Executive Director, Financial Advisor, Senior Portfolio Management Director, Insurance Planning Director
Phone:
(630) 573-9739(630) 573-9739
Industry Award WinnerOur Mission Statement
A relationship you can count on and a lifetime of guidance you can trust.
Our Story
A sound wealth plan involves more than seeking returns. It also includes mitigating and managing risks. The Pathway Partners Group is a wealth management team dedicated to providing customized investment strategies created for each client’s unique needs. We believe that our personalized attention is vital when matching clients’ financial goals and objectives with the right investment products and services.
With decades of experience, The Pathway Partners Group is committed to help clients reach their financial goals. We are your guide in confusing and often chaotic financial environments. Simplifying clients’ financial lives and guiding with strategies leading towards achieving their desired lifestyles and legacies are our primary goals.
Backed by the vast resources of Morgan Stanley, The Pathway Partners Group takes pride in helping clients plan for and guard against life’s hidden curves. Our experience, intellectual capital and dedicated personalized advice is the foundation of our commitment to you.
The Pathway Partners Group - A relationship you can count on and a lifetime of guidance you can trust.
TOGETHER, UTILIZING OUR TEAM’S APPROACH, WE CAN:
• Develop a comprehensive financial plan
• Diversify your portfolio across a broad range of investments
• Adhere to a long-term strategic asset allocation
• Remove the emotion in the investment process
• Minimize investment costs and taxes
• Adjust holdings in response to evolving opportunities and risk
• Maintain strict objectivity and avoid conflicts of interest
With decades of experience, The Pathway Partners Group is committed to help clients reach their financial goals. We are your guide in confusing and often chaotic financial environments. Simplifying clients’ financial lives and guiding with strategies leading towards achieving their desired lifestyles and legacies are our primary goals.
Backed by the vast resources of Morgan Stanley, The Pathway Partners Group takes pride in helping clients plan for and guard against life’s hidden curves. Our experience, intellectual capital and dedicated personalized advice is the foundation of our commitment to you.
The Pathway Partners Group - A relationship you can count on and a lifetime of guidance you can trust.
TOGETHER, UTILIZING OUR TEAM’S APPROACH, WE CAN:
• Develop a comprehensive financial plan
• Diversify your portfolio across a broad range of investments
• Adhere to a long-term strategic asset allocation
• Remove the emotion in the investment process
• Minimize investment costs and taxes
• Adjust holdings in response to evolving opportunities and risk
• Maintain strict objectivity and avoid conflicts of interest
Services Include
- 401(k) Rollovers
- 529 PlansFootnote1
- Financial PlanningFootnote2
- AnnuitiesFootnote3
- Asset Management
- Exchange Traded FundsFootnote4
- Fixed IncomeFootnote5
- Retirement PlanningFootnote6
- Long Term Care InsuranceFootnote7
- Certificates of DepositFootnote8
- Business Succession PlanningFootnote9
- Life InsuranceFootnote10
- Qualified Retirement PlansFootnote11
- UGMA/UTMAFootnote12
- Wealth ManagementFootnote13
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Meet Your Team
We promise to give clients exceptional service and personalized advice.
Deanna Laboy - Registered Associate
Deanna, a Registered Client Service Associate, has been with Morgan Stanley 2 years. She has a background in management, analytics, and customer service.
Alongside Vickie, Deanna will manage the team’s daily operations, administrative functions, and day-to-day needs. She is responsible for account maintenance, cash management services and client onboarding. In addition, Deanna performs analytical functions and prepares reports related to portfolio analysis and allocation for clients. She prides herself on being the main point of contact for the team and ensures that all client needs are handled efficiently. Deanna strives to provide clients the best overall experience.
Alongside Vickie, Deanna will manage the team’s daily operations, administrative functions, and day-to-day needs. She is responsible for account maintenance, cash management services and client onboarding. In addition, Deanna performs analytical functions and prepares reports related to portfolio analysis and allocation for clients. She prides herself on being the main point of contact for the team and ensures that all client needs are handled efficiently. Deanna strives to provide clients the best overall experience.
