generation, managing liquidity, or navigating an important life transition, we are here to guide you with experience, perspective, and care.
Services Include
- Wealth ManagementFootnote1
- Wealth PlanningFootnote2
- Financial PlanningFootnote3
- Retirement PlanningFootnote4
- Planning for Education FundingFootnote5
- Cash ManagementFootnote6
- Professional Portfolio ManagementFootnote7
- Sustainable InvestingFootnote8
- Alternative InvestmentsFootnote9
- Estate Planning StrategiesFootnote10
- Business Succession PlanningFootnote11
- Trust ServicesFootnote12
- Philanthropic ManagementFootnote13
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Working With You
It starts with listening. We, The One Eleven Wealth Management Group, work to understand the full scope of your financial picture. We ask questions – regarding your needs, wants and wishes, your tolerance for risk, your time horizon – and then listen. It’s an ongoing process through which we strive to know all we can about you, your lifestyle and family, your business and your goals for the future. This period of discovery helps us make informed recommendations and design a flexible wealth management plan that is uniquely yours.
We will help align your investment portfolio with your wealth management plan. Our investment philosophy is based upon well-researched concepts that have a meaningful impact on real-world investor returns such as: global diversification, risk management, investor behavior, smart portfolio structure, and tax-aware investment management. As our client, you delegate to our financial advisors the discretionary authority to make investment decisions on your behalf. This enables you to focus on other priorities and commitments in your life, secure in the knowledge your portfolio is in the hands of wealth management professionals.
We will help align your investment portfolio with your wealth management plan. Our investment philosophy is based upon well-researched concepts that have a meaningful impact on real-world investor returns such as: global diversification, risk management, investor behavior, smart portfolio structure, and tax-aware investment management. As our client, you delegate to our financial advisors the discretionary authority to make investment decisions on your behalf. This enables you to focus on other priorities and commitments in your life, secure in the knowledge your portfolio is in the hands of wealth management professionals.
AWARD-WINNING WEALTH MANAGEMENT. FOCUSED ON YOU.
With the guidance of a Morgan Stanley Financial Advisor and the strength of a five-time award-winning wealth management platform<sup> <a href="#wm-disclosure-1" class="Link--underline"> <span class="sr-only">Footnote</span> 1 </a> </sup>, you can build, preserve, and manage your wealth with precision and purpose. For every stage of your financial journey.
Tax-Smart Solutions
Leading tax optimization capabilities\<sup\> \<a href="#wm\-disclosure\-2" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 2 \</a\> \</sup\> designed to deliver year\-round tax management with an eye toward reducing taxes and boosting after\-tax returns.
Seamless Cash Management Integration
A comprehensive, coordinated strategy with access to competitive yields, flexible financing options, and exclusive cash management resources.
Premier Risk Management and Cyber Defense
Industry\-acclaimed risk management tools\<sup\> \<a href="#wm\-disclosure\-3" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 3 \</a\> \</sup\> to help drive smarter portfolio decisions. In\-house team of cybersecurity experts dedicated to help protect you from cyber threats.
Personalized Legacy Planning
Guidance from experienced professionals across estate, trust, philanthropy, and financial planning to help preserve and grow your legacy.
An Industry-Leading Platform
Expert insights from 500+ equity analysts to help unlock your portfolio's potential and investment guidance.
Liquidity When You Need It
Industry\-leading securities\-based lending solutions to help access liquidity without selling assets or disrupting your investment strategy.\<sup\> \<a href="#wm\-disclosure\-4" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 4 \</a\> \</sup\>
Robust Concentrated Stock Solutions
Powerful tools and strategies to help manage concentrated stock positions and look to optimize portfolio outcomes.
Alternatives & Private Markets Access
A comprehensive alternative investments platform offering tailored solutions, early access to select offerings, and competitive pricing structures. Exclusive private market and pre\-IPO opportunities that were previously reserved for institutions.
