Senior Vice President, Wealth Management, Financial Advisor, Portfolio Management Director, Financial Planning Specialist
Phone:
(850) 470-8006(850) 470-8006
The Palafox Group at Morgan Stanley
Direct:
(850) 433-3156(850) 433-3156
Our Mission Statement
With a deep understanding of your priorities, we guide you in growing, preserving and distributing your wealth so you can focus on what brings meaning to your life.
Our Story and Services
The Palafox Group is a multi-generational team with four financial advisors focused on understanding your financial aspirations and helping you achieve your goals. Our team was born from a diverse background, but we all share the same passion for helping our clients. The team collectively has over 100+ years in the financial services industry and manages over $797MM in assets*. We have two Portfolio Managers, 2 Financial Planning Specialists, a Chartered Financial Analyst (CFA) and a Qualified Plan Financial Consultant (QPFC). With these skillsets at our disposal, we collaborate with you so you can develop a greater sense of comfort.
As you plan for today and tomorrow, we are here to help you plant the seeds for future wealth creation and preservation. For whatever it is you may be planning, we want you to be prepared for life’s expected events, but more importantly, the “unexpected” events and know that your financial plan will persevere.
Our process begins with a holistic approach to fully understanding your vision, your desires and your unique situation before we develop a financial plan and strategy that will guide you in achieving your goals. Our team believes that in order to manage your investment portfolio and wealth, we have to truly understand your specific financial circumstances, develop a comprehensive plan and implement strategies that you can follow with confidence over the long term. The Palafox Group will help evaluate near-term concerns and cultivate a plan for long-term goals, be a sounding board for investment ideas and assist in developing and executing a customized strategy for financial growth and success.
Our multi-generational approach and focus on comprehensive wealth management can guide you to strengthen the branches of your family tree. Our team will review and update your plan to reflect changes in your life, shifts in your priorities and aspirations that you have. Just as your life unfolds and goals transform, your plan may need to change. Our team can be the root system of your family’s financial tree, planting the seeds and providing the support for future wealth. Through Morgan Stanley, we have access to a full spectrum of financial solutions designed to help our clients accomplish their goals.
* assets as of 1/21/2026
As you plan for today and tomorrow, we are here to help you plant the seeds for future wealth creation and preservation. For whatever it is you may be planning, we want you to be prepared for life’s expected events, but more importantly, the “unexpected” events and know that your financial plan will persevere.
Our process begins with a holistic approach to fully understanding your vision, your desires and your unique situation before we develop a financial plan and strategy that will guide you in achieving your goals. Our team believes that in order to manage your investment portfolio and wealth, we have to truly understand your specific financial circumstances, develop a comprehensive plan and implement strategies that you can follow with confidence over the long term. The Palafox Group will help evaluate near-term concerns and cultivate a plan for long-term goals, be a sounding board for investment ideas and assist in developing and executing a customized strategy for financial growth and success.
Our multi-generational approach and focus on comprehensive wealth management can guide you to strengthen the branches of your family tree. Our team will review and update your plan to reflect changes in your life, shifts in your priorities and aspirations that you have. Just as your life unfolds and goals transform, your plan may need to change. Our team can be the root system of your family’s financial tree, planting the seeds and providing the support for future wealth. Through Morgan Stanley, we have access to a full spectrum of financial solutions designed to help our clients accomplish their goals.
* assets as of 1/21/2026
Services Include
- Retirement PlanningFootnote1
- Alternative InvestmentsFootnote2
- Wealth PlanningFootnote3
- Structured ProductsFootnote4
- Sustainable InvestingFootnote5
- Qualified Retirement PlansFootnote6
- Professional Portfolio ManagementFootnote7
- Planning for Education FundingFootnote8
- Business PlanningFootnote9
- 401(k) Rollovers
- Philanthropic ManagementFootnote10
- Long Term Care InsuranceFootnote11
- Life InsuranceFootnote12
- Financial PlanningFootnote13
- Cash Management and Lending ProductsFootnote14
- Divorce Financial AnalysisFootnote15
- AnnuitiesFootnote16
- Donor Advised Funds
- Municipal BondsFootnote17
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Planning
Women In Transition:
Women and Wealth is an important focal point for The Palafox Group's practice. Women make up a large portion of the U.S. professional workplace and face unique financial challenges. The many roles women play – business owner, mother, sister – influence the many financial obligations they have for themselves and their families. There are life changing events that impact women like divorce, widowhood, being a family caregiver, wealth and other unforeseen events. It’s important to have a trusted adviser to help them get through both a difficult transition or an exciting change in their life.
