Senior Vice President, Wealth Management, Financial Advisor, Portfolio Management Director
Phone:
(312) 419-3513(312) 419-3513
The River North Group at Morgan Stanley
Our Mission Statement
Guiding our clients to financial freedom.
Our Story and Services
At The River North Group, we are a full service financial advisory team providing comprehensive solutions to our highly successful clients across the country. Our multi-generational, award-winning team provides exceptional service, investment expertise, and long-term availability for next-generation clients.
Confidence in our investment process stems from the fact that many of these strategies were developed, studied, and refined by putting our own capital at risk over several decades.
We combine carefully screened alternative investment vehicles with traditional strategies to build sophisticated, tax-efficient portfolios. Ultimately, our mission is building and preserving multigenerational wealth for our clients while achieving their long-term financial goals.
Trust, integrity, respect, and service are the core values of our practice. We are passionate about our mission: guiding our clients to financial freedom.
Confidence in our investment process stems from the fact that many of these strategies were developed, studied, and refined by putting our own capital at risk over several decades.
We combine carefully screened alternative investment vehicles with traditional strategies to build sophisticated, tax-efficient portfolios. Ultimately, our mission is building and preserving multigenerational wealth for our clients while achieving their long-term financial goals.
Trust, integrity, respect, and service are the core values of our practice. We are passionate about our mission: guiding our clients to financial freedom.
Services Include
- Wealth ManagementFootnote1
- Wealth PlanningFootnote2
- 401(k) Rollovers
- Alternative InvestmentsFootnote3
- Asset Management
- Business PlanningFootnote4
- Business Succession PlanningFootnote5
- Cash Management and Lending ProductsFootnote6
- Certificates of DepositFootnote7
- CommoditiesFootnote8
- Corporate BondsFootnote9
- Corporate Retirement PlansFootnote10
- Corporate Pension Plans
- Corporate Investment SolutionsFootnote11
- Defined Contribution PlansFootnote12
- Divorce Financial AnalysisFootnote13
- Endowments and FoundationsFootnote14
- Estate Planning StrategiesFootnote15
- Exchange Traded FundsFootnote16
- Executive Financial ServicesFootnote17
- Executive Benefit ServicesFootnote18
- Financial PlanningFootnote19
- Fixed IncomeFootnote20
- LGBT+ Planning ServicesFootnote21
- Life InsuranceFootnote22
- Long-term Care InsuranceFootnote23
- Municipal BondsFootnote24
- Philanthropic ManagementFootnote25
- Planning for Education FundingFootnote26
- Planning for Individuals with Special Needs
- Professional Portfolio ManagementFootnote27
- Qualified Retirement PlansFootnote28
- Retirement PlanningFootnote29
- Stock Option PlansFootnote30
- Stock Plan ServicesFootnote31
- Structured ProductsFootnote32
- SyndicateFootnote33
- Trust AccountsFootnote34
- Trust ServicesFootnote35
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
INDUSTRY STANDING & AWARDS
Forbes Best-In-State Wealth Management Teams (2025)
The River North Group named a Forbes Best-In-State Wealth Management Team (2025)
Forbes Best-In-State Wealth Management Teams
Source: Forbes (Awarded Jan 2025) Data compiled by SHOOK Research LLC for the period 3/31/23-3/31/24
Forbes Profile: The River North GroupForbes Best-In-State Wealth Management Teams
Source: Forbes (Awarded Jan 2025) Data compiled by SHOOK Research LLC for the period 3/31/23-3/31/24
Forbes Best-In-State Wealth Management Teams (2024)
The River North Group named a Forbes Best-In-State Wealth Management Team (2024)
Disclosure: Source: Best-In-State Wealth Management Teams 2024 (forbes.com) (Awarded January 2024) Data provided by SHOOK ® Research, LLC – Data as of 3/31/23
Forbes Profile: The River North GroupDisclosure: Source: Best-In-State Wealth Management Teams 2024 (forbes.com) (Awarded January 2024) Data provided by SHOOK ® Research, LLC – Data as of 3/31/23
Forbes Top Next-Gen Wealth Advisors Best-in-State (2022)
Harrison Kortz named a Forbes Top Next-Gen Wealth Advisor Best-in-State (2022).