Location
111 S Pfingsten Rd
Ste 200
Deerfield, IL 60015
US
Direct:
(847) 480-5416(847) 480-5416
Toll-Free:
(800) 543-3623(800) 543-3623
55 East 52nd St.
FL 30
New York, NY 10055
US
Direct:
(847) 480-5416(847) 480-5416
4855 Technology Way
Ste 600
Boca Raton, FL 33431
US
Direct:
(847) 480-5416(847) 480-5416
Meet The One Eleven Wealth Management Group
Scott Berk
Senior Vice President, Financial Advisor, Family Wealth Advisor, Lending Specialist
Phone:
(847) 480-5420(847) 480-5420
Ronald Idler
Senior Vice President, Financial Advisor, Financial Planning Specialist
Phone:
(847) 480-5434(847) 480-5434
Adam Warkenthien, CFP®, CIMA®, CAIA
Financial Advisor
Phone:
(847) 480-5421(847) 480-5421
Ryan Golde, CFP®
Financial Advisor
Phone:
(212) 276-5282(212) 276-5282
Julie Eiserman
Wealth Management Associate
Phone:
(847) 480-5419(847) 480-5419
Elana Pollard
Registered Client Relationship Analyst
Phone:
(847) 480-5439(847) 480-5439
Adrianna Koveck
Registered Client Relationship Analyst
Phone:
(847) 480-5422(847) 480-5422
About Darren Golde
My Story:
I’m Darren Golde, a Founder of The One Eleven Wealth Management Group at Morgan Stanley. I began my advisory career in 1989 and joined Morgan Stanley in August 1994, where I’ve spent more than three decades advising individuals and families. I grew up in Glenview, Illinois, and as the eldest of three kids, I learned early the value of responsibility, communication, and looking out for others. I earned my B.A. in Psychology from Indiana University Bloomington, and that background shapes how I communicate because markets are influenced not only by fundamentals, but also by investor behavior and market psychology. I completed the Certified Investment Management Analyst® (CIMA®) designation through the Wharton School of the University of Pennsylvania (2003) and the Certified Private Wealth Advisor® (CPWA®) designation through The University of Chicago Booth School of Business (2011), both aligned with IWI’s Exceptional Advisor® Model, which emphasizes expertise and ethics.
My Focus:
My focus is helping clients make confident decisions across complex financial lives, combining disciplined portfolio construction with thoughtful planning around taxes, retirement, and legacy goals I’m also a Morgan Stanley Family Wealth Director, held by fewer than 4% of Morgan Stanley Financial Advisors, supporting a coordinated, high touch approach for families with more sophisticated planning needs. For many families, that includes helping align multi-generational priorities so wealth can support the people, values, and opportunities that matter most.
My Life:
Outside of work, I value time with family and friends and the experiences that create perspective and balance. I’m grateful to share life with my wife, Karen, of over 30 years, and I’m a proud father to a son and a daughter. Together, we enjoy creating memorable moments and making the most of time together. I also enjoy travel, boating, golf and sports, and I believe staying curious and staying active helps me bring more energy and clarity to the people I serve.
I’m Darren Golde, a Founder of The One Eleven Wealth Management Group at Morgan Stanley. I began my advisory career in 1989 and joined Morgan Stanley in August 1994, where I’ve spent more than three decades advising individuals and families. I grew up in Glenview, Illinois, and as the eldest of three kids, I learned early the value of responsibility, communication, and looking out for others. I earned my B.A. in Psychology from Indiana University Bloomington, and that background shapes how I communicate because markets are influenced not only by fundamentals, but also by investor behavior and market psychology. I completed the Certified Investment Management Analyst® (CIMA®) designation through the Wharton School of the University of Pennsylvania (2003) and the Certified Private Wealth Advisor® (CPWA®) designation through The University of Chicago Booth School of Business (2011), both aligned with IWI’s Exceptional Advisor® Model, which emphasizes expertise and ethics.
My Focus:
My focus is helping clients make confident decisions across complex financial lives, combining disciplined portfolio construction with thoughtful planning around taxes, retirement, and legacy goals I’m also a Morgan Stanley Family Wealth Director, held by fewer than 4% of Morgan Stanley Financial Advisors, supporting a coordinated, high touch approach for families with more sophisticated planning needs. For many families, that includes helping align multi-generational priorities so wealth can support the people, values, and opportunities that matter most.
