Phone:
(612) 340-6769(612) 340-6769
The Minnesota Group at Morgan Stanley
Direct:
(612) 340-6722(612) 340-6722
Our Mission Statement
Guiding you and your family through life’s big financial moments.
Our Story
Welcome to The Minnesota Group
Money is personal, and managing it should feel reassuring – not overwhelming. With nearly a century of combined experience, our team brings diverse perspectives and proven expertise to every stage of your financial life. We provide comprehensive wealth management tailored specifically to you. We deliver the close, attentive care of a boutique family office, backed by the strength and resources of a major firm. Navigating complex finances also requires a coordinated strategy. We serve as your Chief Financial Officer, collaborating directly with your CPA, estate attorney, and other key professionals to streamline your financial life and protect your legacy across generations.
Who We Serve
- Families and Individuals: From multi-generational wealth transfer and retirement planning to education funding and estate strategies, we guide every member of your family through life's major milestones.
- Business Owners and Executives: We provide tailored solutions for complex equity compensation, concentrated stock positions, cash flow management, business succession, and qualified retirement plans.
Our Core Services
- Comprehensive Financial & Retirement Planning
- Custom Portfolio Management & Tax-Efficient Investing Strategies
- Estate, Tax & Multi-Generational Wealth Transfer
- Business Succession & Corporate Retirement Plans
- Concentrated Stock & Executive Compensation Planning
Services Include
- Wealth ManagementFootnote1
- Financial PlanningFootnote2
- Retirement PlanningFootnote3
- Philanthropic ManagementFootnote4
- Alternative InvestmentsFootnote5
- Professional Portfolio ManagementFootnote6
- Business PlanningFootnote7
- Qualified Retirement PlansFootnote8
- 401(k) Rollovers
- Long Term Care InsuranceFootnote9
- 529 PlansFootnote10
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Notes from the North
Each month, our team at The Minnesota Group at Morgan Stanley will share a brief commentary on a topic relevant to your financial life, and some Morgan Stanley research to complement the conversation.
Summer 2026 Newsletter
The Minnesota Group pulled together a short collection of summer travel insights, budgeting tips, and family planning strategies to help you make the most of the months ahead. We are also sharing our vacation photos—we hope you are having a great summer!
May 2026 Newsletter
At the Minnesota Group, our role is not to predict the future perfectly, but to help clients build durable financial plans that can adapt to changing conditions while remaining focused on what matters most: financial independence, family security, opportunities for future generations, and the ability to live life on your own terms.
April 2026 Newsletter
April is Financial Literacy month, and with good reason. Not only does tax day fall in April, numerous significant financial decisions tend to be made in April. For teenagers looking for summer jobs, April is prime job application and job offer season. Similarly, young people in their college era are receiving admissions and financial aid letters.
March 2026 Newsletter
When world events are unsettled, and market volatility seems to be a daily headline, there are a few facts of life which will never change: the sun will rise and set, the mail will eventually get delivered, and taxes are due April 15th.
February 2026 Newsletter
February is a month that reminds us of love. In the context of The Minnesota Group, we see love expressed in ways that don't show up in greeting cards. We observe it when our clients set up their beneficiary designations, or when they choose to fund a grandchild's college savings plan.
January 2026 Newsletter
At the start of 2026, The Minnesota Group took some time to reflect and set goals for the coming year. At the center of our practice is our clients, so we always start with questions about you: what type and quantity of services did we provide last year? How did we do? How can we do better?
Our Designations
At the Minnesota Group, we believe in being life-long learners. We continue to educate ourselves with the most up-to-date information to help provide the best financial services for you - our clients. Listed below are some designations and areas of focus for each of our dedicated team members. Take a look to see how we can help assist you in achieving your financial goals.
CFP® - Certified Financial Planner® (Paul Rougeau)
The Certified Financial Planner® designation is a formal recognition of experience in the areas of financial planning, taxes, insurance, estate planning strategies, and retirement saving. CFP® professionals must accrue several years of experience related to delivering financial planning services to clients and pass a comprehensive exam before calling themselves a CFP® Professional and are held to strict ethical standards to ensure financial planning recommendations are in the best interest of their clients.
