James Peter Dretler
Senior Vice President, Financial Advisor, Senior Portfolio Management Director
Phone:
(520) 878-2001(520) 878-2001
The Skyline Group at Morgan Stanley
James Peter DretlerTerese Loscalzo, CRPC®Carol Ann RuehlChristopher Graves, CFP®David Hum, CFP®Hugo FraustoAnthony LoscalzoAnne EmmerichStephanie Ruehl
Direct:
(520) 878-2007(520) 878-2007
Toll-Free:
(800) 347-3130(800) 347-3130
Our Mission Statement
At The Skyline Group, we believe exceptional wealth deserves exceptional stewardship. We directly manage portfolios of individual companies for families, professionals, and business owners. Decisions made here in Tucson by people you know, not by a distant committee. And because your wealth is built to last generations, so is our team.
Our Story
The Skyline Group exists for families, professionals, and business owners who want more than an account, they want counsel. We are portfolio managers and planners who take direct, discretionary responsibility for the wealth our clients entrust to us, and we treat that trust as the foundation of everything we do.
None of us began in finance. Our paths ran through mineral exploration, military aviation, tax auditing, and the Marine Corps before they converged on wealth management; careers where judgement carried real consequences and precision was never optional. That history shapes how we work today. We’ve operated inside the industries we analyze. We know the difference between a story and a balance sheet. And we bring more than one way of seeing to every decision we make on your behalf. That range of perspective comes with a relationship built on candor.
Your portfolio is managed by the same people who sit across the table from you, advisors who know your family and your goals, and who will tell you what you need to hear, not simply what you want to hear. Our team’s CERTIFIED FINANCIAL PLANNER© professionals ensure that every investment decision fits your complete financial picture; your tax situation, your retirement timeline, your estate, your family. Investment management and planning aren’t separate services here; they’re one conversation. And that conversation is built to continue.
Our team spans generations by design, from a strategist who navigated every market cycle since 1982 to the next generation of portfolio managers who will serve your children and grandchildren. When you join The Skyline Group, you’re not betting on one advisor’s career. You’re joining a practice built to outlast it.
None of us began in finance. Our paths ran through mineral exploration, military aviation, tax auditing, and the Marine Corps before they converged on wealth management; careers where judgement carried real consequences and precision was never optional. That history shapes how we work today. We’ve operated inside the industries we analyze. We know the difference between a story and a balance sheet. And we bring more than one way of seeing to every decision we make on your behalf. That range of perspective comes with a relationship built on candor.
Your portfolio is managed by the same people who sit across the table from you, advisors who know your family and your goals, and who will tell you what you need to hear, not simply what you want to hear. Our team’s CERTIFIED FINANCIAL PLANNER© professionals ensure that every investment decision fits your complete financial picture; your tax situation, your retirement timeline, your estate, your family. Investment management and planning aren’t separate services here; they’re one conversation. And that conversation is built to continue.
Our team spans generations by design, from a strategist who navigated every market cycle since 1982 to the next generation of portfolio managers who will serve your children and grandchildren. When you join The Skyline Group, you’re not betting on one advisor’s career. You’re joining a practice built to outlast it.
Services Include
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Our Core Beliefs
Everything we do flows from a handful of convictions about how wealth should be managed.
- We own businesses, not boxes. We invest in individual companies we understand and believe in, not style boxes, index weightings, or products built for someone else's portfolio. When you ask us why you own something. We can tell you.
- Trends drive returns. Durable results come from identifying the economic, technological, and societal shifts reshaping the world, then owning the companies positioned to benefit from them.
- Your objectives set the strategy. The right balance between growth and income isn't found in a model, it's found in your life, your goals, and your timeline.
- Stewardship means accountability. Your portfolio is managed directly by our team on a discretionary basis, here in Tucson. You know who is making decisions with your money, and you know how to reach us.
- Relationships outlast markets. Markets cycle; trust compounds. We've built our team across generations so the advisors who know your family can serve it for decades to come.
