W. Alan Lyles
Senior Vice President, Financial Advisor, Senior Portfolio Manager, Alternative Investments Director
Phone:
(864) 594-3445(864) 594-3445
The Palmetto Crescent Group at Morgan Stanley
Direct:
(864) 585-7761(864) 585-7761
Toll-Free:
(800) 934-0340(800) 934-0340
Industry Award WinnerOur Mission Statement
To foster long lasting, meaningful relationships with clients that yield financial successes for our clients, their businesses and employees, and their families.
Our Story and Services
Our team is a strategic alliance of financial professionals providing sophisticated counsel, excellent service, outstanding communication, and extraordinary care. Located in the Northwest corner of South Carolina, we provide wealth management counseling to a select group of individuals, families, and businesses. Our forte is building relationships of trust with our clients, working to define your objectives, explore alternatives, and choose the investment strategies that are most appropriate for you and your family. Together, we develop comprehensive financial plans that help address the goals of your investment, tax, estate planning, and philanthropic strategies.
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Working With You
Our comprehensive process focuses on you, your family – where you are today and achieving your goals for the future. Through active listening and collaboration we can better understand your goals and financial picture to develop customized strategies intended to help you attain those goals.
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.
VALUABLE TOOLS AND RESOURCES
Our comprehensive suite of digital tools are designed to help enhance every aspect of your financial life. Below are a few of the technologies we have to offer our clients. We have also included resources, which provide some helpful perspectives on the economy, capital markets, and Morgan Stanley.
Morgan Stanley Online (MSO) & MS Mobile
Morgan Stanley Online (MSO) has a variety of features beyond viewing your account balance and activity. Features include paperless documents, bill pay and secure account management.
MSO Morgan Stanley Online
Morgan Stanley Ideas
Read our perspective on what's shaping the world today, and tomorrow. We cover topics ranging from health care, sustainability, macroeconomics and technology.
Morgan Stanley Ideas
Modern Wealth Management Tools
Managing multiple financial accounts across different firms can be complicated. With Morgan Stanley Online, you can link your non-Morgan Stanley accounts and analyze your cash flow all in one place.
MWM Tools
Cyber Security
Safeguarding your assets and information is one of our highest priorities, but you also have a critical role to play. Check out our collection of practical takeaways and best practices from our cybersecurity professionals, then explore a few of the ways we help protect you.
Cybersecurity
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.
Learn More About the Porfolio Risk Platform
Thoughts on the Market Podcast
With perspectives on the forces shaping the market, join Mike Wilson, Chief Investment Officer and Chief US Equity Strategist for Morgan Stanley, as he and his colleagues discuss a variety of viewpoints regarding the latest trends in the financial marketplace.
Check Out the Latest EpisodesAlternative Investments
At Morgan Stanley, we provide individuals and institutions access to world-class alternative investment strategies spanning private equity, real assets, private credit, hedge funds and digital assets. These strategies may deliver differentiated sources of return relative to traditional equity and fixed income investments, as well as offer potential for tax efficiency.
Alternative Investments: Diversify Your Portfolio
With more than 40 years’ experience and over $140 billion in client assets currently invested in alternatives, Morgan Stanley’s comprehensive strategies, diverse talent and global resources enable us to provide qualified investors with distinctive investment opportunities.
Learn MoreAlternatives 2.0: Innovative Ways to Diversify Your Portfolio How to Diversify
Learn how a host of innovative alternative strategies could bolster investors’ portfolios as traditional assets face headwinds.
Learn More
Understanding and Investing in Private Equity Secondaries
Amid volatility in stocks and bonds, institutional and individual investors might seek diversification in the growing private equity secondaries market.
Learn More
The Alts Report
Hear from industry innovators across Morgan Stanley Wealth Management leadership and fund manager partners as they discuss the trends and opportunities shaping the alternative investments landscape.
