Phone:
(212) 761-3687(212) 761-3687
Morgan Stanley Private Wealth Management
The Quaintance Group
(212) 761-3848(212) 761-3848
Our Mission Statement
Helping a limited number of clients navigate the complexities of significant wealth and build what matters to them.
Welcome
As Morgan Stanley Private Wealth Advisors, we combine our own talents and experience with the vast resources of a global financial services firm to address the planning, governance, liability management and investing needs of ultra high net worth families, their businesses and philanthropic enterprises. We take a holistic approach that is grounded in investment strategy, but covers virtually every aspect of your financial life: risk management, liabilities, trusts and estate structures and even family dynamics and lifestyle management issues. Our goal is to help preserve and grow your financial, family and social capital so that it can have the greatest positive impact today and for generations to come.We look forward to learning more about you and your family, and discussing the resources we can place at your disposal.
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
About PWM
Founded in 1977, Private Wealth Management is the division of Morgan Stanley Wealth Management that is dedicated to serving the firm’s most affluent clients, including some of the world’s most accomplished entrepreneurs, executives and stewards of multigenerational wealth. Functioning as an exclusive investment boutique within a global financial firm, we deliver sophisticated solutions that leverage the intellectual capital and insight of Morgan Stanley’s substantial global resources. Drawing on a deep understanding of your financial life, our goal is to help you:
- Manage investments with an unwavering focus on your financial strategy and personal goals
- Create comprehensive, multigenerational wealth management plans based on your needs, challenges and the values that guide your life and legacy
- Simplify financial complexity to help you achieve clarity and control
Private Wealth Management Highlights
- Approximately 300 teams specialized in assisting individuals and families with $20MM+ in investable assets
- Over $1.2 trillion in AUM
- Comprising 26% of the Barron’s Top 100 Financial Advisors list for 2025
- Direct access to ultra high net worth experts in philanthropy, family dynamics, wealth transfer, lifestyle advisory and other areas of interest to ultra high net worth families
1 Morgan Stanley Wealth Management, September 2025
Source: Barron's (Awarded March 2025) This ranking was determined based on an evaluation process conducted by Barron's for the period Oct 2023-Sept 2024. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to Barron's to obtain or use the ranking. This ranking is based on an algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the assessment of Barron's and may not be representative of any one client’s experience. This ranking is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with Barron's. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.
FAMILY OFFICE RESOURCES
Family Office Resources (FOR) provides specialized technical expertise to ultra-high net worth clients across a broad range of family wealth management issues. View our linked resources below to learn more about Morgan Stanley Family Office Resources capabilities.
Family Office Resources Overview
As your family grows and your wealth increases, you may face more subtle and profound wealth management issues. As the demands of your family grow and evolve, you will likely need professionals who have expanded capabilities.
Philanthropy Management
Philanthropy Management supports individuals, families, corporate and private foundations, and nonprofit organizations by offering a suite of services to help define and realize clients' charitable missions. View the link below to learn more about Philanthropy Management.
Family Governance and Wealth Education
For many UHNW clients, the most difficult wealth planning challenge they face relates not to their financial capital, but to their human capital. Family Governance Services is a comprehensive offering designed to support each family's unique challenges.
Estate Planning Strategies
Our experienced professionals are available to discuss various tax, trust and estate strategies with you
and your advisors, help facilitate the implementation of those strategies, and focus on the integration of your investment plans.
Donor Advised Funds
While many individuals and families have a deep commitment to philanthropy, charitable giving is not limited to those with significant wealth. Donor advised funds (DAFs) are among the easiest and most tax-advantaged ways to give to charity for donors across the spectrum of wealth.
Trust Services
Our trustee platform is "open architecture," meaning that we provide you with access and ability to select an appropriate third-party corporate trustee for your trust account. Trust Specialists, within Morgan Stanley, analyze client trust documents and situations and then suggest a fiduciary solution for your needs and goals.
MANAGING FAMILY & GENERATIONAL WEALTH
Managing significant family and generational wealth is complex and often raises difficult questions. See the resources below for more information about managing and preserving significant family wealth.
Family Governance and Wealth Education Fact Sheet
Our mission is to help clients maximize the value of their family capital through the transfer and preservation of the family's shared values, and the creation of an enduring family legacy.