2022-2023 Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State (formerly referred to as Forbes America's Top Next-Gen Wealth Advisors, Forbes Top 1,000 Next-Gen Wealth Advisors, Forbes Top 500 Next Generation Wealth Advisors)
Source: Forbes.com (Awarded 2022-2023). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.
Forbes Profile: Harrison Kortz2022-2023 Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State (formerly referred to as Forbes America's Top Next-Gen Wealth Advisors, Forbes Top 1,000 Next-Gen Wealth Advisors, Forbes Top 500 Next Generation Wealth Advisors)
Source: Forbes.com (Awarded 2022-2023). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.
Forbes Best-In-State Wealth Advisors (2022)
Harrison Kortz named a Forbes Best-In-State Wealth Advisor (2022)
Disclosure:
Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded Apr 2022) Data compiled by SHOOK Research LLC based on time period from 6/30/20 - 6/30/21.
Forbes Profile: Harrison KortzDisclosure:
Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded Apr 2022) Data compiled by SHOOK Research LLC based on time period from 6/30/20 - 6/30/21.
Forbes Top Next-Gen Wealth Advisors Best-In-State (2023)
Harrison Kortz named a Forbes Top Next-Gen Wealth Advisor Best-In-State (2023)
2022-2023 Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State (formerly referred to as Forbes America's Top Next-Gen Wealth Advisors, Forbes Top 1,000 Next-Gen Wealth Advisors, Forbes Top 500 Next Generation Wealth Advisors)
Source: Forbes.com (Awarded 2022-2023). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.
Forbes Profile: Harrison Kortz2022-2023 Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State (formerly referred to as Forbes America's Top Next-Gen Wealth Advisors, Forbes Top 1,000 Next-Gen Wealth Advisors, Forbes Top 500 Next Generation Wealth Advisors)
Source: Forbes.com (Awarded 2022-2023). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.
Forbes Best-In-State Wealth Advisors (2023)
Harrison Kortz named a Forbes Best-In-State Wealth Advisor (2023)
Disclosure: Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded April 2023) Data compiled by SHOOK Research LLC based on time period from 6/30/21 - 6/30/2022.
Forbes Profile: Harrison KortzDisclosure: Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded April 2023) Data compiled by SHOOK Research LLC based on time period from 6/30/21 - 6/30/2022.
Forbes Best-In-State Wealth Advisors (2024)
Harrison Kortz named a Forbes Best-In-State Wealth Advisor (2024)
Disclosure: 2024 Forbes America's Top Wealth Advisors & Best-In-State Wealth Advisors
Source: Forbes.com (Awarded April 2024) Data compiled by SHOOK Research LLC based on time period from 6/30/22 - 6/30/23.
Forbes Profile: Harrison KortzDisclosure: 2024 Forbes America's Top Wealth Advisors & Best-In-State Wealth Advisors
Source: Forbes.com (Awarded April 2024) Data compiled by SHOOK Research LLC based on time period from 6/30/22 - 6/30/23.
Forbes Top Next-Gen Wealth Advisors Best-In-State (2024)
Harrison Kortz named a Forbes Top Next-Gen Wealth Advisor Best-In-State (2024)
Source: Forbes (Awarded Aug 2024) Data compiled by SHOOK Research LLC based on time period from 3/23-3/24.
Forbes Profile: Harrison KortzSource: Forbes (Awarded Aug 2024) Data compiled by SHOOK Research LLC based on time period from 3/23-3/24.
Picture 1: Harrison and family on Mother's Day
Picture 2: Harrison trick-or-treating with family
Picture 3: Chris and kids
Picture 4: Chris cheering on Notre Dame
Picture 5: Mike and Harrison visiting Florida offices
Picture 6 & 7: Harrison at Cubs game with son Weston
Picture 8: Chris at Senior Night
Picture 9: Chris visiting daughter at University of Illinois
Picture 10: Mike and Cole volunteering to build a new playground in the community
Picture 11: Mike and baby Quinn
Picture 12: Danny’s wedding
Picture 13: Scott’s last open water swim of the 2024 summer
THE PLANNING PROCESS
A fundamental component of our investment philosophy is our commitment to your empowerment and confidence in the work we do. We routinely publish market updates, highlighting macroeconomic news, geopolitics, key events, and macro trends giving you access to some of the most respected thought leadership and intellectual capital at Morgan Stanley. We keep our clients informed and engaged, a pillar in our service model.
