William Gouldin, CIMA®
Managing Director, Wealth Management, Financial Advisor, Senior Portfolio Management Director
Phone:
(713) 965-5087(713) 965-5087
The Pathways Wealth Management Group at Morgan Stanley
Direct:
(713) 965-5087(713) 965-5087
Toll-Free:
(800) 231-0060(800) 231-0060
Mission
The Pathways Wealth Management Group at Morgan Stanley’s mission is to establish long-lasting client relationships that are built upon shared values. We are dedicated to high net worth individuals, their families and foundations. We seek to guide them on their journey to achieving their lifelong financial goals by providing custom counsel and exceptional service.
In order for us to provide our clients with personal counsel and service, we adhere to these principles:
•Valued advice is derived from understanding our clients’ personal goals.
• Our clients’ best interest is our top priority.
• The quality of service we provide reflects the dedication to our clients’ needs.
• A consistent, repeatable process is critical when seeking to achieve enhanced performance for our clients’ portfolio.
• Commitment to providing our clients with accurate performance reporting on a timely basis.
Morgan Stanley Smith Barney LLC. Member SIPC.
In order for us to provide our clients with personal counsel and service, we adhere to these principles:
•Valued advice is derived from understanding our clients’ personal goals.
• Our clients’ best interest is our top priority.
• The quality of service we provide reflects the dedication to our clients’ needs.
• A consistent, repeatable process is critical when seeking to achieve enhanced performance for our clients’ portfolio.
• Commitment to providing our clients with accurate performance reporting on a timely basis.
Morgan Stanley Smith Barney LLC. Member SIPC.
Services Include
- Wealth ManagementFootnote1
- Alternative InvestmentsFootnote2
- 401(k) Rollovers
- Endowments and FoundationsFootnote3
- Estate Planning StrategiesFootnote4
- Professional Portfolio ManagementFootnote5
- Retirement PlanningFootnote6
- 529 PlansFootnote7
- Asset Management
- Business PlanningFootnote8
- Business Succession PlanningFootnote9
- Financial PlanningFootnote10
- Trust AccountsFootnote11
- Trust ServicesFootnote12
- Structured ProductsFootnote13
- Cash Management and Lending ProductsFootnote14
- Fixed IncomeFootnote15
- Corporate BondsFootnote16
- Municipal BondsFootnote17
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Working with You
With over 120 years of combined experience, The Pathways Wealth Management Group at Morgan Stanley serves wealthy families, businesses, foundations and endowments. We create and implement customized strategies designed to help enhance our clients’ net worth while at the same time helping to reduce the natural anxiety and confusion financial planning and investing can so often cause.
It is important that our clients are comfortable with our process; therefore, we are committed to frequent and valuable communication which sets clear expectations and gives clients confidence that their financial strategy is being executed as expected. It is through these candid conversations that we believe effective financial planning is achieved.
To better serve our clients, The Pathways Wealth Management Group is comprised of two Financial Advisors, a Portfolio Management Associate Director, a Consulting Group Analyst, a Registered Associate whose primary focus is digital engagement and a Group Administrator. A larger team affords us the resources necessary to review client accounts on a timely basis, to understand what is driving portfolio performance, and to determine if changes are necessary. It is one of the many ways that we are committed to our clients and to helping them achieve their financial goals.
Our team draws upon the confidence that comes from a repeatable, long-term process, which enables us to focus on the appropriate long-term path. Being approachable, tactical and experienced is what sets The Pathways Wealth Management Group at Morgan Stanley apart.
Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 5772161 12/2024
It is important that our clients are comfortable with our process; therefore, we are committed to frequent and valuable communication which sets clear expectations and gives clients confidence that their financial strategy is being executed as expected. It is through these candid conversations that we believe effective financial planning is achieved.