Opening Pandora's Box: 10 Rules for Talking to Kids About Money
Discussing family wealth and financial matters with children can be daunting for families. Read the linked article from Glenn Kurlander, Head of Family Governance & Wealth Education at Morgan Stanley, for more information about navigating this delicate subject.
Wealth Education Development Plan
The Family Governance & Wealth Education group helps ultra high net worth families strive to maximize the value of their human capital by driving family wealth education, making it more likely that all members of the family will have the foundation they need to lead meaningful, fulfilled and engaged lives.
Plan for Your Future
Regardless of what stage of life you are in —moving ahead in your career, enjoying retirement or somewhere in between—we can partner together to help you achieve your financial goals.
Estate Planning Strategies
Tax, Trust & Estate (TTE) strategy has the potential to be incredibly powerful if executed effectively. For a successful TTE plan, it is critical to create a TTE implementation in combination with a TTE strategy.
ALTERNATIVE INVESTMENTS
Alternatives are the investments that go beyond traditional stocks and bonds. They can open doors to unique opportunities to help grow and protect your wealth, and have long sought to offer enhanced returns, portfolio diversification, lower volatility, as well as potential tax efficiency.
Morgan Stanley Alternative Investments
Our leading alternatives platform offers 200+ third-party and proprietary funds, including first look and exclusive opportunities, that may help qualified investors enhance returns, reduce volatility, manage taxes and generate income—while maintaining a goals-based approach for asset allocation.
Learn More HerePrivate Markets Transaction Desk
Morgan Stanley Wealth Management announced the launch of its Private Markets Transaction Desk, a concierge service that empowers eligible shareholders and investors to buy and sell eligible private company shares in the secondary market.
Learn More Here
Private Equity
Amid volatility in stocks and bonds, institutional and individual investors might seek diversification in the growing private equity secondary market.
Learn More Here
Total Tax 365
Morgan Stanley continues to be a leader in both Alternative Investments and tax-advantaged solutions and services. Alternative Investments can do more than generate returns that are less dependent on the direction of the broader stock and bond markets. They also offer qualified investors a more versatile set of strategies for pursuing their goals.
Learn More HereAWARD-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
1585 Broadway
21st Floor
New York, NY 10036
US
Direct:
(212) 761-3848(212) 761-3848
Meet The Quaintance Group
Zachary Wische
Executive Director, Private Wealth Advisor, Senior Portfolio Manager, Alternative Investments Director, Founders Specialist
Phone:
(212) 761-3848(212) 761-3848
Brendan Henry
Vice President, Team COO
Phone:
(212) 761-0473(212) 761-0473
Tricia Carvalheira
Assistant Vice President, PWM Wealth Management Associate
Phone:
(212) 761-2467(212) 761-2467
Chris Bohn
PWM Registered Associate
Phone:
(212) 761-2337(212) 761-2337
Courtney Burke
PWM Wealth Management Associate
Phone:
(212) 761-1657(212) 761-1657
Billy Ma
PWM Portfolio Management Associate Director
Phone:
(212) 761-3084(212) 761-3084
Clay Kirwood
Assistant Vice President, PWM Portfolio Management Associate
Phone:
(212) 761-3136(212) 761-3136
About Robert Q Fomon
Robert Fomon is a Managing Director within Morgan Stanley’s Private Wealth Management Division. Having joined Morgan Stanley in 2007, Robert leads a team of professionals focused on Global Family Offices, Individuals, Foundations, Endowments, Hedge Funds, and Middle Market Institutions.
Prior to becoming a Private Wealth Advisor, Robert was a Portfolio Manager at a large mutual fund investing in U.S. equities. Subsequently, he founded a Registered Investment Advisory firm named EastWestCapital Management and the hedge fund EastWestPartners, L.P. Both of these entities concentrated on diversifying client assets globally with a strong emphasis on emerging markets.
He has degrees from Stanford University and Harvard Business School.
Prior to becoming a Private Wealth Advisor, Robert was a Portfolio Manager at a large mutual fund investing in U.S. equities. Subsequently, he founded a Registered Investment Advisory firm named EastWestCapital Management and the hedge fund EastWestPartners, L.P. Both of these entities concentrated on diversifying client assets globally with a strong emphasis on emerging markets.
He has degrees from Stanford University and Harvard Business School.
