Welcome

Our story begins in 1991 when Carol Richards joined Morgan Stanley as a Financial Advisor and established her practice. In 2001, Jonathan O'Reilly joined Carol as an intern. After completing the required certifications, Jonathan became a Financial Advisor in 2008 leading to Carol and him forming The Richards Group.

Carol's experience prior to becoming a Financial Advisor spanned education, publishing and brokering U.S. Treasuries. This diverse career path, coupled with being a mother, enabled her to better understand and relate to a broad range of individuals and families. Additionally, Carol's experience in education inspired her to emphasize financial literacy with clients in order to demystify the financial world.

The Richards Group now boasts nearly six decades of combined experience in financial services. They are adept at developing tailored, comprehensive financial plans that meet clients wherever they may be on their financial journey, no matter if they are a retiree, pre-retiree, multigenerational family, business owner, corporate executive, or a Broadway actor.

Carol and Jonathan are committed to lifelong learning and professional development. Each of them has earned CERTIFIED FINANCIAL PLANNER™ designations as well as several other external and internal certifications in key financial areas, positioning The Richards Group to be able to skillfully navigate the increasingly complex world of wealth management.

Carol and Jonathan strive to be stewards of their clients' wealth, enabling them to make informed decisions on financial issues, build and preserve their legacies, and strengthen their families' financial security for generations to come. Carol and Jonathan are their clients' advocates, as well as their advisors. Their clients appreciate this high standard of care; many new clients have been referred by current clients.
We encourage you to learn more about The Richards Group and welcome the opportunity to have a conversation with you.

Services Include
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*

The CFP® Professional

Individuals certified by the CFP® Board have taken the extra step to demonstrate commitment and professionalism by voluntarily submitting to the rigorous CFP® certification process that includes demanding education, examination, experience, and ethical requirements. These four cornerstones set the foundation for the CFP® professional's ability in helping clients achieve their goals.

The Richard Group's diverse skillsets can help you navigate the complicated financial factors in your life by utilizing sophisticated financial techniques leveraging the vast resources and intellectual capital of Morgan Stanley.

Demonstrating The Richards Group's commitment to their clients, members of the team have also been the recipient of numerous awards along with inclusion in several prestigious clubs.
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    Education
    The CFP® professional must develop theoretical and practical financial planning knowledge by completing 2 to 3 years of comprehensive coursework at an institution of higher learning approved by the CFP® Board. Once obtaining the CFP® trademark, their education does not stop, as continued education is part of the recertification process.
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    Examination
    The CFP® professional must pass the 7 hour comprehensive Certification Exam, which tests abilities to apply financial planning knowledge to real-life situations. The exam covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning strategies, investment management and insurance.
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    Experience
    All CFP® professionals are required to complete several years of experience related to financial planning services prior to earning the right to use the CFP® trademarks.
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    Ethics
    The CFP® professional is obligated to uphold the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism, and diligence as outline in the CFP® Board's Code of Ethics. The Rules of Conduct require the CFP® professional to put the client's interest first at all times.
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    Morgan Stanley Century Club
    From 2014-2017, Carol Richards was named to Morgan Stanley's Century Club, a prestigious club comprised of top Morgan Stanley Financial Advisors, for her exceptional service to her clients.
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    Morgan Stanley HER Day Committee Founding Member
    Since 2017, Carol Richards has been a member of Morgan Stanley's HER Day Committee which was created to promote, support, and inspire woman in the Financial Services Industry.
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    Women President Organization
    Since 2017, Carol Richards has been a member of the Women President Organization, a dynamic and diverse collective of women business leaders around the world who share insight in groups facilitated to drive game-changing experiences.
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    Professional Alliance Group
    Since 2018, The Richards Group has been involved with the Professional Alliance Group. This group promotes Financial Advisors to work with their client's CPA and Attorney to offer more comprehensive and all-encompasing wealth management services.

You, Your Family, Your Legacy

At The Richards Group, it is our mission to harness Morgan Stanley’s vast resources and capabilities to support our clients and their families. By empowering each family member with the knowledge and tools to help reach their potential, we strive to ensure that our clients have the foundation and support to lead meaningful, fulfilled, and engaged lives.