CIMA® - Certified Investment Management Analyst® (Greg Peterson)
The Certified Investment Analyst® (CIMA®) designation focuses on asset allocation, ethics, due diligence, risk measurement, investment policy, and performance measurement. Candidates must have at least three years of financial services experience and a satisfactory record of ethical conduct, as determined by Investments & Wealth Institute Admissions Committee.
Portfolio Management Director (Kevin Grahek)
Morgan Stanley's Portfolio Management program allows specialized advisors who have completed all components of the PM certification. These titles allow and empowers financial advisors to utilize certain capabilities typically reserved for money management firms.
CPWA® - Certified Private Wealth Advisor® (John Hupp)
Certified Private Wealth Advisor® (CPWA® ) is a certification given to financial professionals who service high net worth clients. A CPWA® can potentially help clients develop strategies for managing taxes, potentially growing and preserving assets, and transitioning their wealth to others. In addition to experience, they can potentially support you when your are faced with making emotional or tough financial decisions.
Equity Compensation - Workplace Advisor (Kevin Grahek, John Hupp, Laura Feintech & Tony Nace)
The Workplace Advisor-Equity Compensation designation stems from success working with corporate executives who receive Restricted Stock Units, Performance Stock Units, Non-Qualified Options, Incentive Stock Options, and other equity awards as part of their compensation. Many of these conversations revolve around tax implications for different strategies of exercising, selling, buying, or holding their equity awards.
CPM® - Chartered Portfolio Manager®
Chartered Portfolio Manager® is a professional designation offered by the Global Academy of Finance and Management (GAFM). A CPM® is someone who has a focus in portfolio management and can carry out investment decisions on behalf of individuals and institutions.
Financial Planning Specialist
The Financial Planning Specialist designation identifies those Morgan Stanley Financial Advisors who have met the experience and ethical requirements, have successfully completed financial planning coursework and have passed the Financial Planning Specialist examination designed to provide Financial Advisors with the expertise necessary to address the wide range of financial issues confronting high net worth individuals, as well as individuals who are aggressively seeking to increase their wealth.
Resources
What Should I Do With My Money Podcast
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Thoughts on The Market
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CashPlus
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2026 Tax Tables
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225 South 6th St
Ste 5300
Minneapolis, MN 55402
US
Direct:
(612) 340-6722(612) 340-6722
Fax:
(612) 340-1773(612) 340-1773
380 Saint Peter Street
Suite 1000
Saint Paul, MN 55102
US
Direct:
(612) 340-6722(612) 340-6722
Meet The Minnesota Group
Senior Vice President, Financial Advisor, Family Wealth Advisor, Portfolio Management Director
Phone:
(612) 340-6777(612) 340-6777
Phone:
(612) 217-5346(612) 217-5346
Phone:
(651) 215-8486(651) 215-8486
First Vice President, Financial Advisor, Alternative Investments Director, Financial Planning Specialist, Portfolio Manager, Workplace Advisor - Equity Compensation
Phone:
(612) 340-6760(612) 340-6760
Melissa Korzenowski
Portfolio Associate
Phone:
(612) 340-6758(612) 340-6758
Paul Rougeau, CFP®
Registered Client Service Associate
Phone:
(612) 340-6722(612) 340-6722
About Greg Peterson
With 30 years of experience as a financial advisor, Greg has come to believe that we can best serve clients by keeping the investment process simple while encouraging discipline and patience. Greg is a Phi Beta Kappa, summa cum laude graduate of St. Olaf College. After doing graduate work at Harvard University, Greg earned his law degree, cum laude, from the University of Minnesota. Greg practiced business law for eight years before resigning a shareholder position to pursue his avid interest in the financial markets (he is non-practicing at Morgan Stanley.)
Greg is a Certified Investment Management Analyst® professional through the Wealth & Investments Institute in conjunction with the Wharton School of Business. Greg and his wife, Heidi, live in North Oaks, near their three adult daughters and their families. On his ideal day off, Greg might be found golfing, fly-fishing, or reading good fiction.
Greg is a Certified Investment Management Analyst® professional through the Wealth & Investments Institute in conjunction with the Wharton School of Business. Greg and his wife, Heidi, live in North Oaks, near their three adult daughters and their families. On his ideal day off, Greg might be found golfing, fly-fishing, or reading good fiction.