Securities Agent: FL, CO, WA, SC, NY, SD, CT, TN, AZ, NV, IL, IA, HI, TX, MI, GA, NH, PA, NJ, MA, DC, CA, NC, OH, MT, DE, AK, ID; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1290476
NMLS#: 1290476
About Zachary Wische
Zach Wische is a Executive Director, Senior Portfolio Manager and Alternative Investment Director within Morgan Stanley's Private Wealth Management Division.
Zach leads the team's business development initiatives, building awareness amongst current and prospective clients of the team's capabilities, and the capabilities of the broader Morgan Stanley franchise.
Zach also leads the team’s coverage of Family Office clients seeking comprehensive operational infrastructure and advisory solutions. This includes aggregated reporting across custodians via Addepar, and coordination with clients’ external advisors across Tax, Trust & Estate, Insurance, and more.
For the team's active and self-directed clients, he helps with idea-generation and implementation for specific trades. He also works closely with clients on pre-liquidity planning, trust and estate planning, and risk management around concentrated positions which includes hedging and diversification strategies.
Zach previously worked within Morgan Stanley as a Portfolio Management Associate. He was responsible for equity trading and research for high-volume trading clients. Zach also managed Restricted Stock sales and 10b5-1 transactions for clients.
Zach earned his BS in Economics from Bucknell University and joined Morgan Stanley in 2013 upon graduating from Duke’s Fuqua School of Business. He currently lives in Manhattan with his wife and son.
Zach leads the team's business development initiatives, building awareness amongst current and prospective clients of the team's capabilities, and the capabilities of the broader Morgan Stanley franchise.
Zach also leads the team’s coverage of Family Office clients seeking comprehensive operational infrastructure and advisory solutions. This includes aggregated reporting across custodians via Addepar, and coordination with clients’ external advisors across Tax, Trust & Estate, Insurance, and more.
For the team's active and self-directed clients, he helps with idea-generation and implementation for specific trades. He also works closely with clients on pre-liquidity planning, trust and estate planning, and risk management around concentrated positions which includes hedging and diversification strategies.
Zach previously worked within Morgan Stanley as a Portfolio Management Associate. He was responsible for equity trading and research for high-volume trading clients. Zach also managed Restricted Stock sales and 10b5-1 transactions for clients.
Zach earned his BS in Economics from Bucknell University and joined Morgan Stanley in 2013 upon graduating from Duke’s Fuqua School of Business. He currently lives in Manhattan with his wife and son.
Securities Agent: AK, AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, NH, NJ, NM, NV, NY, OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WV, WY; General Securities Representative; Investment Advisor Representative
NMLS#: 1744861
NMLS#: 1744861
About Brendan Henry
Brendan Henry is a Vice President within Morgan Stanley’s Private Wealth Management Division. He serves as the team’s Chief Operating Officer.
Brendan is responsible for the team’s day-to-day operations oversight with a particular focus on all service and administrative functions. He directly manages, coaches, and develops all the team’s support members.
Brendan was previously a member of the PWM New York Management Team in Morgan Stanley’s Manhattan headquarters. He was responsible for the oversight of the Market’s Service Organization, and the development of 150+ Support Professionals.
Prior to Morgan Stanley, Brendan was an Associate Advisor at Hightower Advisors, where he was responsible for engaging the next generation of the team’s UHNW families. He started his career at Fidelity Investments as a Financial Representative before becoming a Financial Consultant for HNW clients.
Brendan earned his BS in Mathematical Business with a minor in Statistics from Wake Forest University where he played D1 tennis for the Demon Deacons and was President of the Student Athlete Advisory Committee. He currently lives in Jersey City with his husband.
*This role cannot solicit or provide investment advice
Brendan is responsible for the team’s day-to-day operations oversight with a particular focus on all service and administrative functions. He directly manages, coaches, and develops all the team’s support members.
Brendan was previously a member of the PWM New York Management Team in Morgan Stanley’s Manhattan headquarters. He was responsible for the oversight of the Market’s Service Organization, and the development of 150+ Support Professionals.
Prior to Morgan Stanley, Brendan was an Associate Advisor at Hightower Advisors, where he was responsible for engaging the next generation of the team’s UHNW families. He started his career at Fidelity Investments as a Financial Representative before becoming a Financial Consultant for HNW clients.