We understand the financial and the personal often go hand-in-hand. We strive to develop a solid understanding of your financial and personal goals, and there is nothing we enjoy more than contributing to the achievement of key personal and familial milestones. Your well-being and comfort level matters to us, which is why we’re passionate about and committed to maintaining and nurturing deep and meaningful relationships with our clients.
With The River North Group, rest assured there is someone available to answer your calls, questions, discuss any concerns and help you in any way we can.
We understand the financial and the personal often go hand-in-hand. We strive to develop a solid understanding of your financial and personal goals, and there is nothing we enjoy more than contributing to the achievement of key personal and familial milestones. Your well-being and comfort level matters to us, which is why we’re passionate about and committed to maintaining and nurturing deep and meaningful relationships with our clients.
With The River North Group, rest assured there is someone available to answer your calls, questions, discuss any concerns and help you in any way we can.
DISCOVERY
Our process begins with an understanding of you and the things you care about most. We establish an understanding of your personal, professional, and financial goals and situation through discussion and a short questionnaire.
PLAN
Based on your goals and circumstances, we develop a detailed financial plan outlining where you are today and where you want to be. From there, we create an investment strategy or roadmap to help you get there as efficiently as possible.
EXECUTE
We employ a service model that prioritizes your best interests and level of comfort above all else. Execution includes leveraging a wide array of investment options to help ensure your portfolio is working efficiently and effectively to achieve your financial goals.
MONITOR & EVOLVE
We regularly surveil your investment plan and portfolio, making sure it is properly balanced and continues to reflect your goals and state of the market. Semi-annually to annually, we will review and discuss how your portfolio might need to evolve to account for and adapt to changes in your investment time horizon and ambitions.
Stay up to date to meet your goals
The River North Group strives to keep their clients informed on how to meet their financial goals. Reach out if you have questions about the resources below.
Total Tax 365
The River North Group can help mitigate the tax drag on your portfolio - so you can keep more of what you earn and improve after-tax returns. Learn more below and reach out if you want to discuss!
Learn about Total Tax 365
Morgan Stanley Online
Morgan Stanley Online (MSO) has a suite of features that allow you to manage your everyday finances from paying bills to transferring funds.
Learn about MSO
Total Wealth View
You can now conveniently view your accounts from other financial institutions on Morgan Stanley Online giving you a complete financial picture.
Learn about Total Wealth View
Digital Vault
Manage life's most important documents in one convenient location. Digital Vault keeps your information safe. Click below to learn more.
Learn about Digital VaultLocation
233 S Wacker Dr
Ste 8600
Chicago, IL 60606
US
Direct:
(312) 419-3345(312) 419-3345
Meet The River North Group
Executive Director, Wealth Management, Financial Advisor, Portfolio Management Director, Alternative Investments Director
Scott F. Vender
Executive Director, Financial Advisor, Family Wealth Director, Portfolio Manager
Phone:
(312) 443-6014(312) 443-6014
Phone:
(312) 827-6621(312) 827-6621
Michael J Duffy III, CFP®
Financial Advisor, CERTIFIED FINANCIAL PLANNER™
Phone:
(312) 419-3412(312) 419-3412
Cole Negronida
Financial Planning Analyst
Phone:
(312) 419-3269(312) 419-3269
Daniel Jacobsen
Client Service Associate
Phone:
(312) 419-3570(312) 419-3570
About Christopher C. Clark
Chris brings over 30 years of capital markets experience to his role as a Senior Vice President and Portfolio Management Director at Morgan Stanley. He spent much of his career on the front lines, trading in the derivatives markets in his hometown of Chicago. A lengthy career of putting his own capital at risk across multiple asset classes gives Chris a unique perspective. His understanding of risk, and its role in asset allocation, is critical in structuring optimal portfolios to suit his clients’ needs.
As a father of four, Chris understands that each client’s situation is different. Thus, he works with his clients to gain a thorough understanding of their financial goals. Through a consultative process, an individualized plan will be created to help guide clients through every phase of life, including wealth accumulation, liability management, retirement planning, and trust and estate planning. Chris is intensely focused on helping clients preserve and grow their assets.