To better serve our clients, The Pathways Wealth Management Group is comprised of two Financial Advisors, a Portfolio Management Associate Director, a Consulting Group Analyst, a Registered Associate whose primary focus is digital engagement and a Group Administrator. A larger team affords us the resources necessary to review client accounts on a timely basis, to understand what is driving portfolio performance, and to determine if changes are necessary. It is one of the many ways that we are committed to our clients and to helping them achieve their financial goals.
Our team draws upon the confidence that comes from a repeatable, long-term process, which enables us to focus on the appropriate long-term path. Being approachable, tactical and experienced is what sets The Pathways Wealth Management Group at Morgan Stanley apart.
Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 5772161 12/2024
Retirement Planning
Retirement planning is paramount in ensuring a successful retirement. We bring intense focus on this process. You have worked hard to get where you are. Now, it is up to us to help you live the retirement of your dreams.
Cash Management
No two companies are alike. That’s why our customized portfolios are structured according to your organization’s unique needs and liquidity profile.
We listen, develop and execute a tailor-made, integrated approach to cash flow management that focuses on preservation of your principal and liquidity, aligned with your company’s short-term goals and long-term vision. Careful selection of individual securities, coupled with diversification, can provide you with control over a portfolio’s maturity structure, credit quality and cash flow, as well as disciplined income generation. We can also facilitate a self-directed approach, offering access to investment solutions on a transactional basis.
We listen, develop and execute a tailor-made, integrated approach to cash flow management that focuses on preservation of your principal and liquidity, aligned with your company’s short-term goals and long-term vision. Careful selection of individual securities, coupled with diversification, can provide you with control over a portfolio’s maturity structure, credit quality and cash flow, as well as disciplined income generation. We can also facilitate a self-directed approach, offering access to investment solutions on a transactional basis.
Education Planning
Planning for education is imperative to the success of you and your family. With our help, you can choose from a variety of investment options that fit your specific goals and timeline. We'll help you seamlessly integrate an education savings plan into your investment strategy, maximizing tax benefits and maintaining your long-term financial goals.
Estate Planning Strategies
We look at all aspects of an individual’s estate to understand the potential estate planning attributes
of the vehicles. The goal is for the client and his or her investment professionals to make more informed investment decisions, looking at their estate plan holistically.
of the vehicles. The goal is for the client and his or her investment professionals to make more informed investment decisions, looking at their estate plan holistically.
Executive Financial Services
We can cater to the unique scenarios of our high net worth clients, providing them with a suite of Morgan Stanley services as well as complex investment strategies.
Business Planning
We can help you by sharing our experience in helping other business owners. We come to the table with innovative strategies to help you grow or sell your business.
Alternative Investments
Where appropriate, Morgan Stanley provides individuals and institutions access to world-class alternative investment strategies spanning private equity, real assets, private credit, hedge funds and digital assets.
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.
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.
2022 - 2024, & 2026 Forbes Best-In-State Wealth Advisors
2022-2024, 2026 Forbes Best-In- State Wealth Advisors Source: Forbes.com (Awarded 2022, 2023, 2024, 2026.) Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
2009 - 2026 Barron's Top 1,200 Financial Advisors: State by State
2009-2026 Barron's Top 1,200 Financial Advisors: State-by-State (formerly referred to as Barron's Top 1,000 Financial Advisors: State-by-State) Source: Barrons.com (Awarded 2009-2026.) Data compiled by Barron's based on 12-month period concluding in Sept of the year prior to the issuance of the award.