My Life:
Outside of work, I value time with family and friends and the experiences that create perspective and balance. I’m grateful to share life with my wife, Karen, of over 30 years, and I’m a proud father to a son and a daughter. Together, we enjoy creating memorable moments and making the most of time together. I also enjoy travel, boating, golf and sports, and I believe staying curious and staying active helps me bring more energy and clarity to the people I serve.
Securities Agent: MO, AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, MI, MN, NC, NH, NJ, NM, NV, NY, OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1270133
NMLS#: 1270133
About Scott Berk
My Story:
I’m Scott Berk, and I have more than 25 years of experience helping wealthy individuals, business owners, and their families work toward their financial goals. I grew up in Glenview, Illinois, and I’ve always valued clear communication and practical guidance. I earned a B.A. in General Studies from Northern Illinois University and joined Morgan Stanley in 1996 after serving briefly as a teacher’s aide. That early experience in education still influences how I advise clients today, with a focus on making complex financial topics easier to understand and helping clients feel confident in the decisions they make.
My Focus:
My focus is guiding clients through the decisions that come with building, managing, and transferring wealth. I have attained Morgan Stanley’s Family Wealth Advisor designation, and I earned the Investment Management Consultant and Financial Planning Specialist designations through advanced study at Morgan Stanley’s Consulting Group University. I work to bring structure and clarity to each client relationship, helping clients align their financial strategies with what matters most to them.
My Life:
Outside of work, my wife and I stay busy making memories with our son and daughter and enjoy being part of our Arlington Heights, Illinois community. I’m passionate about golf and enjoy traveling and fishing.
I’m Scott Berk, and I have more than 25 years of experience helping wealthy individuals, business owners, and their families work toward their financial goals. I grew up in Glenview, Illinois, and I’ve always valued clear communication and practical guidance. I earned a B.A. in General Studies from Northern Illinois University and joined Morgan Stanley in 1996 after serving briefly as a teacher’s aide. That early experience in education still influences how I advise clients today, with a focus on making complex financial topics easier to understand and helping clients feel confident in the decisions they make.
My Focus:
My focus is guiding clients through the decisions that come with building, managing, and transferring wealth. I have attained Morgan Stanley’s Family Wealth Advisor designation, and I earned the Investment Management Consultant and Financial Planning Specialist designations through advanced study at Morgan Stanley’s Consulting Group University. I work to bring structure and clarity to each client relationship, helping clients align their financial strategies with what matters most to them.
My Life:
Outside of work, my wife and I stay busy making memories with our son and daughter and enjoy being part of our Arlington Heights, Illinois community. I’m passionate about golf and enjoy traveling and fishing.
Securities Agent: PA, WA, TN, HI, KS, MD, NY, WI, VA, UT, TX, SD, SC, RI, OR, OK, OH, NV, NM, NJ, NH, NC, MN, MI, MA, LA, KY, IN, IL, IA, GA, FL, DE, DC, CT, CO, CA, AZ, AR, AL, AK, MO; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1278718
NMLS#: 1278718
About Ronald Idler
My Story:
I’m Ronald, and I have been a financial advisor since 1997. I began my career with Morgan Stanley Wealth Management in 2001. I grew up Skokie, Illinois, and I earned a Bachelor of Arts in Economics from the University of Illinois at Urbana Champaign. I have also completed the CERTIFIED FINANCIAL PLANNER(TM) Education Program through the School of Continuing Studies at Northwestern University in 2007. In addition, I hold the Qualified Plan Financial Consultant and Financial Planning Specialist designations.
My Focus:
My focus is serving the investment and planning needs of high-net-worth individuals and families, as well as corporations. I design and implement retirement plans to help clients work toward the retirement lifestyle they aspire to, and I guide corporations and their employees in selecting retirement investments that align with their goals and circumstances.
My Life:
Outside of work, I have been married to my wife, Ellen, for over 25 years, and we live in the northern suburbs of Chicago with our two children. I enjoy being active in the community and spending time on the golf course and ski slopes.