It's just as important to have an integrated financial plan in place to help guide them through all the different life events they might have. We will not only work with our clients to understand their goals, concerns and needs but will help them anticipate and plan for life changes that may occur. The relationship with our clients expands to offer patience, financial guidance and help empower our clients to create the future they envision so they can make informed and educated financial decisions.
Life is full of changing events that alter the course of our future. These events may occur because of decisions we make or because of uncontrollable circumstances. Some are joyous moments such as promotions, marriage, the birth of a child or grandchild, and retirement. Whereas others are difficult such as divorce and the passing of a loved one. Most of these transitions result in a financial change as well. At the Palafox Group, we help clients navigate through these transitions so they can adjust and realign their goals for their lifestyle and legacy concerns. Our clients are comforted by our strategy of working hand and hand with them through life’s events and setting strategies based on what is important to you.
Financial Planning: After a Divorce or DeathIt's just as important to have an integrated financial plan in place to help guide them through all the different life events they might have. We will not only work with our clients to understand their goals, concerns and needs but will help them anticipate and plan for life changes that may occur. The relationship with our clients expands to offer patience, financial guidance and help empower our clients to create the future they envision so they can make informed and educated financial decisions.
Life is full of changing events that alter the course of our future. These events may occur because of decisions we make or because of uncontrollable circumstances. Some are joyous moments such as promotions, marriage, the birth of a child or grandchild, and retirement. Whereas others are difficult such as divorce and the passing of a loved one. Most of these transitions result in a financial change as well. At the Palafox Group, we help clients navigate through these transitions so they can adjust and realign their goals for their lifestyle and legacy concerns. Our clients are comforted by our strategy of working hand and hand with them through life’s events and setting strategies based on what is important to you.
Working With You
Your goals, hopes and dreams are at the center of our work. That's why we plan to meet with you at length when we first begin working together. We'll ask intentional questions and listen to what you say. Once we fully understand your situation, we'll suggest ways to put your money to work.
1. Initial Discussion
We begin with discussion with you to develop an understanding of your personal, professional, and financial picture and learn about your family, finances, goals, and concerns. Should we conclude together to move forward, we request copies of financial statements and other important financial documents, so that we can review them and develop specific analysis for you.
2. Analysis and Assessment
We utilize proprietary financial planning tools to meticulously analyze and assess your current financial situation and your goals. We then develop a customized Wealth Management Plan that is uniquely yours, aligning your objectives and priorities with your timeframes, risk level, and tax circumstances.
3. Wealth Management Plan Meeting
In this step, we meet with you to discuss your Wealth Management Plan in detail. Your Plan includes evaluating different scenarios, as well as discussing investment recommendations and additional financial planning strategies. These may include solutions to help reduce risk, minimize taxes, and achieve your philanthropic or estate planning goals.
4. Implementation
If we both conclude together that there is a strong basis for a client relationship and you confirm to proceed, we apply a disciplined process of implementing your plan. We will coordinate a smooth transition of any accounts to Morgan Stanley, execute the approved investment strategy, and coordinate any additional services identified in your Wealth Management Plan.
5. Ongoing Service and Care
We are committed to the premium service, which our clients deserve. We focus on developing a relationship that provides special value to you and your family. We schedule regular calls and meetings to keep up-to-date on your situation and to review your wealth plan and investments to ensure your plan is on track towards achieving your goals.
6. Coordinating with Your Other Key Advisors
Some of our work is most effective when coordinated with your other key advisors. If you'd like, we can connect directly with your tax specialist, trust attorney, insurance professional, and family office to help ensure alignment across your planning and implementation.
MEDIA & RESEARCH
Here at Morgan Stanley, we strive to simplify complex financial ideas so that our clients understand what is being done on their behalf to plan for their financial future. We are firm believers in providing our clients with as many resources as possible so they can stay informed about the latest market trends, outlooks, and insights. The links below provide detailed analysis of timely topics affecting the finance and business worlds.
Online Security Center
Safeguarding your assets and personal information is paramount to us. Learn about our extensive security measures and take advantage of our numerous resources and ideas that are geared towards helping you stay protected on the World Wide Web.
Morgan Stanley Online
Morgan Stanley Online allows you to seamlessly and securely manage your investments and everyday finances in one place.
Total Wealth View
Complete your financial profile with Total Wealth View. By linking your external account information, you will benefit from more educated and holistic wealth planning and a comprehensive overview of your assets vs liabilities.