Learn MorePlanning For Your Retirement
Our team will work with you to understand what your priorities are during these crucial years and implement a customized strategy for you. Whether it is planning for retirement, transitioning into retirement, or already managing your assets in retirement, our team is equipped with the resources and the knowledge to help you accomplish your personal and financial goal.
Your Five Biggest Retirement Challenges
While saving for a retirement is an important topic, it’s at least as important as what comes next: Your plan of action once you enter retirement.
Read More
Tax Smart Strategies for Your Retirement
Smart tax planning can help you save more for retirement and keep more of what you’ve already saved. Consider these tax-efficient retirement planning strategies.
Read More
Emotional Preparation for Retirement
Many people overlook the psychological adjustments of retirement, we can help you understand why it’s important to be emotionally (not just financially) ready for retirement.
Read More
Social Security Benefits: It Can Pay to Wait
Maximizing your Social Security retirement benefits can help you achieve your financial goals.
Read More
Understanding Your Savings Vehicles
It is essential to get started on planning for future living expenses, potential education funds, or travel costs. Let us help you educate on ways to grow and preserve your wealth.
Read More
Estate Planning Strategies
Regardless of your financial situation, it’s important to have a backup plan. We review your finances regularly and work with your estate attorney to ensure your wishes are carried out efficiently and cost-effectively.
Learn MoreAWARD-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
320 East Main Street
Suite 410
Spartanburg, SC 29302
US
Direct:
(864) 585-7761(864) 585-7761
Toll-Free:
(800) 934-0340(800) 934-0340
Meet The Palmetto Crescent Group
Dan Seaman, CPWA®, CFP®, CRPS®
Vice President, Wealth Management, Financial Advisor, Portfolio Manager, Alternative Investments Director
Phone:
(864) 594-3453(864) 594-3453
Robby Kocisko
Senior Vice President, Financial Advisor
Phone:
(864) 594-3477(864) 594-3477
Shelby Smith
Financial Advisor
Phone:
(864) 594-3473(864) 594-3473
Samantha Jones
Portfolio Associate
Phone:
(864) 594-3470(864) 594-3470
About W. Alan Lyles
Alan Lyles has been in the financial services industry for over 40 years. Alan began as a Financial Advisor at Smith Barney in 1992 and has dedicated over three decades to helping clients achieve their financial goals. As a Senior Vice President and Financial Planning Specialist, Alan delivers a wide range of wealth management solutions to high- and ultra-high net worth individuals and families.
What sets Alan apart is his unwavering commitment to getting to know his clients on a personal level. He believes in treating clients like family and forging strong connections built on trust, understanding, and mutual respect. By taking the time to understand each client's unique financial situation, Alan tailors’ strategies that align with their goals, aspirations, and values.
Throughout his career, Alan has successfully served a diverse clientele that includes business owners, corporate executives, high-net-worth investors, nonprofit organizations, and seniors at or near retirement. His ability to navigate the complexities of their financial landscapes while providing individualized attention has earned him an excellent reputation among his peers and clients.
Alan, a Spartanburg native, and his wife, Mary Beth, live in Spartanburg, where they raised their son Ethan. Alan is a proud graduate of Clemson University, where he earned his degree in 1981. His loyalty to his alma mater remains unwavering, and you can often find him cheering on the Clemson Tigers during the football season. Outside of work, Alan enjoys playing tennis and racquetball and is also a part of numerous community organizations.
Community Involvement
• Volunteerism: Charles Lea Center, Habitat for Humanity, Boys & Girls Club, Soup Kitchen,
and Mobile Meals of Spartanburg
• Present Member of Fernwood Baptist Church, former Deacon, Finance Committee
• Current Member and past President and Treasurer of the Spartanburg Clemson Club
• Chairman of Audio-Visual Committee, member of Building & Grounds
• Committee.
• Past President & Treasurer of Piedmont Sertoma Civic Club (Spartanburg)
• Past Board Member of Tajh Boyd Foundation
What sets Alan apart is his unwavering commitment to getting to know his clients on a personal level. He believes in treating clients like family and forging strong connections built on trust, understanding, and mutual respect. By taking the time to understand each client's unique financial situation, Alan tailors’ strategies that align with their goals, aspirations, and values.