I’m Ronald, and I have been a financial advisor since 1997. I began my career with Morgan Stanley Wealth Management in 2001. I grew up Skokie, Illinois, and I earned a Bachelor of Arts in Economics from the University of Illinois at Urbana Champaign. I have also completed the CERTIFIED FINANCIAL PLANNER(TM) Education Program through the School of Continuing Studies at Northwestern University in 2007. In addition, I hold the Qualified Plan Financial Consultant and Financial Planning Specialist designations.
My Focus:
My focus is serving the investment and planning needs of high-net-worth individuals and families, as well as corporations. I design and implement retirement plans to help clients work toward the retirement lifestyle they aspire to, and I guide corporations and their employees in selecting retirement investments that align with their goals and circumstances.
My Life:
Outside of work, I have been married to my wife, Ellen, for over 25 years, and we live in the northern suburbs of Chicago with our two children. I enjoy being active in the community and spending time on the golf course and ski slopes.
Securities Agent: KY, MA, MD, ME, MI, MN, NC, NH, NJ, NM, NV, NY, OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI, FL, LA, DC, CT, CO, CA, MO, DE, AZ, AR, AL, AK, GA, HI, IA, IL, IN, KS; General Securities Representative; Investment Advisor Representative
NMLS#: 1279524
NMLS#: 1279524
About Adam Warkenthien
My Story:
I’m Adam, and I began my wealth management career in 2016 and moved to Morgan Stanley Wealth Management in 2025. I graduated from the Kelley School of Business at Indiana University in 2015 with a degree in finance. Believing in lifelong learning, I have earned the CERTIFIED FINANCIAL PLANNER™ (CFP™) designation, along with the Certified Investment Management Analyst® (CIMA®) through the University of Chicago Booth School of Business (2023) and Chartered Alternative Investment AnalystSM designations.
My Focus:
My focus is delivering a planning first approach that helps clients make confident decisions across both near term priorities and long-term goals. I build portfolios using a combination of public and private investments, tailoring strategies to each client’s needs and helping them stay aligned with their objectives as markets and life evolve.
My Life:
Outside of work, I live with my wife, Allison, in Hawthorn Woods. I’m an avid fitness enthusiast and enjoy running with my Weimaraner, Smokey, and making time for daily meditation. I also love to golf, travel abroad, and explore new restaurants in Chicago and beyond.
I’m Adam, and I began my wealth management career in 2016 and moved to Morgan Stanley Wealth Management in 2025. I graduated from the Kelley School of Business at Indiana University in 2015 with a degree in finance. Believing in lifelong learning, I have earned the CERTIFIED FINANCIAL PLANNER™ (CFP™) designation, along with the Certified Investment Management Analyst® (CIMA®) through the University of Chicago Booth School of Business (2023) and Chartered Alternative Investment AnalystSM designations.
My Focus:
My focus is delivering a planning first approach that helps clients make confident decisions across both near term priorities and long-term goals. I build portfolios using a combination of public and private investments, tailoring strategies to each client’s needs and helping them stay aligned with their objectives as markets and life evolve.
My Life:
Outside of work, I live with my wife, Allison, in Hawthorn Woods. I’m an avid fitness enthusiast and enjoy running with my Weimaraner, Smokey, and making time for daily meditation. I also love to golf, travel abroad, and explore new restaurants in Chicago and beyond.
Securities Agent: WA, FL, TX, NV, MO, ID, CT, GA, DE, DC, TN, RI, CO, AL, NM, IL, UT, NH, MN, LA, AR, AK, MI, VA, SD, SC, OH, NY, MD, MA, HI, AZ, WI, OK, NJ, ME, CA, PA, OR, KY, IN, IA, NC, KS; General Securities Representative; Investment Advisor Representative
NMLS#: 1608964
NMLS#: 1608964
About Ryan Golde
My Story:
I’m Ryan, and I have been with Morgan Stanley for over four years, bringing a client focused perspective through roles in both service and planning. I started in October 2021 as a Client Service Associate, moved in 2022 to the Planning Virtual Engagement Associate desk delivering financial planning insights to clients nationwide. In December 2024 I rejoined the team as a Financial Advisor helping clients align their goals with personalized wealth management strategies. I grew up in Northbrook, Illinois, playing soccer, and went on to earn a B.A. in television and film production from Syracuse University’s S.I. Newhouse School of Public Communications. This background has informed my storytelling approach to helping clients shape and articulate their financial narratives. I have also earned the CERTIFIED FINANCIAL PLANNER™ (CFP™) designation, which further supports my planning driven approach to working with clients.