Below are key resources and offerings provided by us:
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    Family Office Resources
    We begin with a review of your objectives as part of an in-depth conversation because it is essential for us to become familiar with what is important to you and your family. By sharing your objectives with us, you provide insights into the values that shape your decisions as well as identify the challenges and circumstances specific to your personal situation.
    Read this to learn more
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    Professional Portfolio Management
    We believe that every client is special, and; therefore, deserves a unique and customized portfolio that will complement their financial needs. By leveraging the Firm's resources, current information, and market environment, we bring a disciplined approach to managing portfolios.
    Read this to learn more
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    Goals-Based Financial Planning
    With access to a sophisticated suite of tools, we help you implement the Morgan Stanley planning process to translate your goals into reality.
    Read this to learn more
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    Protection For Your Family
    Insurance is an essential part of financial planning; especially, if loved ones rely on you for financial support. We work with you to develop and implement a well-considered strategy, one based on your particular financial goals and opportunities.
    Read this to learn more
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    Private Investment Access
    With extensive experience, scale and reach across our vast global network, Morgan Stanley is an industry leader in alternative investments, providing access to exclusive offerings, preeminent fund managers and innovative opportunities.
    Read this to learn more
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    Cash Management & Lending Solutions
    We recognize that you and your family may require dedicated solutions and capabilities. Our cash management and lending solutions are designed to help meet these needs.
    Read this to learn more
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    Philanthropic Planning
    With great wealth comes great opportunity. We are here to provide you with the support you may need to define your philanthropic goals, help maximize the impact of your contributions and assist you in your effort to create an enduring legacy.
    Read this to learn more
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    Estate Planning Strategies
    Through careful coordination with your estate Attorney and CPA, we can assist you in developing an estate plan designed to preserve your wealth and prevent issues for your heirs.
    Read this to learn more
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    Education Planning
    When it comes to planning for a child or grandchild’s education, remember that there is no “one size fits all” approach. We help to identify the right education funding strategy for you in the context of your overall wealth plan.
    Read this to learn more
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    Personal Budgeting
    Morgan Stanley clients now have access to digital tools allowing them to manage their cash flow across all accounts at Morgan Stanley, as well as those held at outside financial institutions. Working with us, you will be able to align your spending and budgeting to help meet your long-term financial goals.
    Read this to learn more

We believe full-service financial planning comprises far more than just investing and tracking results. At The Richards Group, we address the full range of issues likely to influence your future, including your current financial situation, retirement planning, as well as your children's education and financial security.

As you approach the milestones that accompany each stage of your life, the customized financial plan we design together should help you feel confident in making decisions about your wealth and finances. Working closely with your accountant, attorney and other trusted professionals allows us to integrate all aspects of your financial life into your plan.

If you are planning to work with The Richards Group, please review our step-by-step process below so you can become more familiar and comfortable with it.

    Step 1: Sharing and Understanding

    We begin by asking questions about your goals, values, challenges, and other matters. But the most important thing we do in this step is listen. We want to understand you not just as a client, but as a person, so that we can develop a plan that fits your life now and for the future.

    Step 2: Analyzing and Reviewing

    Next, we review your current and future financial situation, including your assets, debt, income, and expenses. This allows us to identify areas to strengthen and grow. We will regularly evaluate your financials as well as any planned milestones or unexpected events.

    Step 3: Customizing and Tailoring

    During this step, your plan begins to take shape with specific strategies and timetables. Depending on your circumstances, we may leverage the resources of both Morgan Stanley and external specialists to identify the suitable solutions for you.

    Step 4: Approving and Implementing

    After you have reviewed and approved the proposed plan, we will begin to implement it through the comprehensive set of products and services we discussed with you.

    Step 5: Revisiting and Adapting

    As your life evolves or market conditions change, it may be necessary to make adjustments to help keep you on track. We will consistently review and chart the progress of your plan and let you know if we have any recommendations.

    Step 6: Monitoring and Maintenance

    We encourage you to take advantage of Morgan Stanley Total Wealth View which allows you to link your external accounts, such as your 401(k), checking/savings and brokerage accounts, to your Morgan Stanley online account, so that both you and The Richards Group can view your complete financial picture in one place.

    Learn More:
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Location

55 East 52nd Street 6th
Fl
New York, NY 10055
US
Direct:
(212) 230-3556(212) 230-3556
Toll-Free:
(800) 654-1557(800) 654-1557
Fax:
(646) 863-9346(646) 863-9346

Meet The Richards Group

Photo of Carol Richards

Carol Richards, CFP®

Senior Vice President, Financial Advisor, CERTIFIED FINANCIAL PLANNER®, Senior Portfolio Manager, Financial Planning Specialist, Alternative Investments Director, Qualified Plan Financial Consultant, Lending Specialist, Accredited Domestic Partnership Advisor
Phone:
(212) 230-3556(212) 230-3556
Photo of Jonathan O'Reilly

Jonathan O'Reilly, CFP®

Vice President, Financial Advisor, CERTIFIED FINANCIAL PLANNER®, Portfolio Manager, Alternative Investments Director, Qualified Plan Financial Consultant
Phone:
(212) 230-3676(212) 230-3676

About Carol Richards

I help clients pursue their financial goals by applying the knowledge I have gained from more than three decades as a Financial Advisor. I am both purposeful and detailed about the planning process that I use to help clients define and address their objectives. Above all, I am committed to providing outstanding service with dedication and integrity.
Before joining Morgan Stanley in 1991, I had successful careers in education, publishing, and fixed-income securities. I use my diverse skills to educate clients on how to understand and implement important financial strategies that align with their goals. I apply a highly disciplined process to lay the foundation for a plan that reflects a client's values and aspirations. I leverage the global resources of Morgan Stanley to identify and help deliver the Firm’s expertise.