Digital Vault
Digital Vault lets you easily and securely manage and share important documents such as account statements, authorizations, tax filings and other relevant documents with your Financial Advisor.
Total Tax 365
Taxes can be a substantial drag on investment returns. Morgan Stanley Total Tax 365 offers access to a broad range of tax-efficient strategies to help you integrate tax planning into your investment process all year long, maximize portfolio after-tax return potential, manage unrealized gains and help keep more of what you earn.
Portfolio Risk Platform
Our Portfolio Risk Platform, backed by institutional-caliber analytics, assesses thousands of risk factors using a holdings-based approach to assess a portfolio's exposures, analyze how securities behave together across portfolios and forecast how they influence risk and return moving forward.
On the Markets Research Report
Detailed market commentary from Morgan Stanley's thought leaders on topics such as global equities, fixed income, monetary policy, and more.
Thoughts On The Market Podcast
With perspectives on the forces shaping the market, join Mike Wilson, Chief Investment Officer and Chief Equity Strategist for Morgan Stanley, as he and his colleagues discuss a variety of viewpoints regarding the latest trends in the financial marketplace.
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
850 S Palafox St.
Ste 200
Pensacola, FL 32502
US
Direct:
(850) 433-3156(850) 433-3156
Meet The Palafox Group
Phone:
(850) 470-8037(850) 470-8037
Phone:
(850) 470-8036(850) 470-8036
Vice President, Wealth Management, Financial Advisor, Financial Planning Specialist
Phone:
(850) 470-8018(850) 470-8018
Kyle Fortman
Senior Registered Associate, Morgan Stanley Wealth Management
Phone:
(850) 470-8020(850) 470-8020
Elizabeth Thieme
Registered Client Service Associate, Morgan Stanley Wealth Management
Phone:
(850) 470-8028(850) 470-8028
About Andrew Flock
Andrew began his investment advisory career in 1994 with Smith Barney which became Morgan Stanley in 2009. As a Portfolio Manager he feels helping our clients achieve financial success and navigating all types of markets is a primary objective. A financial planning focus with all of our clients is the best solution to meet our client’s short and long term goals and needs. Andrew has been excited to work with Morgan Stanley for many years with access to excellent research, technology tools and unparalleled intellectual capital. He believes that our diverse team which comprises The Palafox Group is an exceptional resource to our clients.
Originally from Pennsylvania, Andrew grew up in the North Hills of Pittsburgh. After college at Penn State University, he spent eight years as an active Naval Officer. After flight school in Pensacola, Andrew flew CH53E helicopters and was stationed in Sicily. He then returned to the Pensacola area and was stationed at NAS Whiting Field as a helicopter instructor, transitioning to the Naval Reserve to complete his military career in 2006.
Andrew received his Bachelor of Science in Mechanical Engineering in 1987 from Penn State University and then in 1995, received a Master of Management from Troy State University. He and his wife Faith and their daughter Ginger live north of Pensacola in Chumuckla on an 80 acre property they developed in 2015. He enjoys spending time with his family, working on his farm, caring for their horses as well as watching college football and hockey.
Originally from Pennsylvania, Andrew grew up in the North Hills of Pittsburgh. After college at Penn State University, he spent eight years as an active Naval Officer. After flight school in Pensacola, Andrew flew CH53E helicopters and was stationed in Sicily. He then returned to the Pensacola area and was stationed at NAS Whiting Field as a helicopter instructor, transitioning to the Naval Reserve to complete his military career in 2006.
Andrew received his Bachelor of Science in Mechanical Engineering in 1987 from Penn State University and then in 1995, received a Master of Management from Troy State University. He and his wife Faith and their daughter Ginger live north of Pensacola in Chumuckla on an 80 acre property they developed in 2015. He enjoys spending time with his family, working on his farm, caring for their horses as well as watching college football and hockey.
Securities Agent: NM, AL, MO, IL, FL, DC, CO, AK, WI, PA, TX, IN, ND, NC, MS, MI, AZ, SD, MD, OR, NV, NE, WV, VA, LA, KY, GA, CA, OH, WA, TN, MA, UT, SC, NY, NH, MN, AR; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1273096
AR Insurance License #: 626967
NMLS#: 1273096
AR Insurance License #: 626967
About Jeff Brooks
Jeff understands how important building for the future is to you, but also understands that you do not have the time to sufficiently develop and monitor your financial plan on a consistent basis. He can help alleviate the anxiety associated with having multiple accounts accumulated over the years and let you focus on the important things in life, like family and career. Jeff can help by developing an organized, structured approach to your specific stage in life with a single, cohesive strategy.