2013 - 2015 Five Star Wealth Manager Award
Source: fivestarprofessional.com (Awarded 2013-2015) These awards were determined through an evaluation process conducted by Five Star Professional, based on objective criteria, during the following periods:
2013 Award - 10/16/2012 - 05/16/2013
2014 Award - 10/16/2013 - 05/16/2014
2015 Award - 10/16/2014 - 05/16/2015
2013 Award - 10/16/2012 - 05/16/2013
2014 Award - 10/16/2013 - 05/16/2014
2015 Award - 10/16/2014 - 05/16/2015
2014 Financial Times 400 Top Financial Advisors
Source: ft.com. Data compiled by the Financial Times based the following time periods:
Awarded 2014; data 9/30/12 - 9/30/13
Awarded 2014; data 9/30/12 - 9/30/13
Certified Investment Management Analyst - William W. Gouldin, Sara Armstrong
Certified Financial Planner - Sara Armstrong
Alternative Investments Director - William W. Gouldin
Financial Planning Specialist - William W. Gouldin
Family Wealth Director - William W. Gouldin
Senior Investment Management Consultant - William W. Gouldin
Senior Portfolio Management Director - William W. Gouldin
Lending Specialist - William W. Gouldin
Investor 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 meant to transform complex financial analysis and research into concise and easily digestible content.
Morgan Stanley Online
Your investments and everyday finances are always just a few clicks away with Morgan Stanley Online (MSO) and the Morgan Stanley Mobile App.
Click Here to Learn More
GIC Weekly Research Report
The Global Investment Committee's Lisa Shalett headlines this weekly look at markets, asset class performance and fixed income.
Click here for the most recent "GIC Weekly" Report
Total Wealth View
Complete your financial picture with Total Wealth View. By linking your account information, you will benefit from more informed wealth planning, more secure data access, and convenient connectivity.
Click Here to Learn More
On The Markets Research Report
Detailed market commentary from Morgan Stanley's thought leaders on topics such as global equities, fixed income, monetary policy and more.
Click here for the most recent “On the Markets” Report
Goals Based Planning
Working with us, paired with our technology, is a great way to access advice and build a wealth plan. Read more about the advantages of working with our planning technology in reaching your financial goals.
Learn more about our Planning Tools
Morgan Stanley Ideas Podcast
The Morgan Stanley Ideas Podcast brings you revealing stories about the world of business, finance, technology and beyond.
Check out the latest episode
Online Security Center
At Morgan Stanley, safeguarding your assets and personal information is among our highest priorities. Learn about our security measures and use our resources and ideas to help protect yourself online.
Learn more about Online Security Center
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 episodeAWARD-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
2800 Post Oak Blvd
18th Fl
Houston, TX 77056
US
Direct:
(713) 965-5087(713) 965-5087
Toll-Free:
(800) 231-0060(800) 231-0060
Meet The Pathways Wealth Management Group
Richmond Talbert
Vice President, Financial Advisor
Phone:
(713) 965-8006(713) 965-8006
Donna M. Kelly
Senior Vice President, Group Director
Phone:
(713) 965-5021(713) 965-5021
Donald W. Coon, CFA
Vice President, Portfolio Management Associate Director, Alternative Investments Specialist
Phone:
(713) 965-8004(713) 965-8004
Meg Morrow
Senior Registered Client Service Associate
Phone:
(713) 965-5054(713) 965-5054
Sara Armstrong, CFP®, CIMA®
Consulting Group Analyst
Phone:
(713) 993-2741(713) 993-2741
Michael Eugeni
Registered Client Service Associate
Phone:
(713) 965-5009(713) 965-5009
About William Gouldin
• Bill began his career as a Financial Consultant with Dean Witter in 1984 and joined a predecessor firm of Morgan Stanley in 1994. He focuses on serving the needs of ultra-high net worth individuals.
• Bill assists his clients in achieving their financial goals through a time-tested process of setting objectives, developing an asset allocation strategy, monitoring accounts, and implementing an ongoing client/consultant review process.
• He completed the distinguished Investment Analyst Program at the University of Pennsylvania’s Wharton School of Business, receiving the designation of Certified Investment Management Analyst (CIMA) in 2002.
• Member of Morgan Stanley’s prestigious Chairman’s Club, every year since 2009, an elite group composed of the firm’s top Financial Advisors.
• Bill is a member of the Investment Management Consultants Association (IMCA).
• Bill has a BBA in Finance from Texas A&M University. He has the Series 7, 63, 65, and 31 and is insurance licensed.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
Morgan Stanley Wealth Management Chairman’s Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Club membership is no guarantee of future performance.