Victoria Kiehl - Senior Registered Associate
Vickie, a Senior Registered Client Service Associate, has been with Morgan Stanley for over 40 years. Her extensive experience, focus on detail and working knowledge has made her a valuable team member who has successfully navigated the rapid changes in the industry to provide clients with outstanding service.
Alongside Deanna, Vickie manages the team’s daily operations, administrative functions and day-to-day needs. Her main responsibilities include client cash management services, account maintenance and client onboarding. As a main point of contact for the team, Vickie is dedicated to ensuring all client needs are handled appropriately and in a timely manner to provide a thorough and professional experience to each client.
Alongside Deanna, Vickie manages the team’s daily operations, administrative functions and day-to-day needs. Her main responsibilities include client cash management services, account maintenance and client onboarding. As a main point of contact for the team, Vickie is dedicated to ensuring all client needs are handled appropriately and in a timely manner to provide a thorough and professional experience to each client.
Our Client Experience
Each of our client’s paths are particular to their needs. Some come to us after a sudden change, due to an unexpected life event. While others have found the need for guidance when there financial situations have become more intricate and involved, often due to newly acquired assets from inheritance or a large sale. Many families and individuals we work with have a complex structure of investments and advisors and need a team to coordinate and streamline all their financial information. Whether a corporate executive, blue collar employee, skilled professional, business owner, or a part of a multi-generational family each client has a compelling, unique story to tell and can benefit from hands on tailored path to investing and finance.
We use a four- step approach to uncover what’s most important to you. This allows us to create and implement appropriate strategies to help you take the right pathway to your future.
We use a four- step approach to uncover what’s most important to you. This allows us to create and implement appropriate strategies to help you take the right pathway to your future.
Listen & Discover
We start with a conversation to gain a thorough understanding of what is most important to you, your family, and legacy. We learn why it is important to you and analyze any challenges that may keep you from reaching your goal. Each client goal is different, that's why we believe it is crucial to figure out what matters most to you.
Analyze & Advise
In this step, we review your present financial state. We determine your likelihood of success in reaching your goals. As a team, we plan and prepare for challenges that may deter you from your goal. We then look at the entire financial picture and create a customized investment strategy and a develop a personalized financial plan that work in unison to help you achieve overall success.
Implement & Commit
Next, we present our personalized investment strategy and financial goals based plan. We all want to be on the same page and understand this roadmap inside and out. Together, we work together to strive for the highest probably of success for your to reach your goals. As always, we want to be as clear and transparent of what is expected from both parties, the Pathway Partners Group at Morgan Stanley and the client to make this customized strategy as sound as possible.
Monitor & Adapt
Lastly, we will monitor your customized financial plan and make sure your investments and savings are aligned and accurate to best reach success. This will be something we go over during our financial reviews. Plans change, and life happens, this is a living breathing document we create together and we monitor closely. If there's anything you would ever like to see change in the plan, we work together to best make it a reality. Transparency is key within our relationship, this plan is available to be viewed on a quarterly basis in your online login and upon request. Our teams main priority is to guide you, your family, or legacy down the right pathway to achieve your goals.
A FINANCIAL PLAN SPECIFIC TO YOU
Our teams wealth management process begins with you, your investment needs and financial goals. It is a comprehensive approach, it includes combining all aspects of your financial picture. This may include your investments and cash management needs. We must make sure they are aligned properly with your goals and financial plan.
With The Pathway Partners Group at Morgan Stanley, we understand that the goals you set today may change over time. We will make sure your financial plan adapts to accommodate those goals.
By utilizing our advanced assortment of digital tools, paired with Morgan Stanley's extensive resources, we can help you mange your financial future and help your achieve your goals.
Provided below are a few tools our team uses to help guide clients down the correct pathway, please click on the links if you wish to learn more about them.