My Focus:
My focus is helping clients connect what matters most to them with a clear, actionable wealth management strategy. Drawing on my experience across service, planning, and advisory roles, I work to simplify complex decisions, provide planning driven guidance, and help clients stay on track as their lives and priorities evolve.
My Life:
During my time at Syracuse, I fell in love with New York and now live in New York City. Outside of work, I am a passionate sports fan, especially of the New York Giants and Manchester United, and I enjoy staying active through soccer and golf. I am also a foodie who loves exploring new restaurants and spending time in the kitchen cooking and trying new recipes.
I’m Ryan, and I have been with Morgan Stanley for over four years, bringing a client focused perspective through roles in both service and planning. I started in October 2021 as a Client Service Associate, moved in 2022 to the Planning Virtual Engagement Associate desk delivering financial planning insights to clients nationwide. In December 2024 I rejoined the team as a Financial Advisor helping clients align their goals with personalized wealth management strategies. I grew up in Northbrook, Illinois, playing soccer, and went on to earn a B.A. in television and film production from Syracuse University’s S.I. Newhouse School of Public Communications. This background has informed my storytelling approach to helping clients shape and articulate their financial narratives. I have also earned the CERTIFIED FINANCIAL PLANNER™ (CFP™) designation, which further supports my planning driven approach to working with clients.
My Focus:
My focus is helping clients connect what matters most to them with a clear, actionable wealth management strategy. Drawing on my experience across service, planning, and advisory roles, I work to simplify complex decisions, provide planning driven guidance, and help clients stay on track as their lives and priorities evolve.
My Life:
During my time at Syracuse, I fell in love with New York and now live in New York City. Outside of work, I am a passionate sports fan, especially of the New York Giants and Manchester United, and I enjoy staying active through soccer and golf. I am also a foodie who loves exploring new restaurants and spending time in the kitchen cooking and trying new recipes.
Securities Agent: PA, AK, WA, NY, MO, AL, WI, OR, NJ, DE, CT, VA, TX, NV, NH, NC, MD, MA, KS, IN, IA, GA, NM, LA, ID, UT, SC, OH, HI, CA, DC, AR, CO, RI, KY, IL, FL, TN, SD, MN, MI, AZ; General Securities Representative; Investment Advisor Representative
NMLS#: 2707034
NMLS#: 2707034
About Julie Eiserman
My Story:
I’m Julie, a Wealth Management Associate and one of the original members of our team, and I’ve been with Morgan Stanley since 1991. With my dad in the army, I spent most of my time growing up in North Carolina, and before joining the financial services industry, I earned my B.S. from East Carolina University. I’m registered as a General Securities Registered Representative (Series 7) and a Uniform Securities Agent (Series 63), and I’ve completed advanced training through Morgan Stanley.
My Focus:
My focus is supporting our clients and team by applying deep firm experience, strong operational knowledge, and the resources I’ve gained through Morgan Stanley training to help deliver consistent, high quality client experience.
My Life:
Outside of work, I love spending time with my family and traveling. My husband and I live in Hainesville, IL, and enjoy spending time with our grandchildren. We also love soaking up the sun in Florida and listening to live music together.
I’m Julie, a Wealth Management Associate and one of the original members of our team, and I’ve been with Morgan Stanley since 1991. With my dad in the army, I spent most of my time growing up in North Carolina, and before joining the financial services industry, I earned my B.S. from East Carolina University. I’m registered as a General Securities Registered Representative (Series 7) and a Uniform Securities Agent (Series 63), and I’ve completed advanced training through Morgan Stanley.
My Focus:
My focus is supporting our clients and team by applying deep firm experience, strong operational knowledge, and the resources I’ve gained through Morgan Stanley training to help deliver consistent, high quality client experience.
My Life:
Outside of work, I love spending time with my family and traveling. My husband and I live in Hainesville, IL, and enjoy spending time with our grandchildren. We also love soaking up the sun in Florida and listening to live music together.