Throughout his career, Alan has successfully served a diverse clientele that includes business owners, corporate executives, high-net-worth investors, nonprofit organizations, and seniors at or near retirement. His ability to navigate the complexities of their financial landscapes while providing individualized attention has earned him an excellent reputation among his peers and clients.
Alan, a Spartanburg native, and his wife, Mary Beth, live in Spartanburg, where they raised their son Ethan. Alan is a proud graduate of Clemson University, where he earned his degree in 1981. His loyalty to his alma mater remains unwavering, and you can often find him cheering on the Clemson Tigers during the football season. Outside of work, Alan enjoys playing tennis and racquetball and is also a part of numerous community organizations.
Community Involvement
• Volunteerism: Charles Lea Center, Habitat for Humanity, Boys & Girls Club, Soup Kitchen,
and Mobile Meals of Spartanburg
• Present Member of Fernwood Baptist Church, former Deacon, Finance Committee
• Current Member and past President and Treasurer of the Spartanburg Clemson Club
• Chairman of Audio-Visual Committee, member of Building & Grounds
• Committee.
• Past President & Treasurer of Piedmont Sertoma Civic Club (Spartanburg)
• Past Board Member of Tajh Boyd Foundation
Securities Agent: SC, KY, WV, WA, ND, GA, AR, NM, MO, NY, MT, MA, IL, CA, WI, MN, PA, OH, KS, CO, AZ, VT, TX, TN, NJ, NH, VA, NV, NC, MI, IN, MD, LA, FL, AL, OR; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1294070
NMLS#: 1294070
About Dan Seaman
Dan Seaman brings over a decade of experience helping clients reach their financial goals. Dan began his career in the financial sector in 2011, where he has been helping clients navigate their financial lives ever since.
Dan is Certified Private Wealth Advisor® (CPWA®) professional, dedicated to address the complex needs of affluent clients, including investment management, retirement planning, and legacy planning. As a Certified Financial Planner™ (CFP®) professional, Dan focuses on long-term wealth management for high-net-worth individuals and their families. He extends his experience to encompass trusts, estate planning strategies, foundations, alternative investments, endowments, and employer retirement plans. Dan is also a Chartered Retirement Plan Specialist (CRPS) professional, so he is well-equipped to guide clients through various stages of life. His skilled focus in wealth management, financial planning, and alternative investments helps ensure that you receive comprehensive solutions tailored to your specific needs.
Dan believes that trust is paramount in the investment process. He recognizes the importance of building strong relationships with his clients, allowing him to understand their individual needs, aspirations, and risk tolerances. By establishing trust and fostering open communication, Dan ensures that his clients' strategies are appropriate and well-suited to their unique situations.
Having been raised in Upstate South Carolina, Dan takes pride in his local roots and enjoys being an active member of his community. Dan graduated from Furman University in 2006. Dan is an avid golfer and has a deep appreciation for theater and classical opera. Dan is a connoisseur of food and wine; he draws parallels between his focus in finance and his love for fine wines, believing that, like a good bottle, a financial portfolio requires time and age to reach its fullest potential. Dan, his wife Casey, and their two children reside in Moore, South Carolina.
Community Involvement
· Former Chairman of the Spartanburg Little Theatre (2013-2019)
· Former Deacon at Church at the Mill (Moore, South Carolina)
· Former Member of the Spartanburg Chamber Singers
· Former Member of the Spartanburg Festival Chorus
· Current Member of BNI (Business Network International)
Dan is Certified Private Wealth Advisor® (CPWA®) professional, dedicated to address the complex needs of affluent clients, including investment management, retirement planning, and legacy planning. As a Certified Financial Planner™ (CFP®) professional, Dan focuses on long-term wealth management for high-net-worth individuals and their families. He extends his experience to encompass trusts, estate planning strategies, foundations, alternative investments, endowments, and employer retirement plans. Dan is also a Chartered Retirement Plan Specialist (CRPS) professional, so he is well-equipped to guide clients through various stages of life. His skilled focus in wealth management, financial planning, and alternative investments helps ensure that you receive comprehensive solutions tailored to your specific needs.