With The Pathway Partners Group at Morgan Stanley, we understand that the goals you set today may change over time. We will make sure your financial plan adapts to accommodate those goals.
By utilizing our advanced assortment of digital tools, paired with Morgan Stanley's extensive resources, we can help you mange your financial future and help your achieve your goals.
Provided below are a few tools our team uses to help guide clients down the correct pathway, please click on the links if you wish to learn more about them.
Goals Planning System - Interactive Planning
Goals Planning System (GPS) is Morgan Stanley's proprietary financial planning tool. It was designed to be easy to understand, update daily, and adaptable. GPS makes transparency easy for clients, it allows them to view there financial plan online once we decide together to monitor what we created together. It is a quick snapshot to tell if you are "On Track" to achieve your goals.
Start Planning Today
Aladdin - Indepth Risk Management
Your investments may at risk, but how you manage that risk is what matters.
Aladdin, also known as Portfolio Risk Platform, allows us to look under the hood of your portfolio. Often there are large duplication across funds that people clients and prospects may not know. Aladdin allows for our team to gather an in-depth analysis of what you are truly holding and comprise those investments into a clear and concise formulas that measure risk. Portfolio Risk Platform gives us a clear picture of how much risk in portfolios.
Uncover MoreAladdin, also known as Portfolio Risk Platform, allows us to look under the hood of your portfolio. Often there are large duplication across funds that people clients and prospects may not know. Aladdin allows for our team to gather an in-depth analysis of what you are truly holding and comprise those investments into a clear and concise formulas that measure risk. Portfolio Risk Platform gives us a clear picture of how much risk in portfolios.
Lifeview - Comprehensive Planning
Lifeview is a financial planning software used to make intelligent decisions. Lifeview provides intricate financial planning that adheres to the same approach as Goals Planning System.
Lifeview makes complex planning strategies easy. We discern employee stock options exercise strategies and restricted stock strategies. It provides a clear picture of whether it makes sense to do a Roth IRA conversion.
Complete Our Questionnaire TodayLifeview makes complex planning strategies easy. We discern employee stock options exercise strategies and restricted stock strategies. It provides a clear picture of whether it makes sense to do a Roth IRA conversion.
Tax Efficiency - Intelligent Withdrawals
Building wealth has its drawbacks. Taxes can consume a large portion of your investment gains. We prove value by coordinating liquidation in tax efficient manner to minimize unnecessary tax implications and potentially improve investment results long term.
Not only does our team look at the best strategies for liquidation , however we have a tool that analyzes the entire portfolio to come up with the most tax efficient way to raise cash.
These are important choices that can make a long term impact when it comes to investments and your financial plan.
View Tax-Efficient Planning HereNot only does our team look at the best strategies for liquidation , however we have a tool that analyzes the entire portfolio to come up with the most tax efficient way to raise cash.
These are important choices that can make a long term impact when it comes to investments and your financial plan.
DIGITAL TOOLS TO COMPLIMENT AND PROTECT YOUR FINANCIAL FUTURE
We offer a wide variety of digital tools to our clients to ensure transparency and compliment different areas of there financial life. Our tools allow clients to see their customized investment strategy and tailored financial plan in real time. Each tool streamlines our communication with each other, keeping us always on the same page.
Morgan Stanley Online
A live view of your investments and other financial features are at the tip of your fingertips with Morgan Stanley Online and the Morgan Stanley Mobile App.
Learn More About Morgan Stanley Online
Total Wealth
View all your finances in one place with Total Wealth. This allows you to link all assets and liabilities to there financial plan which updates daily. This is for viewing purposes only, Morgan Stanley does not have access to these accounts.
Learn More About Total Wealth
Cybersecurity
Your investments and personal information are at the forefront of our concerns, we are protecting them with our exceptional resources. See below to find out what Morgan Stanley does to keep your information safe.