About Elana Pollard
My Story:
I’m Elana Pollard, a Registered Client Relationship Analyst. I grew up in Gurnee, Illinois, and before entering the industry, I earned my bachelor’s degree in psychology from the University of Colorado. I began my financial services career with Chase Bank in 2015, and I hold Series 6, Series 7, Series 63, and Series 66 securities licenses.
My Focus:
My focus is creating a smooth, high quality client experience by being proactive, detail oriented, and easy to reach. I enjoy helping clients feel supported and informed, whether that means assisting with day-to-day service needs, coordinating next steps with the team, or helping ensure requests are handled accurately and on time. I take pride in being someone clients can count on and in helping make the overall experience feel organized and personal.
My Life:
Outside of work, I love going to concerts, catching a Cubs game, and spending time with my family. My husband, Robbie, and I live in Vernon Hills with our two sons, Jonah and Everett, and most of our favorite moments are the simple ones, cheering from the stands, exploring local spots, and making memories together.
I’m Elana Pollard, a Registered Client Relationship Analyst. I grew up in Gurnee, Illinois, and before entering the industry, I earned my bachelor’s degree in psychology from the University of Colorado. I began my financial services career with Chase Bank in 2015, and I hold Series 6, Series 7, Series 63, and Series 66 securities licenses.
My Focus:
My focus is creating a smooth, high quality client experience by being proactive, detail oriented, and easy to reach. I enjoy helping clients feel supported and informed, whether that means assisting with day-to-day service needs, coordinating next steps with the team, or helping ensure requests are handled accurately and on time. I take pride in being someone clients can count on and in helping make the overall experience feel organized and personal.
My Life:
Outside of work, I love going to concerts, catching a Cubs game, and spending time with my family. My husband, Robbie, and I live in Vernon Hills with our two sons, Jonah and Everett, and most of our favorite moments are the simple ones, cheering from the stands, exploring local spots, and making memories together.
About Adrianna Koveck
My Story:
I’m Adrianna, a Registered Client Service Associate at Morgan Stanley. I grew up playing soccer in Brookfield, Wisconsin, and graduated from the University of Wisconsin Madison in 2023 with a B.S. in Personal Finance - Financial Planning, along with minors in business and entrepreneurship. I began my career on the E*TRADE side of Morgan Stanley before most recently joining from Baird, where I supported a high performing advisory team.
My Focus:
My focus is providing exceptional client experience through attentive service, strong follow-through, and a personalized approach that helps build meaningful client relationships. I hold the SIE, Series 7, Series 63, and Series 66 licenses, as well as Illinois life, accident, and health insurance.
My Life:
Outside of work, I enjoy staying active and competitive, and I have traded soccer cleats for golf and pickleball. I love traveling and exploring new restaurants in Chicago, whether it is trying a new neighborhood spot or revisiting a favorite. I also make time to read whenever I can, and I enjoy learning new things and finding fresh perspectives that I can bring into both my personal and professional life.
I’m Adrianna, a Registered Client Service Associate at Morgan Stanley. I grew up playing soccer in Brookfield, Wisconsin, and graduated from the University of Wisconsin Madison in 2023 with a B.S. in Personal Finance - Financial Planning, along with minors in business and entrepreneurship. I began my career on the E*TRADE side of Morgan Stanley before most recently joining from Baird, where I supported a high performing advisory team.
My Focus:
My focus is providing exceptional client experience through attentive service, strong follow-through, and a personalized approach that helps build meaningful client relationships. I hold the SIE, Series 7, Series 63, and Series 66 licenses, as well as Illinois life, accident, and health insurance.
My Life:
Outside of work, I enjoy staying active and competitive, and I have traded soccer cleats for golf and pickleball. I love traveling and exploring new restaurants in Chicago, whether it is trying a new neighborhood spot or revisiting a favorite. I also make time to read whenever I can, and I enjoy learning new things and finding fresh perspectives that I can bring into both my personal and professional life.