• Bill assists his clients in achieving their financial goals through a time-tested process of setting objectives, developing an asset allocation strategy, monitoring accounts, and implementing an ongoing client/consultant review process.
• He completed the distinguished Investment Analyst Program at the University of Pennsylvania’s Wharton School of Business, receiving the designation of Certified Investment Management Analyst (CIMA) in 2002.
• Member of Morgan Stanley’s prestigious Chairman’s Club, every year since 2009, an elite group composed of the firm’s top Financial Advisors.
• Bill is a member of the Investment Management Consultants Association (IMCA).
• Bill has a BBA in Finance from Texas A&M University. He has the Series 7, 63, 65, and 31 and is insurance licensed.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
Morgan Stanley Wealth Management Chairman’s Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Club membership is no guarantee of future performance.
Securities Agent: NC, NJ, CO, WA, OR, LA, NY, MS, MI, AR, GA, SC, OK, MA, CT, OH, PA, NV, HI, MD, ME, AL, TX, CA, VA, TN, IL, FL, AZ, DE; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1279389
AR Insurance License #: https://www.linkedin.com/in/william-gouldin-1119791b6/
NMLS#: 1279389
AR Insurance License #: https://www.linkedin.com/in/william-gouldin-1119791b6/
About Richmond Talbert
• Richmond served as a young adult pastor in Houston for 18 years and joined Morgan Stanley in 2019. He is excited to continue his mission of serving families by guiding their investment decisions and enabling them to help lead more fulfilled lives.
• Richmond believes in a holistic approach to wealth management, assessing not only your assets, but your personal goals, risk tolerance, ideals and history. He feels this comprehensive approach provides a clearer, more personal path towards your financial goals.
• Richmond holds a BBA in Finance from Texas A&M University. He has the Series 7 and 66.
CRC 3123090 07/2020
• Richmond believes in a holistic approach to wealth management, assessing not only your assets, but your personal goals, risk tolerance, ideals and history. He feels this comprehensive approach provides a clearer, more personal path towards your financial goals.
• Richmond holds a BBA in Finance from Texas A&M University. He has the Series 7 and 66.
CRC 3123090 07/2020
Securities Agent: MA, AZ, MS, NC, LA, VA, TX, OH, NY, HI, MI, CO, RI, IL, FL, AL, AR, TN, OK, NV, DE, CA, PA, NJ, MD, KY, ME, GA, CT, WY, WA, SC; General Securities Representative; Investment Advisor Representative
NMLS#: 1981114
NMLS#: 1981114
About Donna M. Kelly
Donna acts as concierge to our clients, enhancing their wealth management experience. She helps ensure compliance in regulatory and firm policies, and handles administrative issues.
Donna serves as a starting point within the team to ensure that clients are assisted by the appropriate team member. She is also the liaison between clients and our Operations and Compliance Departments, ensuring that any issues are resolved on a timely basis.
Donna began in the financial services industry in 1996 and has worked with Bill Gouldin, at Morgan Stanley, since 1998.
Donna graduated with a BA from the University of Texas at Austin and holds the Series 7, 63 and 65.
Donna serves as a starting point within the team to ensure that clients are assisted by the appropriate team member. She is also the liaison between clients and our Operations and Compliance Departments, ensuring that any issues are resolved on a timely basis.
Donna began in the financial services industry in 1996 and has worked with Bill Gouldin, at Morgan Stanley, since 1998.
Donna graduated with a BA from the University of Texas at Austin and holds the Series 7, 63 and 65.
About Donald W. Coon
Donald performs investment management analysis, collaborates with the clients on their Investment Policy statements, monitors the performance of accounts, generates concise reports, evaluates all of our alternative investments and helps our clients understand philosophy and details of each investment within their portfolio.
Additionally, Donald spends countless hours researching macroeconomic conditions and conducting investment manager due diligence.
As our primary trader, in collaboration with Bill, Donald builds and maintains the portfolio models.