Learn More About Our Cybersecurity
eDelivery
Edelivery gives you the option to view statements and other Morgan Stanley Documents electronically. This is in effort to save paper and aid in our fight to save the environment. Not only does it protect the environment, it allows us a safer method of corresponding information with one another. Clients who have an online login may sign up for Edelivery
Enroll Today
Digital Vault
Digital Vault keeps important documents in a easy to access protected space. If a major life event were to occur, Digital Vault makes it easy to share vital, timely information to both your family and professional advisors.
Learn More About Digital Vault
Spending And Budgeting
Keep track of your budget with Morgan Stanley's Spending and Budgeting tool. Link your checking accounts and credit cards to Total Wealth to grasp your monthly financial expenditures.
You can break down purchases into different categories and monitor how much your spend in these categories. There is an option to link this budget to your Goals Planning System Financial plan.
Enroll in Spending and Budgeting TodayYou can break down purchases into different categories and monitor how much your spend in these categories. There is an option to link this budget to your Goals Planning System Financial plan.
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
2211 York Rd
Ste 100
Oak Brook, IL 60523
US
Direct:
(630) 573-9739(630) 573-9739
Meet The Pathway Partners Group
About Michael R. Runge
Michael, senior partner of The Pathway Partners Group at Morgan Stanley, has 31 years of financial services industry experience. Michael is a Executive Director at Morgan Stanley and holds the CERTIFIED PORTFOLIO MANAGER™ designation from the Academy of Certified Portfolio Managers, ACPM. Michael is a member of the prestigious Morgan Stanley Master's Club, a distinction awarded to Morgan Stanley’s top consultants. He holds the Insurance Planning Director designation within Morgan Stanley as a commitment to, and understanding of, holistic goals-based wealth management planning. As a Senior Portfolio Management Director, he is committed to assisting clients reach their financial goals through investment planning and risk management.
Through a series of conversations, our team will guide you through a comprehensive process that results in the development of a custom-tailored plan that will continually identify investment areas to be avoided and strategic paths to be taken.
Michael strives to help clients achieve their most important goals. By providing objective advice and knowledgeable guidance, we prepare clients for all of life’s challenges and opportunities. The depth and diversity of our team enables us to serve as your single point of contact for all your financial needs. Our commitment to integrity, trust and superior service has created long-lasting client relationships.
Through a series of conversations, our team will guide you through a comprehensive process that results in the development of a custom-tailored plan that will continually identify investment areas to be avoided and strategic paths to be taken.
Michael strives to help clients achieve their most important goals. By providing objective advice and knowledgeable guidance, we prepare clients for all of life’s challenges and opportunities. The depth and diversity of our team enables us to serve as your single point of contact for all your financial needs. Our commitment to integrity, trust and superior service has created long-lasting client relationships.
Securities Agent: DE, VA, NV, GA, AK, OK, IL, MO, MI, KS, CT, UT, TN, NJ, DC, AZ, MA, AL, WA, NM, NC, MN, WI, CO, TX, OR, NY, IN, FL, AR, SC, PA, OH, CA, SD, KY, IA; General Securities Representative; Investment Advisor Representative
NMLS#: 1297736
CA Insurance License #: 0L77677
NMLS#: 1297736
CA Insurance License #: 0L77677
About Linda Klug
Linda, a partner of The Pathway Partners Group at Morgan Stanley, started her career in the financial services industry in 1989. She has been with Morgan Stanley for 31 years. Linda is a Senior Vice President at Morgan Stanley and is a CERTIFIED FINANCIAL PLANNER™.
As a Senior Portfolio Manager and designated Family Wealth Advisor within Morgan Stanley, she works closely with multi-generational families to understand their investment needs and financial goals. Linda focuses on college planning, wealth accumulation, retirement planning and estate planning. She provides clients with personalized financial plans with custom investment solutions.