Brendan earned his BS in Mathematical Business with a minor in Statistics from Wake Forest University where he played D1 tennis for the Demon Deacons and was President of the Student Athlete Advisory Committee. He currently lives in Jersey City with his husband.
*This role cannot solicit or provide investment advice
About Tricia Carvalheira
Tricia joined Morgan Stanley's Private Wealth Management (PWM) Los Angeles in 1999 and moved to the New York PWM office in 2001. She brings over two decades of financial industry experience to help manage the team's client relationships. With an extensive knowledge of the firm's operational procedures, policies and investment platform, she helps deliver the firm's capabilities in a personalized fashion to our clients.
Previously, Tricia worked at Lehman Brothers' Private Investment Management division, as well as at Merrill Lynch's Private Banking Group. She plays an essential role in managing daily activities of the team. She works closely with the financial advisors and portfolio management team to execute asset allocation strategies and supports all sales and trading for our high-net-worth clientele.
Tricia holds Series 7, 63 and 65 FINRA registrations and is an Assistant Vice President of the firm. She is a graduate of St. Joseph's College with a B.S. in Business Management. She has volunteered with Student Sponsor Partners and Young Autism Program. Outside of the office, she loves to travel, enjoys swimming and spending time with family and friends.
Previously, Tricia worked at Lehman Brothers' Private Investment Management division, as well as at Merrill Lynch's Private Banking Group. She plays an essential role in managing daily activities of the team. She works closely with the financial advisors and portfolio management team to execute asset allocation strategies and supports all sales and trading for our high-net-worth clientele.
Tricia holds Series 7, 63 and 65 FINRA registrations and is an Assistant Vice President of the firm. She is a graduate of St. Joseph's College with a B.S. in Business Management. She has volunteered with Student Sponsor Partners and Young Autism Program. Outside of the office, she loves to travel, enjoys swimming and spending time with family and friends.
About Chris Bohn
Chris is a PWM Registered Associate within Morgan Stanley’s Private Wealth Management Division. Chris joined Morgan Stanley in 2020 after graduating from Loyola University Maryland with a BBA in Finance and Information Systems.
Chris’ primary responsibilities include managing the team’s custom performance reporting efforts leveraging proprietary internal tools, along with third party reporting/aggregation platforms such as Addepar. Chris also assists with performing manager due diligence, keeping current on active investments, and providing regular updates to the team’s Advisors.
Prior to joining PWM in 2022 Chris worked as a Margin Analyst focusing on the daily activities of cash and margin accounts to ensure compliance with regulations of the Federal Reserve, FINRA and Morgan Stanley’s own internal credit policies. Chris focused on responding to inquiries regarding cash available, buying power, option calculations, margin day trading, trade-through violations and disbursement approvals.
Outside of the office Chris enjoys staying active in the gym, traveling and volunteering his time with the nonprofit Soccer Without Borders.
Chris’ primary responsibilities include managing the team’s custom performance reporting efforts leveraging proprietary internal tools, along with third party reporting/aggregation platforms such as Addepar. Chris also assists with performing manager due diligence, keeping current on active investments, and providing regular updates to the team’s Advisors.
Prior to joining PWM in 2022 Chris worked as a Margin Analyst focusing on the daily activities of cash and margin accounts to ensure compliance with regulations of the Federal Reserve, FINRA and Morgan Stanley’s own internal credit policies. Chris focused on responding to inquiries regarding cash available, buying power, option calculations, margin day trading, trade-through violations and disbursement approvals.
Outside of the office Chris enjoys staying active in the gym, traveling and volunteering his time with the nonprofit Soccer Without Borders.
About Courtney Burke
Courtney is a PWM Wealth Management Associate within Morgan Stanley's Private Wealth Management Division. She joined PWM in 2018 after graduating from Bucknell University where she played Division I lacrosse and earned a BA in English.
Courtney oversees Financial Planning for the team, along with client cash management, alternative investment administration, equity and options trading, syndicate, and performance reporting.
In her free time, Courtney enjoys being outdoors, traveling, trying new restaurants, and spending time with her friends, family and golden retriever.
Courtney oversees Financial Planning for the team, along with client cash management, alternative investment administration, equity and options trading, syndicate, and performance reporting.
In her free time, Courtney enjoys being outdoors, traveling, trying new restaurants, and spending time with her friends, family and golden retriever.