Jeff is a graduate of the University of Arkansas in Fayetteville, Arkansas and a native of Collierville, Tennessee. He received his Masters in Business Administration (MBA) from Union University in Jackson, Tennessee in 2009 and his Chartered Financial Analyst (CFA) designation in 2017. He has spent the last fifteen years at International Paper Company in Memphis, Tennessee and held various roles in corporate finance, sales and marketing.
Jeff's wife, Cover, is also a Financial Advisor at Morgan Stanley, and they have been married for fifteen years and have two young children together. They enjoy spending time with family and friends, college football, traveling and cooking. He knows what it's like to be on your side of the table both from a life and career perspective, and can provide structure and comprehensive guidance to your entire financial picture.
Jeff is a graduate of the University of Arkansas in Fayetteville, Arkansas and a native of Collierville, Tennessee. He received his Masters in Business Administration (MBA) from Union University in Jackson, Tennessee in 2009 and his Chartered Financial Analyst (CFA) designation in 2017. He has spent the last fifteen years at International Paper Company in Memphis, Tennessee and held various roles in corporate finance, sales and marketing.
Jeff's wife, Cover, is also a Financial Advisor at Morgan Stanley, and they have been married for fifteen years and have two young children together. They enjoy spending time with family and friends, college football, traveling and cooking. He knows what it's like to be on your side of the table both from a life and career perspective, and can provide structure and comprehensive guidance to your entire financial picture.
Securities Agent: WA, OH, NV, ID, AL, WI, TN, SC, OR, NC, MI, IA, DC, VA, TX, ND, KY, FL, AZ, UT, MO, MD, NM, MS, MA, WV, GA, CO, CA, AR, AK, PA, NY, LA, IN, IL, DE; General Securities Representative; Investment Advisor Representative
NMLS#: 2084545
CA Insurance License #: 4193831
AR Insurance License #: 19833575
NMLS#: 2084545
CA Insurance License #: 4193831
AR Insurance License #: 19833575
About Cover Brooks
As a working mother, Cover understands the unique challenges that parents face and how hard they work for their wealth. This is why she wants her clients to get the most out of their investments. Cover takes a personal approach with her clients, helping them define and reach their investment goals, which allows them to focus on other priorities. She enjoys helping individuals and families make smart, efficient decisions to manage their wealth, plan for retirement and achieve a financial legacy.
Cover understands that each individual’s objectives are unique and require a tailored solution specific to every stage of life. She believes in a goal based approach which begins with an in depth meeting to understand their personal values, financial situation, and family dynamic. This information provides the foundation used to develop a customized financial plan for her clients life and legacy.
Cover is a financial advisor located in Pensacola, Florida servicing clients across the U.S. She has 15 years of corporate finance experience at a Fortune 500 company. She graduated from the University of Alabama with a degree in Finance and received her MBA from Union University. Cover is a wife to Jeff, and a mother to two young children, Lucy and Troupe. She is active in her church and community and strives to provide value to others by supplying stability and removing stress by identifying a clear plan to meet objectives.
Cover understands that each individual’s objectives are unique and require a tailored solution specific to every stage of life. She believes in a goal based approach which begins with an in depth meeting to understand their personal values, financial situation, and family dynamic. This information provides the foundation used to develop a customized financial plan for her clients life and legacy.
Cover is a financial advisor located in Pensacola, Florida servicing clients across the U.S. She has 15 years of corporate finance experience at a Fortune 500 company. She graduated from the University of Alabama with a degree in Finance and received her MBA from Union University. Cover is a wife to Jeff, and a mother to two young children, Lucy and Troupe. She is active in her church and community and strives to provide value to others by supplying stability and removing stress by identifying a clear plan to meet objectives.
Securities Agent: FL, DC, ID, DE, WA, SC, NV, NC, ME, IL, GA, OH, NY, CO, AL, LA, HI, NM, ND, KY, TX, MS, IN, VA, CA, WV, UT, NE, MI, MA, AZ, PA, OR, MT, MD, AR, AK, WI, TN, MO; General Securities Representative; Investment Advisor Representative
NMLS#: 2084544
AR Insurance License #: 20093692
NMLS#: 2084544
AR Insurance License #: 20093692
About Julie Kandel-Pogue
Julie has spent the last thirty-two years in the Financial Services & Wealth Management Industry. Julie’s passion is helping her clients by providing a personalized and customized approach to the Wealth Management process with customer service always at the forefront. Her approach is to fully define and understand what her clients’ short and long term goals, aspirations, risk tolerance and other considerations are and to develop a plan customized to meet those needs. Julie’s background in the financial services industry allows her to help her clients with all aspects of their life. Her focus is Financial Planning, Retirement Planning, Investment and liability Management.