Chris considers himself the first point of contact for all his clients’ financial needs. He is keenly aware of each client’s individual situations. He will explain to his clients the relationship of risk and reward, and how it ties into their financial plan. Always accessible, Chris believes that long term client relationships are the most rewarding. His mission is to be the point person for all financial matters, while providing a roadmap to help reach the goals of his clients and their families.
Chris, his wife, and four children reside in Park Ridge, IL. He is a graduate of the University of Notre Dame, with a degree in Finance. He enjoys volunteering at his church and children’s school. In his spare time, Chris loves to golf and cheer on his kids' many sports and activities. He is also a passionate fan of Chicago sports teams and his alma mater. Chris still can't believe his beloved Cubs won the World Series in his lifetime!
As a father of four, Chris understands that each client’s situation is different. Thus, he works with his clients to gain a thorough understanding of their financial goals. Through a consultative process, an individualized plan will be created to help guide clients through every phase of life, including wealth accumulation, liability management, retirement planning, and trust and estate planning. Chris is intensely focused on helping clients preserve and grow their assets.
Chris considers himself the first point of contact for all his clients’ financial needs. He is keenly aware of each client’s individual situations. He will explain to his clients the relationship of risk and reward, and how it ties into their financial plan. Always accessible, Chris believes that long term client relationships are the most rewarding. His mission is to be the point person for all financial matters, while providing a roadmap to help reach the goals of his clients and their families.
Chris, his wife, and four children reside in Park Ridge, IL. He is a graduate of the University of Notre Dame, with a degree in Finance. He enjoys volunteering at his church and children’s school. In his spare time, Chris loves to golf and cheer on his kids' many sports and activities. He is also a passionate fan of Chicago sports teams and his alma mater. Chris still can't believe his beloved Cubs won the World Series in his lifetime!
Securities Agent: DC, CA, VT, NE, IN, DE, NJ, NC, MT, IL, HI, RI, NH, FL, CT, CO, WY, OH, NM, MO, LA, KS, IA, AZ, TX, PA, OR, AK, WV, VA, SC, NY, MN, GA, AR, AL, WI, SD, OK, MS, KY, UT, MI, WA, TN, MD, NV, MA; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1268297
NMLS#: 1268297
About Harrison J. Kortz
Harrison J. Kortz is an Executive Director, Financial Advisor, Alternative Investments Director, Portfolio Management Director, and the founding partner of The River North Group at Morgan Stanley. Harrison’s commitment to helping ensure every one of his clients is positioned in a way that looks towards the future and meets their individual goals has earned him two-time national recognition by Forbes as a Top Next-Gen Wealth Advisor and Best-In-State Next-Gen Wealth Advisor for the year 2022.
Harrison collaborates with clients to formulate customized strategies delivering an array of resources aligned with their investment style and financial aspirations. His skilled focus in the Alternative Investments space allows him to deliver flexible, dynamic, and distinctive investment opportunities some of which are only available to Morgan Stanley clients. Alternative investments offer an innovative approach to portfolio diversification, allowing for versatile strategies that align with sophisticated investors’ financial goals. Harrison continuously works with clients to adapt their financial strategies to the evolving markets through a variety of innovative and traditional approaches suitable for their financial aspirations and preferences.
A high level of energy, proactivity, and commitment characterize Harrison’s approach to client service, offering a dynamic approach to investing and planning for your financial future. Harrison focuses on building client relationships based on loyalty and trust, working hard to ensure his clients receive an exceptional experience. His continued dedication to helping clients has yet again earned him national recognition in the industry as a Forbes’s Top Next-Gen Best-In-State Wealth Advisor for 2022.
When he’s not helping clients or in the office, Harrison can be found golfing, running alongside Lake Michigan, and chasing around his son, Wes. He is an avid basketball fan, and enjoys supporting his alma mater, Michigan State University, whenever they have a game.
Disclosures:
"Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State
Source: Forbes.com (Awarded Aug 2022) Data compiled by SHOOK Research LLC based on time period from 3/31/21 - 3/31/22. "
"Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded Apr 2022) Data compiled by SHOOK Research LLC based on time period from 6/30/20 - 6/30/21.
