James Peter Dretler
Senior Vice President, Financial Advisor, Portfolio Management Director
Phone:
(520) 878-2001(520) 878-2001
The Skyline Group at Morgan Stanley
Direct:
(520) 878-2007(520) 878-2007
Toll-Free:
(800) 877-8417(800) 877-8417
Our Mission Statement
At The Skyline Group at Morgan Stanley, we adhere to certain core beliefs that guide everything we do.
Portfolio Management
Portfolio Management
The portfolio manager is a member of the Morgan Stanley Portfolio Management Group. Since 1979, the Portfolio Management Group has been creating customized investment strategies for high net worth individuals and institutional investors. Our portfolio managers are a select group of Financial Advisors who are qualified to independently manage client assets on a discretionary basis based on training, experience and commitment to client service.
At The Skyline Group we are objective driven.
We are traditionalists. We believe in top-down strategic analysis of the business and societal trends that drive the economy. After defining these trends, we pick companies that we think will benefit by them.
We don’t subscribe to style boxes, capitalization weighting, or indexing.
In general, we buy the stocks of individual companies. We do not use ETF’s or sector funds unless there is no other liquid vehicle available to achieve your investment goals
We believe that each client has individual needs and objectives and that these needs and objectives should determine the balance between growth and income required in their investments.
We create separately managed accounts for each client within five general income and growth strategies.
Each is managed to achieve specific objectives.
This material is intended only for clients and prospective clients of the Portfolio Management program. It has been prepared solely for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument, or to participate in any trading strategy.
The individuals mentioned as the Portfolio Management Team are Financial Advisors with Morgan Stanley participating in the Morgan Stanley Portfolio Management program. The Portfolio Management program is an investment advisory program in which the client’s Financial Advisor invests the client’s assets on a discretionary basis in a range of securities. The Portfolio Management program is described in the applicable Morgan Stanley ADV Part 2, available at www.morganstanley.com/ADV or from your Financial Advisor.
Past performance of any security is not a guarantee of future performance. There is no guarantee that this investment strategy will work under all market conditions.
Holdings are subject to change daily, so any securities discussed in this profile may or may not be included in your account if you invest in this investment strategy. Do not assume that any holdings mentioned were, or will be, profitable.
The portfolio manager is a member of the Morgan Stanley Portfolio Management Group. Since 1979, the Portfolio Management Group has been creating customized investment strategies for high net worth individuals and institutional investors. Our portfolio managers are a select group of Financial Advisors who are qualified to independently manage client assets on a discretionary basis based on training, experience and commitment to client service.
At The Skyline Group we are objective driven.
We are traditionalists. We believe in top-down strategic analysis of the business and societal trends that drive the economy. After defining these trends, we pick companies that we think will benefit by them.
We don’t subscribe to style boxes, capitalization weighting, or indexing.
In general, we buy the stocks of individual companies. We do not use ETF’s or sector funds unless there is no other liquid vehicle available to achieve your investment goals
We believe that each client has individual needs and objectives and that these needs and objectives should determine the balance between growth and income required in their investments.
We create separately managed accounts for each client within five general income and growth strategies.
Each is managed to achieve specific objectives.
This material is intended only for clients and prospective clients of the Portfolio Management program. It has been prepared solely for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument, or to participate in any trading strategy.
The individuals mentioned as the Portfolio Management Team are Financial Advisors with Morgan Stanley participating in the Morgan Stanley Portfolio Management program. The Portfolio Management program is an investment advisory program in which the client’s Financial Advisor invests the client’s assets on a discretionary basis in a range of securities. The Portfolio Management program is described in the applicable Morgan Stanley ADV Part 2, available at www.morganstanley.com/ADV or from your Financial Advisor.
Past performance of any security is not a guarantee of future performance. There is no guarantee that this investment strategy will work under all market conditions.
Holdings are subject to change daily, so any securities discussed in this profile may or may not be included in your account if you invest in this investment strategy. Do not assume that any holdings mentioned were, or will be, profitable.