Julie began her career at Barnett Bank in 1994; through various mergers, Barnett Bank became Bank of America where they acquired Merrill Lynch. She was Vice President, Wealth Management Banking Advisor and previously Vice President, Premier Client Manager and Branch Manager. Julie made the decision in 2016 to join Morgan Stanley and is now part of The Palafox Group team which is a multi-generational diverse group of financial advisors.
She is active in her community including serving as Board Member & Secretary for the Pensacola Jewish Federation. Julie is married to Doug who is a retired United States Air Force Veteran and together they have five children and two dogs and a bird. Julie has lived in the Gulf Breeze and Navarre area since 1998. She enjoys spending time with her husband, children and friends and enjoys being outdoors, traveling and college football
Julie began her career at Barnett Bank in 1994; through various mergers, Barnett Bank became Bank of America where they acquired Merrill Lynch. She was Vice President, Wealth Management Banking Advisor and previously Vice President, Premier Client Manager and Branch Manager. Julie made the decision in 2016 to join Morgan Stanley and is now part of The Palafox Group team which is a multi-generational diverse group of financial advisors.
She is active in her community including serving as Board Member & Secretary for the Pensacola Jewish Federation. Julie is married to Doug who is a retired United States Air Force Veteran and together they have five children and two dogs and a bird. Julie has lived in the Gulf Breeze and Navarre area since 1998. She enjoys spending time with her husband, children and friends and enjoys being outdoors, traveling and college football
Securities Agent: LA, DC, WV, WI, KY, OR, NM, GA, ND, AR, UT, NV, WA, CA, NC, CO, VA, TN, AL, TX, NY, MA, IN, ID, AK, PA, SD, OH, MS, MI, MD, IL, FL, AZ, SC, MO; General Securities Representative; Investment Advisor Representative
NMLS#: 641876
AR Insurance License #: 19282970
NMLS#: 641876
AR Insurance License #: 19282970
About Kyle Fortman
Kyle assists the Palafox Group clients with administrative and service needs. He brings his varied financial background to our team to provide excellent customer service. He is a graduate of Florida Southern College with a Bachelor’s of Science double major in Business Administration and Economics. During his time at Florida Southern, he was also a Division II lacrosse athlete. He is currently licensed with FINRA SIE, Series 7, 63, and 65. Kyle grew up in Cincinnati, OH and now lives in Florida with his wife, Katie and new baby, Lucas. He enjoys spending time with family, enjoying the beach, and coaching lacrosse.
About Elizabeth Thieme
Liz assists The Palafox Group clients with administrative and service needs. She brings over 10 years of client service experience to our team that she gained while working for a financial firm in Boston, MA. She graduated from Assumption University, where she was a division II athlete, playing both field hockey and lacrosse. Subsequently, she earned her MBA from Boston College. She spent many years volunteering and working in education, most recently at Gulf Breeze Elementary. On weekends she enjoys spending time with her husband and 3 children, and she is typically at a baseball or soccer field. On those rare sports-free weekends, she enjoys paddleboarding, walking and traveling.
Contact Andrew Flock
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Contact Jeff Brooks
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Contact Cover Brooks
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Contact Julie Kandel-Pogue
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Wealth Management
Global Investment Office
Portfolio Insights
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
A Simple Six-Step Retirement Checkup
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Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Iran Conflict: Seven Takeaways for Investors
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Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
529 Plans: A Powerful Tool to Save for Education
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Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Ready to start a conversation? Contact The Palafox Group today.
1When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Alternative 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.
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.
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.
4Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
5Investing 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.
6When 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.
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.
8When 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.
9Morgan 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.
10Products 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.
11Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
13Morgan 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.
14Morgan 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
15Morgan 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.
16Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
17Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Alternative 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.
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.
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.
4Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
5Investing 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.
6When 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.
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.
8When 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.
9Morgan 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.
10Products 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.
11Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
13Morgan 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.
14Morgan 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
15Morgan 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.
16Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
17Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4665150 (8/2025), 5378280 (5/2026)