"
Harrison collaborates with clients to formulate customized strategies delivering an array of resources aligned with their investment style and financial aspirations. His skilled focus in the Alternative Investments space allows him to deliver flexible, dynamic, and distinctive investment opportunities some of which are only available to Morgan Stanley clients. Alternative investments offer an innovative approach to portfolio diversification, allowing for versatile strategies that align with sophisticated investors’ financial goals. Harrison continuously works with clients to adapt their financial strategies to the evolving markets through a variety of innovative and traditional approaches suitable for their financial aspirations and preferences.
A high level of energy, proactivity, and commitment characterize Harrison’s approach to client service, offering a dynamic approach to investing and planning for your financial future. Harrison focuses on building client relationships based on loyalty and trust, working hard to ensure his clients receive an exceptional experience. His continued dedication to helping clients has yet again earned him national recognition in the industry as a Forbes’s Top Next-Gen Best-In-State Wealth Advisor for 2022.
When he’s not helping clients or in the office, Harrison can be found golfing, running alongside Lake Michigan, and chasing around his son, Wes. He is an avid basketball fan, and enjoys supporting his alma mater, Michigan State University, whenever they have a game.
Disclosures:
"Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State
Source: Forbes.com (Awarded Aug 2022) Data compiled by SHOOK Research LLC based on time period from 3/31/21 - 3/31/22. "
"Forbes Best-In-State Wealth Advisors
Source: Forbes.com (Awarded Apr 2022) Data compiled by SHOOK Research LLC based on time period from 6/30/20 - 6/30/21.
"
Securities Agent: OK, AZ, WY, WV, WA, VA, IL, UT, SC, KY, IA, HI, FL, CA, AL, RI, NY, NH, WI, VT, PA, NE, MA, GA, CO, TN, SD, NV, NM, DC, CT, MS, KS, AR, NJ, ND, MI, AK, TX, MT, MD, ID, DE, OR, NC, MN, LA, OH, MO, IN; General Securities Representative; Investment Advisor Representative
NMLS#: 1326758
NMLS#: 1326758
About Scott F. Vender
Scott is among a select group of advisors to be named a Morgan Stanley Family Wealth Director. This designation demonstrates that he has delivered an exceptional depth of experience and breadth of knowledge in wealth planning and investment advice to the most affluent families. Scott has 40 years of experience counseling high net worth investors and families. Along with investment management, Scott advises on estate freeze techniques, wealth transfer, family dynamics, philanthropy, business succession planning, liability management, insurance and asset protection for families and business owners. Scott and his team employ a detailed and disciplined process, developed to produce the best outcomes for the clients and families he serves.
Scott resides in Highland Park IL and Naples Florida serving clients in both locations. He enjoys spending his time with his wife Leslie, his three daughters and son in laws, his four grandkids and his clients.
Scott resides in Highland Park IL and Naples Florida serving clients in both locations. He enjoys spending his time with his wife Leslie, his three daughters and son in laws, his four grandkids and his clients.
Securities Agent: GA, KS, NM, IA, TN, OR, NY, KY, CA, DC, WV, VA, UT, AZ, DE, OK, CT, WI, SD, PA, NJ, NE, CO, AK, TX, SC, NC, IN, FL, OH, MN, MI, MD, LA, WY, WA, VT, NV, NH, MT, MS, MA, IL, AR, AL, MO; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1294057
NMLS#: 1294057
About Roger G. Stewart
Securities Agent: CT, AK, NY, MS, MA, HI, IN, IA, TX, OR, AR, FL, PA, MN, LA, CA, WI, TN, OH, MT, MO, MI, IL, AZ, NH, CO, WY, MD, DC, SC, NV, NJ, VT, NC, GA; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1265180
NMLS#: 1265180
About Michael J Duffy III, CFP®
Mike is a Financial Advisor and CERTIFIED FINANCIAL PLANNER™ Professional with the River North Group at Morgan Stanley. Mike develops strategies and provides in-depth wealth planning by using the innovative planning tools and resources at Morgan Stanley to deliver holistic advice to clients.
Before starting his advisory career, Mike was the Financial Planning Director for the Chicago Tower Complex where he worked with advisors and their clients to clarify their long-term objectives and take the steps necessary to reach their goals.