Services Include
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Our Core Beliefs
At The Skyline Group at Morgan Stanley, we adhere to certain core beliefs that guide everything we do.
We believe:
We believe:
- Portfolio solutions are the result of a customized, disciplined, and risk-adjusted approach – clear evidence that we know our clients and what they want to achieve with their wealth
- An investment process should instill in our clients a feeling of organization, clarity, and confidence
- No one should have to build wealth twice
- Investment algorithms based on historical data are not a substitute for real-life, forward-looking professional wealth management advice
- In a client service model that is based on accessibility, efficiency, and timely follow-up
- That creating and maintaining wealth is more than seeking above average return potential; it is also about implementing strategies that hedge against uncertainty, optimize income distributions, and address critical estate planning goals
- That long-term investment success requires an equally long-term perspective, as well as investment portfolios built for full market cycles.
Every month Jim Dretler offers an exclusive update for our clients. He discusses timely information to ensure our clients are well-informed.
In addition to market outlook, Jim highlights relevant investment topics and essential facts. This newsletter is a valued communication that elevates the services and advice our clients receive.
In addition to market outlook, Jim highlights relevant investment topics and essential facts. This newsletter is a valued communication that elevates the services and advice our clients receive.
The Deflationary Effects of Future Rate-Cut Expectations
Now that we have been led to expect a ‘series’ of lower fed fund rate cuts from the Fed’s Open Market Committee, the questions at the post FOMC press conference will likely be: when will they start, how much will they cut, and how many cuts will there be.
In my opinion, Mr. Powell is now wearing his ‘Economic Behaviorist’ hat. He tried to prevent inflation by channeling the late, great, Federal Reserve Chair, Paul Volcker (1979-1987) as he maintained his ‘higher for longer’ policy in an effort to prevent people from building ever increasing costs into future labor and product contracts. This was in hopes of preventing a wage-price spiral similar to the one in the 1970’s.
Chair Powell is now seeming to suggest that...
Read the September 2024 newsletterIn my opinion, Mr. Powell is now wearing his ‘Economic Behaviorist’ hat. He tried to prevent inflation by channeling the late, great, Federal Reserve Chair, Paul Volcker (1979-1987) as he maintained his ‘higher for longer’ policy in an effort to prevent people from building ever increasing costs into future labor and product contracts. This was in hopes of preventing a wage-price spiral similar to the one in the 1970’s.
Chair Powell is now seeming to suggest that...
When Will and How Often Will the Fed Cut Rates?
A recent book “How the World Really Works”, by Vaclav Smil, a professor emeritus at the University of Manitoba discusses the elements he thinks were and remain essential for the past and future growth of civilization and human
well-being.
In this book, he describes the progress we have made over our long history and warns about easy or quick solutions to complex problems.
In this materials science-based evaluation of progress, he posits that human success has been based on Concrete, Steel, Ammonia, and Plastics which have enabled our use of water, oxygen, and nitrogen to enhance our productivity in agriculture, housing, industry, transportation and creativity.
Vaclav Smil goes on to caution...
Read the August 2024 newsletterwell-being.
In this book, he describes the progress we have made over our long history and warns about easy or quick solutions to complex problems.
In this materials science-based evaluation of progress, he posits that human success has been based on Concrete, Steel, Ammonia, and Plastics which have enabled our use of water, oxygen, and nitrogen to enhance our productivity in agriculture, housing, industry, transportation and creativity.
Vaclav Smil goes on to caution...
Will Interest Rates Come Down Soon?
Some think that the recent slight improvement in the inflation rate and the Consumer Price Index (CPI) will result in a dramatic lowering of the interest rates by the Federal Reserve. I do not.
Although the unexpected improvement in the reported Consumer Price Index (CPI) on July 11th resulted in an immediate sell-off in many tech sector stocks and a rally in the stocks of the Russell 2000, it was somewhat short-lived. Most of the tech sector favorites regained...
Read the July 2024 newsletterAlthough the unexpected improvement in the reported Consumer Price Index (CPI) on July 11th resulted in an immediate sell-off in many tech sector stocks and a rally in the stocks of the Russell 2000, it was somewhat short-lived. Most of the tech sector favorites regained...