About Billy Ma
Billy joined Morgan Stanley’s Private Wealth Management division in 2019 as a Private Wealth Management Analyst. He is focused primarily on client portfolio analytics, daily operations, reporting, and trading. Prior to joining Morgan Stanley, Billy was a registered client service associate at JP Morgan Securities from 2013 to 2019. Billy began his career in the financial services industry in 2010 as a Sales Assistant at a boutique investment bank broker/dealer. From 2010 to 2013, Billy developed skills in equity sales & trading and managing relationships with institutional clients.
Billy is a graduate of Stuyvesant High School in New York City, and completed his undergraduate degree at the ILR School at Cornell University in New York in 2010. He looks forward to pursuing additional schooling in Computer Science, Mathematics, and ultimately Financial Engineering. Billy holds the FINRA Series 7, 63, and 66.
Billy is a graduate of Stuyvesant High School in New York City, and completed his undergraduate degree at the ILR School at Cornell University in New York in 2010. He looks forward to pursuing additional schooling in Computer Science, Mathematics, and ultimately Financial Engineering. Billy holds the FINRA Series 7, 63, and 66.
About Clay Kirwood
Clay is an Assistant Vice President and PWM Portfolio Management Associate within Morgan Stanley’s Private Wealth Management Division. He joined Morgan Stanley in 2020 after graduating from Dartmouth College with a BA in Economics. Clay currently holds the FINRA Series 7 and Series 66 licenses.
Clay’s primary responsibilities include managing the team’s custom performance reporting efforts leveraging proprietary internal tools, along with third party platforms such as Addepar. Clay also partners with the team’s advisors to design, implement and monitor customized portfolios – coordinating asset allocation, manager due diligence, trading, and ongoing risk management.
Prior to joining PWM in 2025, Clay spent five years with Morgan Stanley's Family Office group, where he focused on building out new investment capabilities and service offerings for the Firm’s largest and most complex Family Office clients.
Outside of the office, Clay enjoys spending time in the outdoors skiing, golfing and playing soccer. He currently lives in Brooklyn, NY.
Clay’s primary responsibilities include managing the team’s custom performance reporting efforts leveraging proprietary internal tools, along with third party platforms such as Addepar. Clay also partners with the team’s advisors to design, implement and monitor customized portfolios – coordinating asset allocation, manager due diligence, trading, and ongoing risk management.
Prior to joining PWM in 2025, Clay spent five years with Morgan Stanley's Family Office group, where he focused on building out new investment capabilities and service offerings for the Firm’s largest and most complex Family Office clients.
Outside of the office, Clay enjoys spending time in the outdoors skiing, golfing and playing soccer. He currently lives in Brooklyn, NY.
Contact Robert Q Fomon
Contact Zachary Wische
Wealth Management
Global Investment Office
Portfolio Insights
Private Wealth Management Podcast
Bringing you engaging stories and key insights surrounding the complexities associated with significant wealth, including:
- Intergenerational Planning
- Philanthropic Giving
- Non-Traditional Assets
- Managing Family Wealth
Managing Significant Wealth
- Investment Management
- Wealth Transfer & Philanthropy
- Cash Management & Lending
- Family Governance & Wealth Education
- Lifestyle Advisory
- Business Services
PWM Leadership Insights & Outcomes
Article Image
Insights and Outcomes
Thought Leadership for our ultra high net worth clients, which contains thought-provoking articles, authored by leading experts from Morgan Stanley Family Office Resources.
We look forward to discussing your needs and goals, and the exceptional resources we can place at your disposal.
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.
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.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products 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.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
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
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.
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.
Asset Allocation does not assure a profit or protect against loss in declining financial markets.
The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.
Morgan Stanley and its Private Wealth Advisors do not provide tax or legal advice. Visitors to this website 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.
Morgan Stanley Private Wealth Advisers may only transact business in states where they are registered or excluded or exempted from registration. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Morgan Stanley Private Wealth Advisers are not registered or excluded or exempt from registration.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
See the Financial Advisors Biographies for Registration and Licensing information.
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.
Investment Management Consultants Association, Inc. owns the marks CIMA®, Certified Investment Management Analyst® (with graph element)®, and Certified Investment Management Analyst® .
Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.
Lifestyle Advisory Services: Products 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.
Private Bankers are employees of Morgan Stanley Private Bank, National Association.
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
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4677197 (7/2025), 5378280 (5/2026)