Securities Agent: UT, IL, WA, MO, MA, LA, ID, WI, MN, RI, PA, OR, ME, GA, DC, CA, OH, NY, MT, HI, DE, TN, NC, IN, CO, SC, ND, FL, AZ, AR, AK, NM, NJ, MI, MD, NE, KS, IA, WY, WV, VA, TX; General Securities Representative; Investment Advisor Representative
NMLS#: 533338
NMLS#: 533338
About Kevin Grahek
Kevin has extensive experience working with high net worth families to bring clarity to their financial well-being by helping them build, preserve, and transfer their wealth. Portfolios are constructed utilizing a disciplined approach and the resources of Morgan Stanley in seeking to provide the returns required to meet established goals while also controlling risk. Through extensive communication, Kevin makes a point to provide clarity and transparency to make clients feel confident and comfortable they are making educated decisions.
Kevin started his financial career in 1983 with Piper Jaffray in Minneapolis, MN where he held various senior management positions including Branch Manager and Director of Investment Products and Services. Wanting the gratification of working with individuals and their families, he was recruited by Morgan Stanley in 2008.
In 2018, Kevin founded The Minnesota Group and is excited for its continued growth. Being an early riser, Kevin is always the first person in the office. At 6:30am you can find him reading the latest financial news and analyzing securities to implement into the portfolios he manages.
A life-long Minnesota resident, Kevin graduated from the University of Minnesota - Carlson School of Business and received his MBA from the University of St. Thomas. He and his wife, Beth, have a son and two daughters that also live in the Minneapolis/St. Paul area. Outside the office you can find Kevin attending sporting events, cheering for the Minnesota Gophers, and reading.
Kevin started his financial career in 1983 with Piper Jaffray in Minneapolis, MN where he held various senior management positions including Branch Manager and Director of Investment Products and Services. Wanting the gratification of working with individuals and their families, he was recruited by Morgan Stanley in 2008.
In 2018, Kevin founded The Minnesota Group and is excited for its continued growth. Being an early riser, Kevin is always the first person in the office. At 6:30am you can find him reading the latest financial news and analyzing securities to implement into the portfolios he manages.
A life-long Minnesota resident, Kevin graduated from the University of Minnesota - Carlson School of Business and received his MBA from the University of St. Thomas. He and his wife, Beth, have a son and two daughters that also live in the Minneapolis/St. Paul area. Outside the office you can find Kevin attending sporting events, cheering for the Minnesota Gophers, and reading.
Securities Agent: MT, AR, TX, NJ, CA, WV, TN, MO, FL, CT, CO, WI, PA, IN, ID, UT, IA, GA, HI, NY, AZ, LA, OH, ND, ME, MD, DE, NE, MA, DC, WA, SC, MI, IL, MN, NC, WY, VA, OR; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1413973
NMLS#: 1413973
About John Hupp
From strategic planning, to raising private equity capital, to finding successful exit strategies for stakeholders, John’s breadth of experience in the business world gives him valuable insights into the needs of business owners and the skill set to become your primary Financial Advisor.
John is a CPWA®, Financial Advisor focusing on advanced estate and tax planning strategies for his clients. He started his career as an attorney and advanced from in-house counsel and senior project manager to President and CEO of both public and private companies.
John graduated from the University of Illinois in Russian Area Studies and has his law degree from the College of Law at the University of Illinois (he is non-practicing at Morgan Stanley.) He is married, has three adult children, and lives in Edina. He enjoys online chess and plays the drums, saxophone and occasionally sings with the nominally-acclaimed band “The Mediocritones.”
John is a CPWA®, Financial Advisor focusing on advanced estate and tax planning strategies for his clients. He started his career as an attorney and advanced from in-house counsel and senior project manager to President and CEO of both public and private companies.
John graduated from the University of Illinois in Russian Area Studies and has his law degree from the College of Law at the University of Illinois (he is non-practicing at Morgan Stanley.) He is married, has three adult children, and lives in Edina. He enjoys online chess and plays the drums, saxophone and occasionally sings with the nominally-acclaimed band “The Mediocritones.”