Stable Interest Rates—What Could the Consequences Be?
How long will it take for investors to accept the current economic environment as one that they can consider to be normal, and invest capital without demanding additional higher returns as a risk premium?
I think that this may have already happened. The failure to recognize this could, in part, be a generational issue.
Read the June 2024 newsletterI think that this may have already happened. The failure to recognize this could, in part, be a generational issue.
Inflation and Growth
I think that Mr. Powell’s current actions show that with his 2% inflation target, he is less aggressive or fearful than Mr. Greenspan, but well aware that he has more work to do in unwinding the excesses caused by the low interest rates created to fight the crises of the Pandemic as well as the 2008 financial unpleasantness.
Enabling businesses to cope more easily with change is not in the official mandate of the Federal Reserve.
Price stability is.
Read the May 2024 newsletterEnabling businesses to cope more easily with change is not in the official mandate of the Federal Reserve.
Price stability is.
A New Quarter, Confusion and Optimism
In a perfect world or a perfect economy, what should the rate of inflation be?
A 1% rate would more or less mean that prices would rise at 1% a year.
Using the rule of 72, the interest rate divided into the number 72 indicates how many years it takes for an initial sum to double. A 2% inflation rate would result in a price doubling in 36 years. 1
A 3 % rate would double in 24 years, and a 6% rate would double in 12 years which could make one think about 7% mortgages. 1
Read the April 2024 newsletterA 1% rate would more or less mean that prices would rise at 1% a year.
Using the rule of 72, the interest rate divided into the number 72 indicates how many years it takes for an initial sum to double. A 2% inflation rate would result in a price doubling in 36 years. 1
A 3 % rate would double in 24 years, and a 6% rate would double in 12 years which could make one think about 7% mortgages. 1
Normalcy and Stability
In what currently looks like an expanding economy, the revised growth rate for the U.S. as measured by the Gross Domestic Product (GDP) for the 4th Qtr. was 3.2%, the Personal Consumption Expenditures Index (PCE), the Fed’s preferred inflation indicator was just reported as 2.8% for the previous 12 months, and the unemployment rate was 3.7%. These are all, in my opinion, moderately favorable levels that could encourage businesses to participate in the growth for fear of being left out. 3, 4
This could be considered normal.
I think that the rally we are experiencing currently, represents a rational investable response to the most likely business environment.
Read the March 2024 newsletterThis could be considered normal.
I think that the rally we are experiencing currently, represents a rational investable response to the most likely business environment.
Questionable Statistics
When past information is collected and compared with more recent information, the differences may, or may not, lead to insights regarding the change of underlying conditions.
Read the February 2024 newsletterHappy New Year 2024!
The phrase “It is difficult to make predictions, especially about the future”, has been credited to both Niels Bohr and Yogi Berra. Never-the less, I think the purpose behind making predictions is to aid in anticipating a range of most likely future events in order to be better prepared to react if they occur.
Of the many uncertain events that are likely in 2024, interest rate changes will be a focus.
Read the January 2024 newsletterOf the many uncertain events that are likely in 2024, interest rate changes will be a focus.
Say’s Law—Supply Creates Demand
Many have generally accepted President Nixon’s comment that ‘We’re all Keynesians now’, believing that the economy is purely demand-driven, and that by substituting government spending for private activity, recessions could be curtailed. In spite of its acceptance, this may not be true.
Read the December 2023 newsletterThe Pause, The Skip, and The Cut
Stop versus pause. The Federal Reserve has been careful in its wording when delivering its forward guidance. One word alone has set the expectation for the markets, pause. An interest rate pause implies that rates will continue to rise at some point in the future. In this month's newsletter, Jim discusses the implications of a pause versus a complete stop in interest rate hikes.
Read the June 2023 newsletterAutomation and Reorganization Instead of Recession
The pandemic created many societal disruptions that some believe could lead to a recession. However, many beneficial changes have emerged from such disruption that could lead to recession avoidance. In this month's newsletter, Jim discusses the opportunities in onshoring and automation.