Donald’s active membership in the CFA Institute keeps him abreast of all current reporting methods and standards. He is also a member of the CFA Society of Houston and is a Chartered Financial Analyst.
Donald has been with Morgan Stanley since 2000. Prior to joining Morgan Stanley, Donald served as a Nuclear Reactor Operator in the US Navy.
Donald graduated with a BS in Statistics and a BBA in Accounting from the University of Houston. He holds the Series 7 and 66 and the Chartered Financial Analyst ® designation.
Securities Agent: AK AL AR AZ CA CO CT DC DE FL GA HI IA IL IN KS KY LA MA MD ME MI MO MS MT NC NJ NM NV NY OH OK OR PA RI SC TN TX UT VA VT WA WI WY; General Securities Representative; Investment Advisor Representative
Additionally, Donald spends countless hours researching macroeconomic conditions and conducting investment manager due diligence.
As our primary trader, in collaboration with Bill, Donald builds and maintains the portfolio models.
Donald’s active membership in the CFA Institute keeps him abreast of all current reporting methods and standards. He is also a member of the CFA Society of Houston and is a Chartered Financial Analyst.
Donald has been with Morgan Stanley since 2000. Prior to joining Morgan Stanley, Donald served as a Nuclear Reactor Operator in the US Navy.
Donald graduated with a BS in Statistics and a BBA in Accounting from the University of Houston. He holds the Series 7 and 66 and the Chartered Financial Analyst ® designation.
Securities Agent: AK AL AR AZ CA CO CT DC DE FL GA HI IA IL IN KS KY LA MA MD ME MI MO MS MT NC NJ NM NV NY OH OK OR PA RI SC TN TX UT VA VT WA WI WY; General Securities Representative; Investment Advisor Representative
About Meg Morrow
Meg serves as the team’s digital engagement professional, walking our clients through the Morgan Stanley online enrollment process. She assists clients throughout their online journey and takes the time to educate them regarding the wealth of benefits and services Morgan Stanley online offers.
Meg often coordinates meetings with clients and conducts Morgan Stanley online enrollment calls.
Meg began her career in the insurance industry in 2013, transitioning to Morgan Stanley in 2015.
Meg attended Indiana University and holds the Series 7, 66 and general insurance license.
Meg often coordinates meetings with clients and conducts Morgan Stanley online enrollment calls.
Meg began her career in the insurance industry in 2013, transitioning to Morgan Stanley in 2015.
Meg attended Indiana University and holds the Series 7, 66 and general insurance license.
About Sara Armstrong
Sara Armstrong is a Consulting Group Analyst at The Pathways Wealth Management Group at Morgan Stanley, based in Houston, Texas. With a strong academic and professional background, Sara excels in providing tailored financial strategies and comprehensive investment management services.
Sara holds a Master of Science in Finance from the University of St. Thomas, an MBA from Swiss UMEF University, and a Bachelor of Arts in English Literature from Azad University of Tehran. She is a Certified Financial Planner™ (CFP®) and a Certified Investment Management Analyst® (CIMA®), holding both Series 7 and Series 66 licenses.
In her role at Morgan Stanley, Sara leverages her Certified Financial Planner™ (CFP®) and Certified Investment Management Analyst® (CIMA®) knowledge to help develop sophisticated financial plans and investment strategies. She concentrates in advanced financial planning through LifeView plans, to help ensure the clients receive comprehensive and personalized financial advice. Her work involves in-depth financial analysis, portfolio reviews, and risk assessments, all aimed at aligning clients' portfolios with their long-term objectives.
Sara holds a Master of Science in Finance from the University of St. Thomas, an MBA from Swiss UMEF University, and a Bachelor of Arts in English Literature from Azad University of Tehran. She is a Certified Financial Planner™ (CFP®) and a Certified Investment Management Analyst® (CIMA®), holding both Series 7 and Series 66 licenses.