From navigating through life’s changes or riding out difficult market cycles, The Pathway Partners Group will be your guide. The depth and diversity of our team enables us to serve as your single point of contact for all your financial needs. We have created long-lasting client relationships with our commitment to integrity, trust and superior service.
As a Senior Portfolio Manager and designated Family Wealth Advisor within Morgan Stanley, she works closely with multi-generational families to understand their investment needs and financial goals. Linda focuses on college planning, wealth accumulation, retirement planning and estate planning. She provides clients with personalized financial plans with custom investment solutions.
From navigating through life’s changes or riding out difficult market cycles, The Pathway Partners Group will be your guide. The depth and diversity of our team enables us to serve as your single point of contact for all your financial needs. We have created long-lasting client relationships with our commitment to integrity, trust and superior service.
Securities Agent: NY, AZ, SD, MA, DE, CO, AL, NV, DC, OH, NJ, AR, VA, OR, OK, KY, FL, SC, PA, NM, CT, IL, WA, MI, CA, WI, UT, MO, AK, TX, TN, MN, KS, IN, IA, GA, NC; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1285396
CA Insurance License #: 0C83290
NMLS#: 1285396
CA Insurance License #: 0C83290
About Connor Runge
Connor is a Financial Advisor, Senior Portfolio Manager, and Financial Planning Specialist within Morgan Stanley. He has been working at Morgan Stanley for 7 years. He takes a holistic approach to guiding clients. Every client is unique and the purpose of money is different for everyone. Connor is experienced in working with clients to develop customized Financial Plans. He is dedicated to helping clients solve problems and find comprehensive solutions. He draws upon the team’s extensive experience to assist with almost every facet of wealth management including retirement planning, cash management, legacy, education and investment management. Working with the firm’s expansive network of specialists in insurance, estate planning, and lending services, complements and deepens the advice Connor offers.
Connor is the team’s leader in everything digital and technology related. He is well informed in the firm’s latest technology advancements to analyze Retirement Income Plan data, review Social Security options, Pension distributions and Healthcare needs.
The objective advice and knowledgeable guidance provided by The Pathway Partners Group helps clients when the unexpected occurs. Accompanied with the commitment to integrity and trust, our superior service has created long-lasting client relationships. The depth and diversity of our team enables us to serve as your single point of contact for all your financial needs.
Connor is the team’s leader in everything digital and technology related. He is well informed in the firm’s latest technology advancements to analyze Retirement Income Plan data, review Social Security options, Pension distributions and Healthcare needs.
The objective advice and knowledgeable guidance provided by The Pathway Partners Group helps clients when the unexpected occurs. Accompanied with the commitment to integrity and trust, our superior service has created long-lasting client relationships. The depth and diversity of our team enables us to serve as your single point of contact for all your financial needs.
Securities Agent: MN, UT, IN, GA, CA, AL, WI, VA, TX, TN, OH, MI, DC, AZ, AR, IA, DE, SC, AK, PA, OK, MO, KY, MA, KS, FL, CT, SD, IL, WA, NY, NJ, CO, OR, NV, NM, NC; General Securities Representative; Investment Advisor Representative
NMLS#: 1794290
CA Insurance License #: 4087569
NMLS#: 1794290
CA Insurance License #: 4087569
Contact Michael R. Runge
Contact Linda Klug
Contact Connor Runge
Awards and Recognition
Forbes Best-In-State Wealth Management Teams
2023-2026 Forbes Best-In-State Wealth Management Teams Source: Forbes.com (Awarded 2023-2026). Data compiled by SHOOK Research LLC based on 12-month time period concluding in March of year prior to the issuance of the award.
Wealth Management
Global Investment Office
Portfolio Insights
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Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- 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
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 Pathway Partners 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.
1Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
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.
3Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
4An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
5Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
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.
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
8Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
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.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
11When 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.
12Morgan 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.
13Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
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.
1Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should determine their home state's tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
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.
3Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
4An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
5Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
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.
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
8Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
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.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
11When 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.
12Morgan 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.
13Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
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)