Read the May 2023 newsletterPeople’s Behavior Drives Economics, Not the Reverse
The general public's perceived view of the economy often drives consumer behavior. If future conditions seem worse then consumer curve spending, if conditions seem to be improving, then spending increases. In this month's newsletter, Jim discusses how recent consumer behaviors have created new opportunities and shifts in economic metrics.
Read the April 2023 newsletterLocation
7175 N Pima Canyon Dr
Tucson, AZ 85718
US
Direct:
(520) 878-2007(520) 878-2007
Toll-Free:
(800) 877-8417(800) 877-8417
Meet The Skyline Group
Christopher Graves, CFP®
Vice President, Financial Advisor, CERTIFIED FINANCIAL PLANNER®
Phone:
(520) 878-2003(520) 878-2003
David Hum, CFP®
Vice President, Financial Advisor, CERTIFIED FINANCIAL PLANNER®
Phone:
(520) 878-2002(520) 878-2002
Phone:
(520) 745-7074(520) 745-7074
Anne Emmerich
Senior Registered Associate
Phone:
(520) 878-2007(520) 878-2007
About James Peter Dretler
Jim Dretler
Senior Portfolio Management Director
Senior Vice President Wealth Management
Financial Advisor
Jim Dretler is our portfolio manager and strategist. A Financial Advisor since 1982, he is responsible for our investment strategies, actively managed portfolios, and writes our monthly client letter.
A former exploration geologist (BA, Ohio Wesleyan University 1970), he and his wife, Faria, believe in supporting science education as a key to critical thinking.
They were founding members of the Galileo Circle of the College of Science at the University of Arizona which provides scholarships to students and supports excellence in the College. They are also long-time members of the President’s Club at the University of Arizona and support the Humane Society of the United States, the ASPCA, and the Cato Institute.
Jim has served on the Dean’s Science Advisory Board at the University of Arizona, The El Encanto Homeowners Board, and the La Paloma Estates Homeowners Board.
His hobbies include collecting, showing, and racing sports cars and reading books about history and science as well as mystery novels.
He has been a member of the Portfolio Management Institute since 2005.
Awards:
Salomon Smith Barney President’s Council
1997, 1998, 1999, and 2001
Salomon Smith Barney Chairman’s Council
2000
Smith Barney Century Council
2002, 2003, 2004 and 2005
Smith Barney President’s Council
2006 and 2007
Morgan Stanley Century Club
2018, 2019, 2020, 2021, 2022
Senior Portfolio Management Director
Senior Vice President Wealth Management
Financial Advisor
Jim Dretler is our portfolio manager and strategist. A Financial Advisor since 1982, he is responsible for our investment strategies, actively managed portfolios, and writes our monthly client letter.
A former exploration geologist (BA, Ohio Wesleyan University 1970), he and his wife, Faria, believe in supporting science education as a key to critical thinking.
They were founding members of the Galileo Circle of the College of Science at the University of Arizona which provides scholarships to students and supports excellence in the College. They are also long-time members of the President’s Club at the University of Arizona and support the Humane Society of the United States, the ASPCA, and the Cato Institute.
Jim has served on the Dean’s Science Advisory Board at the University of Arizona, The El Encanto Homeowners Board, and the La Paloma Estates Homeowners Board.
His hobbies include collecting, showing, and racing sports cars and reading books about history and science as well as mystery novels.
He has been a member of the Portfolio Management Institute since 2005.
Awards:
Salomon Smith Barney President’s Council
1997, 1998, 1999, and 2001
Salomon Smith Barney Chairman’s Council
2000
Smith Barney Century Council
2002, 2003, 2004 and 2005
Smith Barney President’s Council
2006 and 2007
Morgan Stanley Century Club
2018, 2019, 2020, 2021, 2022
Securities Agent: TN, AZ, MI, IL, GA, ID, TX, SC, OR, NC, MN, FL, CA, NY, MA, WA, NM, CO; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1279614
NMLS#: 1279614
About Christopher Graves, CFP®
Chris Graves, CFP®
Portfolio Management Director
Vice President Wealth Management
Financial Advisor
Chris Graves is originally from Minneapolis, Minnesota and graduated cum laude from the University of Minnesota, Duluth with a BBA in finance. After serving for 10 years in the U.S. Air Force flying F-4 Phantoms and instructing in undergraduate pilot training, he returned to civilian life, earning his Master of Business Administration at Arizona State University.