Dan believes that trust is paramount in the investment process. He recognizes the importance of building strong relationships with his clients, allowing him to understand their individual needs, aspirations, and risk tolerances. By establishing trust and fostering open communication, Dan ensures that his clients' strategies are appropriate and well-suited to their unique situations.
Having been raised in Upstate South Carolina, Dan takes pride in his local roots and enjoys being an active member of his community. Dan graduated from Furman University in 2006. Dan is an avid golfer and has a deep appreciation for theater and classical opera. Dan is a connoisseur of food and wine; he draws parallels between his focus in finance and his love for fine wines, believing that, like a good bottle, a financial portfolio requires time and age to reach its fullest potential. Dan, his wife Casey, and their two children reside in Moore, South Carolina.
Community Involvement
· Former Chairman of the Spartanburg Little Theatre (2013-2019)
· Former Deacon at Church at the Mill (Moore, South Carolina)
· Former Member of the Spartanburg Chamber Singers
· Former Member of the Spartanburg Festival Chorus
· Current Member of BNI (Business Network International)
Securities Agent: IL, OR, ND, GA, CA, AZ, LA, IN, AR, WI, MA, FL, NH, NV, MI, NJ, MT, SC, NM, NC, MO, MD, CO, VA, TX, TN, PA, NY, MN, KY, AL, VT, OH; BM/Supervisor; General Securities Representative; Investment Advisor Representative
NMLS#: 1312722
NMLS#: 1312722
About Robby Kocisko
Robby Kocisko brings over 20 years of experience helping clients achieve their financial goals. Robby's passion for investing and the markets began when he was 13 years old, cutting grass in his neighborhood and investing his earnings with his father. After graduating from Clemson University in 2000, he briefly worked as an insurance underwriter before joining A.G. Edwards as a Financial Advisor in June 2004. Robby worked as a solo practitioner for 10 years before teaming up with his father, who retired in 2020. Robby joined the Palmetto-Crescent at Morgan Stanley in October 2024.
Robby does not believe in cookie-cutter investing. He is inspired by the fact that no two clients are the same, and he tailors each investment portfolio to reflect his clients' unique financial situations and goals. Along with his client-first mentality, his team brings a wealth of experience, investment knowledge, and diverse personalities to fully serve their clients.
Having been raised in Upstate South Carolina, Robby takes pride in his local roots and enjoys being an active member of his community. He is a supporter of the charity Kids Upstate and a former board member of Habitat for Humanity of Spartanburg. He is also a former deacon of First Presbyterian Church. He is an Eagle Scout and enjoys hunting and spending time outdoors in his free time. He lives in Spartanburg, South Carolina, with his wife Megan and his two teenage daughters, Ann Riley and Ellie.
Robby does not believe in cookie-cutter investing. He is inspired by the fact that no two clients are the same, and he tailors each investment portfolio to reflect his clients' unique financial situations and goals. Along with his client-first mentality, his team brings a wealth of experience, investment knowledge, and diverse personalities to fully serve their clients.
Having been raised in Upstate South Carolina, Robby takes pride in his local roots and enjoys being an active member of his community. He is a supporter of the charity Kids Upstate and a former board member of Habitat for Humanity of Spartanburg. He is also a former deacon of First Presbyterian Church. He is an Eagle Scout and enjoys hunting and spending time outdoors in his free time. He lives in Spartanburg, South Carolina, with his wife Megan and his two teenage daughters, Ann Riley and Ellie.