I consider myself a lifelong student and remain diligent about maintaining my industry knowledge. I earned a BBA from Adelphi University and an MA in Guidance and Administration from New York University. I am also a CERTIFIED FINANCIAL PLANNER™ professional, a recognized standard of excellence for personal financial planning; a Qualified Plan Financial Consultant, a credential for financial professionals who advise, market and support employer-sponsored retirement plans; and an Accredited Domestic Partnership AdvisorSM, which qualifies financial professionals to address the unique planning needs specific to unmarried, coupled persons.

Within Morgan Stanley, I hold the titles of Senior Vice President, Senior Portfolio Manager, indicating that I have been qualified by the Firm to manage client assets based on training, experience, and a commitment to service; Alternative Investments Director, reflecting my knowledge of alternative investment strategies; and Lending Specialist, demonstrating my dedication, focus and commitment to lending strategies for my clients.

Outside of work, I am involved with various organizations. I am a member of the board of The Iris & B. Gerald Cantor Foundation and an active member of the Women Presidents Organization.

Additionally, I volunteer with the Young Enterprising Women Mentoring Forum, an organization which connects outstanding high school girls with an interest in STEM (science, technology, engineering, and math) with women entrepreneurs in their local communities.

In my free time, I enjoy seeing Broadway shows, visiting museums, strength training, Pilates, dining at the Doubles Club, and traveling to many locations, including where my children and grandchildren live.
Securities Agent: NY, SC, NJ, WA, OR, NC, MA, UT, PA, KS, DE, TX, SD, RI, MI, GA, WI, VT, VA, NM, MO, FL, CT, IA, OH, NV, NH, LA, IL, CO, OK, MD, AZ, CA; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1253108

About Jonathan O'Reilly

I focus on providing highly customized advice and investment solutions to individuals, multigenerational families and business owners living in New York City and across the country. I enjoy helping clients simplify their financial lives so they may have the opportunity to enjoy the wealth they created and leave the legacy they desire. One of my strongest skills is my ability to take complex financial concepts and effectively communicate them; I work diligently to demystify the investment and planning process.

While earning a BBA at Baruch College in 2001, I began working with Carol Richards as an intern, and this experience confirmed my desire to work in the financial services industry. After earning my Master's in Public Administration from Baruch College in 2005, I joined Carol full-time as a Client Service Associate. After passing the required certifications, I became a financial advisor in 2008 and then Carol and I formed The Richards Group.

Throughout my career, I have been committed to ongoing professional development, which has enabled me to remain at the forefront of the latest wealth management strategies. I am a CERTIFIED FINANCIAL PLANNER™ professional, a recognized standard of excellence for personal financial planning, and a Qualified Plan Financial Consultant, a credential for financial professionals who advise, market and support qualified employer-sponsored retirement plans.

Within Morgan Stanley, I hold the titles of Vice President, Portfolio Manager, indicating that I have been qualified by the Firm to manage client assets based on training, experience, and a commitment to service; and Alternative Investments Director, reflecting my knowledge of alternative investment strategies.

I am a Brooklyn native and enjoy ballroom dancing and participate in exhibitions and competitions throughout the Tri-State area. My other favorite activities include cycling, boxing, movies, literature, and history.
Securities Agent: MD, CT, AZ, OR, NV, KS, CO, TX, PA, IL, GA, MO, SC, NY, NH, LA, DE, UT, RI, MI, MA, WI, VT, OK, NC, CA, IA, OH, NM, FL, WA, VA, SD, NJ; General Securities Representative; Investment Advisor Representative
NMLS#: 1253168