After graduate school he worked as an auditor at Price Waterhouse, and Asarco copper operations in the role of financial analyst and tax manager. He joined Smith Barney as a Financial Advisor in 1998, moving to Morgan Stanley in 2008.
He is active in the community; he has served on the Governing Board of Pusch Ridge Christian Academy. He served previously as a board member of Big Brothers Big Sisters of Tucson, and has been a longtime supporter of the Arizona Aerospace Foundation. He and his wife Debbie have two children, Jordan and Sydney and they enjoy hiking, scuba diving and travel.
Portfolio Management Director
Vice President Wealth Management
Financial Advisor
Chris Graves is originally from Minneapolis, Minnesota and graduated cum laude from the University of Minnesota, Duluth with a BBA in finance. After serving for 10 years in the U.S. Air Force flying F-4 Phantoms and instructing in undergraduate pilot training, he returned to civilian life, earning his Master of Business Administration at Arizona State University.
After graduate school he worked as an auditor at Price Waterhouse, and Asarco copper operations in the role of financial analyst and tax manager. He joined Smith Barney as a Financial Advisor in 1998, moving to Morgan Stanley in 2008.
He is active in the community; he has served on the Governing Board of Pusch Ridge Christian Academy. He served previously as a board member of Big Brothers Big Sisters of Tucson, and has been a longtime supporter of the Arizona Aerospace Foundation. He and his wife Debbie have two children, Jordan and Sydney and they enjoy hiking, scuba diving and travel.
Securities Agent: AZ, OR, FL, CA, NM, ID, GA, WA, TX, TN, SC, NC, MN, IL, NY, MI, CO; General Securities Representative; Investment Advisor Representative
NMLS#: 1265113
NMLS#: 1265113
About David Hum, CFP®
David Hum, CFP®
Portfolio Management Director
Vice President Wealth Management
Financial Advisor
David Hum develops and reviews financial plans with the focus of helping you to achieve your goals.
Born and raised in Tucson, David began his financial career with the Internal Revenue Service in 1983 while attending the University of Arizona. After graduating in 1984, David continued working as a Certified Public Accountant for the IRS. Working at the IRS, David gained experience in analyzing many different types of businesses although he does not currently give tax advice. David calls upon his past experience to aid him in the creation of financial plans.
David with his wife, Mary, participates in many community activities. He regularly speaks to nonprofits on accounting, as well as a volunteer flag football coach for the YMCA. David is a past President of the Tucson Chinese Association and former member of the Arizona Society of Certified Public Accountants. David and Mary have two sons, Tyler and Aaron.
Portfolio Management Director
Vice President Wealth Management
Financial Advisor
David Hum develops and reviews financial plans with the focus of helping you to achieve your goals.
Born and raised in Tucson, David began his financial career with the Internal Revenue Service in 1983 while attending the University of Arizona. After graduating in 1984, David continued working as a Certified Public Accountant for the IRS. Working at the IRS, David gained experience in analyzing many different types of businesses although he does not currently give tax advice. David calls upon his past experience to aid him in the creation of financial plans.
David with his wife, Mary, participates in many community activities. He regularly speaks to nonprofits on accounting, as well as a volunteer flag football coach for the YMCA. David is a past President of the Tucson Chinese Association and former member of the Arizona Society of Certified Public Accountants. David and Mary have two sons, Tyler and Aaron.
Securities Agent: CA, IL, NC, ID, WA, AZ, TX, NY, FL, TN, NM, MI, NJ, GA, CO, SC, MN, OR; General Securities Representative; Investment Advisor Representative
NMLS#: 1262203
NMLS#: 1262203
About Hugo Frausto
Hugo Frausto is a native Tucsonan and graduated from Arizona State University with a BS in Political Science and Business. He joined the Marine Corps in 2004 and served for 10 years. While in the Marines he was deployed on multiple combat deployments to Al Fallujah, Iraq and the Asian Pacific as part of a Marine Expeditionary Unit. He also trained more than 500 new recruits while serving as a Drill instructor at Marine Corps Recruit Depot San Diego.