Securities Agent: FL, OH, NE, ND, MD, CO, CA, TX, NJ, MI, IL, NC, WI, NY, MA, HI, UT, PA, IN, WY, WV, AZ, MT, MO, WA, SC, DC, AR, LA, VA, TN, OR, MN, ME, ID, IA, GA, DE; General Securities Representative; Investment Advisor Representative
NMLS#: 710599
NMLS#: 710599
About Laura Peterson Feintech
Laura Peterson Feintech joined The Minnesota Group at Morgan Stanley after a career with the federal government which took her to overseas postings in Africa and Asia. As a result of her many years as a public servant, Laura has a strong sense of mission and service, and applies those values to her work with clients. Laura works collaboratively with her clients to create meaningful financial plans incorporating their values to help achieve life and wealth goals.
Bringing her own life experiences to her practice, Laura works with the specific needs of veteran and retired government clients, international families, and independent women. As a daughter of a Navy veteran and in planning her own exit from government, Laura has firsthand experience navigating the complexities of government benefits. Similarly, Laura has helped divorced and widowed clients prepare for new financial stages of life.
Laura is a graduate of Reed College and Johns Hopkins School for Advanced International Studies and speaks Mandarin Chinese and Japanese. Originally from Iowa but having lived in eight states and four countries outside the U.S., Laura and her husband have planted roots in Saint Paul with their two daughters and rescue dog. Laura and her family have fully embraced Minnesota’s many seasons, and in winter you may find her snowshoeing, skiing, skijoring, or enjoying a sauna. In summer Laura is an active soccer mom and runner.
Bringing her own life experiences to her practice, Laura works with the specific needs of veteran and retired government clients, international families, and independent women. As a daughter of a Navy veteran and in planning her own exit from government, Laura has firsthand experience navigating the complexities of government benefits. Similarly, Laura has helped divorced and widowed clients prepare for new financial stages of life.
Laura is a graduate of Reed College and Johns Hopkins School for Advanced International Studies and speaks Mandarin Chinese and Japanese. Originally from Iowa but having lived in eight states and four countries outside the U.S., Laura and her husband have planted roots in Saint Paul with their two daughters and rescue dog. Laura and her family have fully embraced Minnesota’s many seasons, and in winter you may find her snowshoeing, skiing, skijoring, or enjoying a sauna. In summer Laura is an active soccer mom and runner.
Securities Agent: MN, MI, WY, WI, TN, SC, NY, MA, IA, HI, OR, NC, IN, FL, AR, RI, KY, DE, VA, PA, NM, WA, TX, OH, NJ, ND, MT, IL, CO, NE, MO, ME, DC, CA, LA, GA, UT, ID, AZ, MD, WV; General Securities Representative; Investment Advisor Representative
NMLS#: 2292947
NMLS#: 2292947
About Tony Nace
Tony is a Founding Member of The Minnesota Group where he is responsible for analyzing portfolios and creating customized financial plans. Thorough in nature, he practices transparency and provides financial education by delivering a simplified blueprint that can help families to achieve and experience their financial goals.
Formerly, Tony worked as a Project Manager for Target in Brooklyn Park, MN where he analyzed the finances of multi-million dollar projects, developed cost savings synergies, and found his passion for finance. Soon later Tony found himself working at an investment bank in Minneapolis, MN where he was responsible for analyzing equity portfolios. Wanting to combine his passion for the markets and project management, Tony was recruited by Morgan Stanley in 2016.
Tony earned his undergraduate degree in Economics and Management from St. Olaf College in Northfield, MN and received Executive Education in Financial Management from University of St. Thomas Opus College of Business in Minneapolis, MN.
Born and raised in Southern Minnesota. Tony is very proud of his roots and in his office proudly displays a Hormel Spam Can. A sports and outdoors enthusiast, you can find Tony fishing, playing ice and roller hockey, skiing, biking, and golfing. Tony previously volunteered time as a youth hockey coach and in elementary schools where he helped struggling math students reach grade level competency.
“I get great satisfaction from helping people. Whether that is developing youth hockey players to always play for the greater good of the team and give a 100% effort in everything they do, both on and off the ice, to struggling math students, building their confidence working with numbers. I find that individuals get distracted by the forces in which they have no control. I help people identify those distractions and emphasize concentrating and acting on what they can control.”
Formerly, Tony worked as a Project Manager for Target in Brooklyn Park, MN where he analyzed the finances of multi-million dollar projects, developed cost savings synergies, and found his passion for finance. Soon later Tony found himself working at an investment bank in Minneapolis, MN where he was responsible for analyzing equity portfolios. Wanting to combine his passion for the markets and project management, Tony was recruited by Morgan Stanley in 2016.