Mike earned a Certificate in Financial Planning from Duquesne University and graduated from the University of Dayton with a degree in Finance focusing on Investment Management. He is originally from Pittsburgh and currently resides in the Lincoln Park neighborhood with his wife and daughter. In his spare time, Mike enjoys cooking, golfing, Pittsburgh sports, and riding his bike along the Chicago lakefront.
Before starting his advisory career, Mike was the Financial Planning Director for the Chicago Tower Complex where he worked with advisors and their clients to clarify their long-term objectives and take the steps necessary to reach their goals.
Mike earned a Certificate in Financial Planning from Duquesne University and graduated from the University of Dayton with a degree in Finance focusing on Investment Management. He is originally from Pittsburgh and currently resides in the Lincoln Park neighborhood with his wife and daughter. In his spare time, Mike enjoys cooking, golfing, Pittsburgh sports, and riding his bike along the Chicago lakefront.
Securities Agent: OH, VA, WV, WI, WA, VT, UT, TX, TN, SD, SC, RI, PA, OR, OK, NY, NV, NM, NJ, NH, NE, ND, NC, MO, MN, MI, MD, PR, MA, ME, LA, KY, MS, KS, MT, IN, IL, ID, IA, WY, HI, GA, FL, DE, DC, CT, CO, CA, AZ, AR, AL, AK; General Securities Representative; Investment Advisor Representative
About Cole Negronida
Cole Negronida is a Financial Planning Analyst for the River North Group at Morgan Stanley. He is committed to ensuring all clients have active financial plans, believing that it provides clients with a reference point throughout their journey.
Cole collaborates with the Financial Planning team at Morgan Stanley to stay up to date on all news that may affect clients’ Financial Plans. He also works tightly with other members of the River North Group enabling him to provide clients with resources beyond their Financial Plan.
Cole joined Morgan Stanley in 2022, after graduating from Michigan State University: Eli Broad College of Business. He holds his Series 7 and Series 66 securities licenses. In his spare time he can be found reading non-fiction books, playing basketball and golf, fishing with his dad, and going for walks around downtown Chicago (weather permitting).
Cole collaborates with the Financial Planning team at Morgan Stanley to stay up to date on all news that may affect clients’ Financial Plans. He also works tightly with other members of the River North Group enabling him to provide clients with resources beyond their Financial Plan.
Cole joined Morgan Stanley in 2022, after graduating from Michigan State University: Eli Broad College of Business. He holds his Series 7 and Series 66 securities licenses. In his spare time he can be found reading non-fiction books, playing basketball and golf, fishing with his dad, and going for walks around downtown Chicago (weather permitting).
Contact Christopher C. Clark
Contact Harrison J. Kortz
Contact Scott F. Vender
Contact Roger G. Stewart
Wealth Management
Global Investment Office
Portfolio Insights
Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
Article Image
Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Donor Advised Funds: A Smart Way to Manage Your Giving
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Ready to start a conversation? Contact The River North Group today.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
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.
3Alternative 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.
4Morgan 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.
5Morgan 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.
6Morgan 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
7Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
8Investing in commodities entails significant risks. The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and, the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.
9Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
10When 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.
11Morgan 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.
12When 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.
13Morgan 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.
14Morgan 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.
15Morgan 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.
16An 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.
17Morgan 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.
18When 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.
19Morgan 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.
20Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
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.
22Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
23Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
25Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
26When 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.
27Morgan 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.
28When 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.
29When 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.
30Morgan 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.
31Morgan 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.
32Structured 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.
33Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.
34Morgan 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.
35Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
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Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
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The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
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.
3Alternative 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.
4Morgan 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.
5Morgan 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.
6Morgan 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
7Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program. Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, risk factors, fees and expenses and possible tax consequences.
8Investing in commodities entails significant risks. The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and, the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.
9Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
10When 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.
11Morgan 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.
12When 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.
13Morgan 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.
14Morgan 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.
15Morgan 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.
16An 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.
17Morgan 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.
18When 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.
19Morgan 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.
20Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
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.
22Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
23Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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.
25Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
26When 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.
27Morgan 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.
28When 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.
29When 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.
30Morgan 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.
31Morgan 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.
32Structured 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.
33Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.
34Morgan 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.
35Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
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Awards Disclosures
CRC 6491812 (04/2024)