Contact Darren Golde
Contact Scott Berk
Contact Ronald Idler
Contact Adam Warkenthien
Contact Ryan Golde
Awards and Recognition
Forbes Best-In-State Wealth Management Teams
2024-2026 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2024-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
Forbes Best-In-State Wealth Advisors
2020-2026 Forbes Best-In- State Wealth Advisors Source: Forbes.com (Awarded 2020-2026). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
2
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
Andrew Dittbenner
Private Banker
Ashley Duresa, CFP®
Financial Planning Director, Vice President
Casey Friedman
Planning Associate
About Andrew Dittbenner
Andrew Dittbenner is a Private Banker serving Morgan Stanley Wealth Management offices in Illinois.
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.
Andrew began his career in financial services in 2010 and joined Morgan Stanley in 2018. Prior to joining the firm, he was a Senior Premier Banker at BMO Harris Bank, as well as a Financial Center Manager with the Fifth Third Bank.
Andrew received a Bachelor of Science in Business Marketing from Northern Illinois University. He and his wife live in Batavia, Illinois. When not at the office, Andrew volunteers with the Make a Wish Foundation. He also enjoys attending sporting events, as well as spending time with family and friends.
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.
Andrew began his career in financial services in 2010 and joined Morgan Stanley in 2018. Prior to joining the firm, he was a Senior Premier Banker at BMO Harris Bank, as well as a Financial Center Manager with the Fifth Third Bank.
Andrew received a Bachelor of Science in Business Marketing from Northern Illinois University. He and his wife live in Batavia, Illinois. When not at the office, Andrew volunteers with the Make a Wish Foundation. He also enjoys attending sporting events, as well as spending time with family and friends.
NMLS#: 718951
About Ashley Duresa
Ashley Duresa is a vice president and financial planning director for the Chicago North Complex at Morgan Stanley. She is responsible for helping financial advisors with their clients’ and prospects’ financial planning needs.
Ashley began her career in financial services in 2017 and has been with Morgan Stanley since 2018. She started as a client service associate and assisted with daily client requests, provided excellent client service, and developed financial plans. She holds her CERTIFIED FINNANCIAL PLANNER™ designation.
A magna cum laude graduate of Lake Forest College, Ashley graduated with a degree in finance. In her free time, Ashley is a competitive bowler and enjoys walking her dog, golfing with her husband, and traveling.
Ashley began her career in financial services in 2017 and has been with Morgan Stanley since 2018. She started as a client service associate and assisted with daily client requests, provided excellent client service, and developed financial plans. She holds her CERTIFIED FINNANCIAL PLANNER™ designation.
A magna cum laude graduate of Lake Forest College, Ashley graduated with a degree in finance. In her free time, Ashley is a competitive bowler and enjoys walking her dog, golfing with her husband, and traveling.
About Casey Friedman
Casey Friedman 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 the 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. Casey 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 University of Wisconsin-Madison and received the Financial Planning Specialist® designation from the College for Financial Planning. Casey is originally from Wayne, N.J. and currently resides in New York, N.Y.
She earned her undergraduate degree from University of Wisconsin-Madison and received the Financial Planning Specialist® designation from the College for Financial Planning. Casey is originally from Wayne, N.J. and currently resides in New York, N.Y.
Private Banking Group (PBG) Market Managers, Senior Private Bankers, Private Bankers, and Associate Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
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.
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
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.
When 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.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
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.
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will act in an investment advisory capacity for thirty (30) days after the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences.
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.
When 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.
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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
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- Annuities
A Simple Six-Step Retirement Checkup
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Working closely with you to guide your wealth and investments through the most challenging market cycles.
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Iran Conflict: Seven Takeaways for Investors
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Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
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529 Plans: A Powerful Tool to Save for Education
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Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
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Financial Planning for Life After Selling a Business
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Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
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Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
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- Set themselves apart by offering comprehensive financial wellness benefits.
Ready to start a conversation? Contact The One Eleven Wealth Management Group today.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
1Morgan Stanley 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.
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.
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.
3Morgan 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.
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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
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
7Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
8Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
9Alternative 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.
10Morgan 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.
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.
12Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
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 and other legal matters.
13Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
1Morgan Stanley 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.
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.
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.
3Morgan 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.
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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
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
7Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
8Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
9Alternative 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.
10Morgan 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.
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.
12Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
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 and other legal matters.
13Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
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CRC 4665150 (8/2025), 4763067 (9/2025), 5378280 (5/2026)