Hear From Our Clients

My family and I have been clients of The Richards Group for over thirty years. They have been instrumental in servicing all our financial needs, including funds management, asset allocation, estate planning, mortgage applications, research, and trade execution. The team's professionalism and diligence are unparalleled. They consistently prioritize the client's needs, and I cannot recommend their services more highly.
checkmarkVerified Client
In 2022, I started working with The Richards Group. Carol and Jonathan have consistently provided me with the attention and guidance that I truly need to reach my financial goals. We meet regularly. Carol reviews my accounts with me. We discuss goals and budgets. Jonathan is in constant contact to advise of account related actions. I could not be happier, more cared for than with The Richards Group. I am grateful to be working with them. I am in the best of hands. I highly recommend the team.
checkmarkVerified Client
Working with The Richards Group at Morgan Stanley has been exceptional. Carol Richards and Jonathan O’Reilly are thoughtful, strategic, and deeply invested in their clients. They explain complex financial concepts clearly and respectfully, empowering informed decisions. Their personalized, conservative approach aligns with my goals, and they genuinely advocate for me. I have complete trust in their team and recommend them without hesitation.
checkmarkVerified Client
As a writer and costume designer with kids, we’ve led unpredictable lives. Yet for almost three decades, Carol Richards and her team have steered us well, helping us define our financial goals and develop sound plans to achieve them. We meet with Carol several times a year about long-term strategy, and have much more frequent contact with her team about specific transactions. Their advice is always well-synced with our needs. Thanks to them, we’re set for a comfortable, adventurous retirement.
checkmarkVerified Client
I have been working with The Richards Group for over 30 years, and it has been one of the best fi-nancial decisions I have made. What sets them apart is their ability to deal with complex market trends in a way that makes sense. They consistently tailor the portfolio to your specific goals. In ad-dition to their depth of knowledge, they consistently display a high level of transparency and empa-thy. They truly put your interests first. I cannot recommend The Richards Group highly enough.
checkmarkVerified Client
Carol Richards and Jonathan O'Reilly are excellent professionals and delivery their services with the utmost care and concern. We trust them totally
checkmarkVerified Client
We have been clients of The Richards Group for close to 20 years. Over the years, we have accomplished planning for our three children to attend college, set-up needed life insurance, estate planning, retirement at the age of 62 for myself, and assisting our daughter for her wedding. The Richards Group is always available to meet multiple times during the year. During retirement, I tend to talk to The Richards Group twice a month.
checkmarkVerified Client
My wife and I feel fortunate to have benefited from The Richards Group. Throughout our long relationship, Carol and Jonathan are responsive to our questions and concerns and explain thoughtful recommendations. They understand our goals and risk tolerance and continue to help us live a comfortable retirement. They know who we are and what we hold dear. As should be clear, we wholeheartedly recommend them to those seeking astute financial advice coupled with attentive and responsive support.
checkmarkVerified Client
I have been working with Carol since I started investing long ago. She treated me as a valued customer even when my portfolio was tiny, and she -- and now the team -- have helped me reach my retirement goal. She is both knowledgeable and wise, and she is calm even during exciting times. I couldn't be happier with Carol and the Team.
checkmarkVerified Client
Working with The Richards Group is great. In addition to being knowledgable professionals and caring people, they understand my goals and comfort level. Strategies are discussed and investment options are presented. They're always available to answer my questions, follow up on things we've discussed and provide me with information that I would not have otherwise known. They schedule regular reviews to assess my portfolio and recommend any necessary changes. I feel very confident with them.
checkmarkVerified Client
I have had the privilege of working with Carol Richards and Jonathan O’Reilly at Morgan Stanley for more than 20 years, and I can say without hesitation that they have been exceptional and trusted Financial Advisors throughout that time. Their commitment and dedication truly sets them apart. Whether facilitating the refinance of my mortgage, or providing guidance on estate planning strategies, their care, concern, and attention to detail has been invaluable.
checkmarkVerified Client
I have been a client of The Richards Group for more than 30 years. In that time, they have always been responsive, efficient, thorough, and clearly had my best interests at heart. I can always be confident that engaging with them will be productive. Anytime I have experienced a major life change, they have been ready to fully support me and my family in any way they can. As I approach retirement, I am confident that they have set me up for a successful next chapter.
checkmarkVerified Client
Working with Carol and The Richards Group feels like so much more than financial planning — it's life planning, approached with genuine care. Knowing we're in the hands of someone who is thorough, incredibly knowledgeable, and doesn't miss a beat gives us real confidence that we're getting the best possible guidance. My husband and I are in a season of building — building our wealth and building our family — and The Richards Group helps us plan in a way that makes us feel truly prepared.
checkmarkVerified Client

Testimonial(s) solicited by Morgan Stanley and provided by current client(s) at the time of publication. No compensation of any kind was provided in exchange for the client testimonial(s) presented. Client testimonials may not be representative of the experience of other clients and are not a guarantee of future performance or success.

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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.

1Alternative 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.

For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.

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2Annuities are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

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3Morgan 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.

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4Morgan 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

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5When 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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6Morgan 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.

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7Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

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8An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.

Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.

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9Morgan 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.

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10Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.

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11Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

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12Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

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13Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

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14When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.

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15Morgan 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.

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16When 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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17When 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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18Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.

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19Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.

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20Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

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21Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

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22Morgan 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.

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23Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

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24Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.

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25Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.

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26Investors 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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27Morgan 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.

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