Securities Agent: KY, CO, AZ, IN, FL, TN, SC, NY, MO, MD, AL, TX, PA, OR, NH, LA, ND, GA, MI, CA, OH, NM, NJ, WI, VT, VA, NV, NC, IL, AR, MT, MN, MA; General Securities Representative; Investment Advisor Representative
NMLS#: 2673871
NMLS#: 2673871
About Shelby Smith
Shelby Smith is passionate about helping individuals and families navigate their financial journey with confidence. As a Financial Planning Specialist at Morgan Stanley, she takes pride in developing tailored strategies that align with each client’s unique goals and life circumstances.
Shelby has a special focus on working with multigenerational families, helping clients plan not just for their own financial future, but also for the legacy they wish to leave behind. She enjoys building lasting relationships across generations, guiding families through everything from retirement planning to wealth transfer and education funding.
Shelby has been named to Morgan Stanley’s prestigious 2026 Pacesetter’s Club. The club is an elite group of advisors who the Firm recognizes have demonstrated the highest professional standards and world class client service.
Prior to joining Morgan Stanley in September 2024, Shelby administered corporate retirement plans, working closely with business owners on implementation and plan design. She especially values the opportunity to educate employees on the importance of saving for retirement and simplify complex fund lineups to help clients make well-informed decisions in their best interest.
A Spartanburg native, Shelby enjoys spending time with her husband, Cameron, and their yorkie, Gibby. She’s a proud Clemson University graduate and loyal Tiger fan. In her free time, she loves snowboarding during the winter months and has recently taken a liking to the fastest growing sport in America, pickleball.
Shelby has a special focus on working with multigenerational families, helping clients plan not just for their own financial future, but also for the legacy they wish to leave behind. She enjoys building lasting relationships across generations, guiding families through everything from retirement planning to wealth transfer and education funding.
Shelby has been named to Morgan Stanley’s prestigious 2026 Pacesetter’s Club. The club is an elite group of advisors who the Firm recognizes have demonstrated the highest professional standards and world class client service.
Prior to joining Morgan Stanley in September 2024, Shelby administered corporate retirement plans, working closely with business owners on implementation and plan design. She especially values the opportunity to educate employees on the importance of saving for retirement and simplify complex fund lineups to help clients make well-informed decisions in their best interest.
A Spartanburg native, Shelby enjoys spending time with her husband, Cameron, and their yorkie, Gibby. She’s a proud Clemson University graduate and loyal Tiger fan. In her free time, she loves snowboarding during the winter months and has recently taken a liking to the fastest growing sport in America, pickleball.
Securities Agent: OK, ME, MD, CO, AL, PA, NJ, IL, IN, KY, AR, WI, VT, NV, NM, MN, OR, MO, MA, SC, NH, HI, FL, CA, VA, TX, NC, WV, ND, MI, CT, AZ, OH, NY, LA, GA, TN, MT; General Securities Representative; Investment Advisor Representative
NMLS#: 2685826
NMLS#: 2685826
About Samantha Jones
Samantha Jones is a Registered Associate who has been with the firm since 2015, bringing years of business experience and a strong commitment to client service. A lifelong resident of Spartanburg County, she is actively involved in her church and community, including volunteer work and mission trips. Samantha and her husband of over 37 years, enjoy fishing, gardening, and spending time with their grandchildren.
Contact W. Alan Lyles
Contact Dan Seaman
Contact Robby Kocisko
Contact Shelby Smith
Awards and Recognition
Forbes Best-In-State Wealth Management Teams
Forbes Best-In-State Wealth Management Teams Source: Forbes (Awarded Jan 2026) Data compiled by SHOOK Research LLC based for the period 3/31/24-3/31/25.
Wealth Management
Global Investment Office
Portfolio Insights
This is a video content
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
Rational Investing in an Age of Uncertainty
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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
Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
Ready to start a conversation? Contact The Palmetto Crescent 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.
1When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley 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 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.
4Alternative 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.
5Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
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 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.
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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
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Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
1When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
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 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.
4Alternative 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.
5Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
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 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.
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.
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)