In her role at Morgan Stanley, Sara leverages her Certified Financial Planner™ (CFP®) and Certified Investment Management Analyst® (CIMA®) knowledge to help develop sophisticated financial plans and investment strategies. She concentrates in advanced financial planning through LifeView plans, to help ensure the clients receive comprehensive and personalized financial advice. Her work involves in-depth financial analysis, portfolio reviews, and risk assessments, all aimed at aligning clients' portfolios with their long-term objectives.
About Michael Eugeni
Michael Eugeni, Registered Client Service Associate, brings a wealth of client-facing experience to Morgan Stanley. His career with the firm began as an Account Representative on our Digital Support Help Desk in Utah, where he honed his skills in providing assistance with Morgan Stanley Online and its diverse offerings.
Today, Michael is a key contributor to daily operations alongside Meg and Donna, concentrating in streamlining appointment scheduling, facilitating efficient money movement, and managing daily administrative tasks.
Michael holds the SIE, Series 63, 66, and 7, and is a graduate of Sonoma State University's School of Business & Economics with a B.A. in Economics.
Today, Michael is a key contributor to daily operations alongside Meg and Donna, concentrating in streamlining appointment scheduling, facilitating efficient money movement, and managing daily administrative tasks.
Michael holds the SIE, Series 63, 66, and 7, and is a graduate of Sonoma State University's School of Business & Economics with a B.A. in Economics.
Contact William Gouldin
Contact Richmond Talbert
Awards and Recognition
Barron's Top 1,500 Financial Advisors: State-by-State
Barron's Top 1,500 Financial Advisors: State-by-State Source: barrons.com (Awarded Mar 2026) Data compiled by Barron's for the period October 2024 - September 2025.
Forbes Best-In-State Wealth Advisors
Forbes Best-In-State Wealth Advisors Source: Forbes.com (Awarded April 2026) Data compiled by SHOOK Research LLC for the period 6/30/24-6/30/25.
2
The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Frank Vatuna
Associate Private Banker
About Frank Vatuna
Frank Vatuna is an Associate Private Banker serving Morgan Stanley Wealth Management offices in Texas.
Associate Private Bankers partner with Private Bankers and Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Frank began his career in financial services in 1988 and joined Morgan Stanley in 2019 as an Associate Private Banker. Prior to joining the firm, he was a Wealth Management Banker at Merrill Lynch. He also served as a Lending Officer at Bank of America.
Frank is a graduate of the University of Houston, where he received a Bachelor of Business Administration in Finance. He lives in Magnolia, Texas with his family. Outside of the office, Frank enjoys traveling and spending time with family and friends. He also volunteers for March of Dimes and Houston Food Bank.
Associate Private Bankers partner with Private Bankers and Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Frank began his career in financial services in 1988 and joined Morgan Stanley in 2019 as an Associate Private Banker. Prior to joining the firm, he was a Wealth Management Banker at Merrill Lynch. He also served as a Lending Officer at Bank of America.
Frank is a graduate of the University of Houston, where he received a Bachelor of Business Administration in Finance. He lives in Magnolia, Texas with his family. Outside of the office, Frank enjoys traveling and spending time with family and friends. He also volunteers for March of Dimes and Houston Food Bank.
NMLS#: 620249
Private Banking Group (PBG) Market Managers, Senior Private Bankers, Private Bankers, and Associate Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Wealth Management
Global Investment Office
Portfolio Insights
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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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
Article Image
Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Ready to start a conversation? Contact The Pathways Wealth Management Group today.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
3Morgan Stanley 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.
4Morgan 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.
5Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
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.
7Investors 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.
8Morgan 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.
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.
10Morgan 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.
11Morgan 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.
12Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
13Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
14Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
15Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
16Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
17Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
3Morgan Stanley 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.
4Morgan 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.
5Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
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.
7Investors 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.
8Morgan 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.
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.
10Morgan 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.
11Morgan 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.
12Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
13Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
14Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
15Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
16Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
17Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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CRC 4665150 (8/2025), 4763067 (9/2025), 5378280 (5/2026)