Tony earned his undergraduate degree in Economics and Management from St. Olaf College in Northfield, MN and received Executive Education in Financial Management from University of St. Thomas Opus College of Business in Minneapolis, MN.
Born and raised in Southern Minnesota. Tony is very proud of his roots and in his office proudly displays a Hormel Spam Can. A sports and outdoors enthusiast, you can find Tony fishing, playing ice and roller hockey, skiing, biking, and golfing. Tony previously volunteered time as a youth hockey coach and in elementary schools where he helped struggling math students reach grade level competency.
“I get great satisfaction from helping people. Whether that is developing youth hockey players to always play for the greater good of the team and give a 100% effort in everything they do, both on and off the ice, to struggling math students, building their confidence working with numbers. I find that individuals get distracted by the forces in which they have no control. I help people identify those distractions and emphasize concentrating and acting on what they can control.”
Securities Agent: MA, VA, NY, NH, MI, LA, ID, HI, DE, WI, SD, SC, OR, NM, ND, MT, DC, AK, TX, MN, GA, FL, CO, AL, UT, TN, PA, NV, MD, WY, CA, WA, OH, IA, AR, OK, WV, NE, IN, IL, CT, AZ, NJ, ME, NC, MO; General Securities Representative; Investment Advisor Representative
NMLS#: 1824417
CA Insurance License #: 0N04801
NMLS#: 1824417
CA Insurance License #: 0N04801
About Melissa Korzenowski
Melissa is a Portfolio Associate and works alongside Tony. She has 32 years of industry experience. 25 years of her career have been at Morgan Stanley. Melissa has held several long-term positions at Morgan Stanley including Senior Registered Associate and Mid-level Management positions. She has been a Complex Manager Assistant, Branch Administrator, Compliance and Risk Administrator and Branch Manager's Assistant. She is Series 7, 63, 9 and 10 licensed.
Melissa resides in Plymouth, MN and enjoys spending time with family and friends.
Melissa resides in Plymouth, MN and enjoys spending time with family and friends.
About Paul Rougeau, CFP®
Paul joined the Minnesota Group at Morgan Stanley in 2022 as a Registered Client Service Associate. His role is to facilitate an exceptional client experience that seamlessly integrates our full spectrum of wealth management advice, products, services and technology for the specific needs of our individual, family and business clients. Paul works with all Minnesota Group team members to coordinate this effort.
Paul hails from Canada and graduated from McGill University in Montreal where he earned a BEng (Bioresource Engineering) degree and was a member of the National Championship lacrosse team. After graduation, Paul made the transition to the financial services industry and led an operations team at Ameriprise Financial.
In his free time, you may find Paul at the gym trying to maintain what form he can keep from his days as a college athlete, spending time with his dog Savannah, cheering on the Winnipeg Jets, as a true Canadian should, and/or wakeboarding or cross-country skiing, depending on the season.
Paul hails from Canada and graduated from McGill University in Montreal where he earned a BEng (Bioresource Engineering) degree and was a member of the National Championship lacrosse team. After graduation, Paul made the transition to the financial services industry and led an operations team at Ameriprise Financial.
In his free time, you may find Paul at the gym trying to maintain what form he can keep from his days as a college athlete, spending time with his dog Savannah, cheering on the Winnipeg Jets, as a true Canadian should, and/or wakeboarding or cross-country skiing, depending on the season.
Contact Greg Peterson
Contact Kevin Grahek
Contact John Hupp
Contact Laura Peterson Feintech
Contact Tony Nace
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- 401(k) Rollovers
- IRA Plans
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- Retirement plan participants
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A Simple Six-Step Retirement Checkup
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Working closely with you to guide your wealth and investments through the most challenging market cycles.
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Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
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Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
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Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
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Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
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- Set themselves apart by offering comprehensive financial wellness benefits.
Ready to start a conversation? Contact The Minnesota 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.
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.
3When 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.
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Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
5Alternative 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.
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8When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should 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.
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10Investors 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.
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For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
3When 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.
4Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
5Alternative 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.
6Morgan 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.
7Morgan 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.
8When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should 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.
9Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
10Investors 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.
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Awards Disclosures | Morgan Stanley
CRC 4665150 (8/2025)