Hugo joined Morgan Stanley in 2019 as a Financial Advisor.
He enjoys helping others and currently volunteers at his church, and is a board member for a Veteran non-profit. He is married to his high school sweetheart Regina, together they have three children Jacob, Gabriella, and Jadon, and a chocolate lab named Duke, and a maltipoo named Teddy. On his free time Hugo enjoys reading, playing golf, and spending time with his family.
Awards:
Morgan Stanley Pacesetter's Club: 2022, 2023
Hugo joined Morgan Stanley in 2019 as a Financial Advisor.
He enjoys helping others and currently volunteers at his church, and is a board member for a Veteran non-profit. He is married to his high school sweetheart Regina, together they have three children Jacob, Gabriella, and Jadon, and a chocolate lab named Duke, and a maltipoo named Teddy. On his free time Hugo enjoys reading, playing golf, and spending time with his family.
Awards:
Morgan Stanley Pacesetter's Club: 2022, 2023
Securities Agent: AZ, GA, TX, TN, WA, SC, MI, IL, CO, OR, CA, NM, NY, NC, MN, ID, FL; General Securities Representative; Investment Advisor Representative
NMLS#: 1923254
NMLS#: 1923254
About Anne Emmerich
Anne Emmerich
Senior Registered Associate
Anne began her career in the financial industry in 1998 with Paine Webber in Carmel, California and moved to Tucson, Arizona in 2000. At The Skyline Group, Anne is responsible for managing the team's business. She controls the Team's appointment calendar, oversees client communications, and assists clients with their financial transactions and online services.
She is a Certified Firefighter, Wildland Firefighter and was a Volunteer Firefighter with the Benson Volunteer Fire Department. She was also a co-Instructor for the Benson Fire Explorers Program. She is certified to perform rope rescues (Rope Rescue I and II). Anne is dedicated to protecting children, and previously served as a Certified Child Passenger Safety Technician. This certification allowed her to teach parents how to properly install child safety seats in vehicles.
She loves hiking and being outdoors and enjoys staying physically active and spending time with her family. She enjoys baking, and when time permits, making jewelry, hand-stamped cards and has recently found a new hobby of making custom t-shirts. Anne resides in Benson with her family.
Senior Registered Associate
Anne began her career in the financial industry in 1998 with Paine Webber in Carmel, California and moved to Tucson, Arizona in 2000. At The Skyline Group, Anne is responsible for managing the team's business. She controls the Team's appointment calendar, oversees client communications, and assists clients with their financial transactions and online services.
She is a Certified Firefighter, Wildland Firefighter and was a Volunteer Firefighter with the Benson Volunteer Fire Department. She was also a co-Instructor for the Benson Fire Explorers Program. She is certified to perform rope rescues (Rope Rescue I and II). Anne is dedicated to protecting children, and previously served as a Certified Child Passenger Safety Technician. This certification allowed her to teach parents how to properly install child safety seats in vehicles.
She loves hiking and being outdoors and enjoys staying physically active and spending time with her family. She enjoys baking, and when time permits, making jewelry, hand-stamped cards and has recently found a new hobby of making custom t-shirts. Anne resides in Benson with her family.
Contact James Peter Dretler
Contact Christopher Graves, CFP®
Contact David Hum, CFP®
Contact Hugo Frausto
Wealth Management
From Our Team
Sep 2024 - The Deflationary Effects of Future Rate-Cut Expectations
Ready to start a conversation? Contact The Skyline Group today.
1Morgan 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.
2Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
3When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
4When 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.
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.
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 and other legal matters.
7When 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.
8Investors 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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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
2Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
3When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
4When 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.
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.
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 and other legal matters.
7When 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.
8Investors 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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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
CRC 6491812 (04/2024)