The Skyline Group Monthly Newsletter
Our clients hear from us every month, not with generic market commentary, but with original perspective. Written by Jim Dretler, our Senior Portfolio Management Director and strategist, each letter examines what’s actually driving markets and what it means for long-term investors. The issues below offer a window into how The Skyline Group thinks.
Owning Intelligence and Paying to Run It
In this month’s newsletter, we explore a powerful shift in the artificial intelligence race: companies may no longer be satisfied with simply renting intelligence from outside providers. As firms look to protect their data, preserve their know-how, and build systems around their own operations, the demand for the physical machinery behind AI could expand rather than fade.
In our letter we argue that even if AI models become cheaper or more widely available, the chips, data centers, electricity, and infrastructure needed to run them remain scarce and expensive. Drawing a parallel to the Jevons paradox, we make the case that greater efficiency may lead to more usage, more buyers, and a longer runway for the AI buildout.
Read the August 2026 newsletterIn our letter we argue that even if AI models become cheaper or more widely available, the chips, data centers, electricity, and infrastructure needed to run them remain scarce and expensive. Drawing a parallel to the Jevons paradox, we make the case that greater efficiency may lead to more usage, more buyers, and a longer runway for the AI buildout.
A Step Closer to a Free Market by the Fed
In our July newsletter Jim looks at how newly appointed Federal Reserve Chairman Kevin Warsh may bring a meaningful shift in how the Fed communicates and operates. With fewer projections, a possible rethink of the “dot plot,” and fewer press conferences, the newsletter considers whether the Fed may move closer to its traditional role as a lender of last resort rather than a constant guide for markets and the economy.
The piece also explores a compelling idea that has received less attention: lowering the interest the Fed pays banks on reserve balances, currently noted at 3.65%. If that incentive were reduced, banks may be more likely to put excess funds to work through lending, which could support business conditions and help monetary policy return to a more normal footing. Drawing on the views of Walter Bagehot, Milton Friedman, and Alan Greenspan, the newsletter invites readers to consider whether Warsh’s approach could mark an important step toward a more market-driven Fed.
Read the July 2026 newsletterThe piece also explores a compelling idea that has received less attention: lowering the interest the Fed pays banks on reserve balances, currently noted at 3.65%. If that incentive were reduced, banks may be more likely to put excess funds to work through lending, which could support business conditions and help monetary policy return to a more normal footing. Drawing on the views of Walter Bagehot, Milton Friedman, and Alan Greenspan, the newsletter invites readers to consider whether Warsh’s approach could mark an important step toward a more market-driven Fed.
Discovering Specialized Information and Keeping It Secret
This month’s newsletter explores how open markets and democratic societies thrive when information is broadly accessible, yet history shows that political and economic hierarchies often preserve power by restricting knowledge to a select few. Drawing on perspectives from Adam Smith, Niall Ferguson, and Stewart Brand, it highlights a recurring tension: progress accelerates when individuals can freely learn and choose, but control tightens when institutions or leaders “gatekeep” expertise to maintain status and influence.
Against that backdrop, the piece frames today’s AI moment as a new battleground over who collects, distributes, or selectively withholds information and what decisions people may ultimately surrender to algorithms versus retain under human judgment. It also notes that adoption will vary globally, with potential pushback from governments, regulators, and even competing AI firms that may silo data for advantage. The takeaway: we’re entering a pivotal transition period one that may create meaningful investment opportunities such as chips, data centers, and power infrastructure scale and readers are invited to connect to discuss how AI-related themes could align with their personal financial objectives.
Read the March 2026 newsletterAgainst that backdrop, the piece frames today’s AI moment as a new battleground over who collects, distributes, or selectively withholds information and what decisions people may ultimately surrender to algorithms versus retain under human judgment. It also notes that adoption will vary globally, with potential pushback from governments, regulators, and even competing AI firms that may silo data for advantage. The takeaway: we’re entering a pivotal transition period one that may create meaningful investment opportunities such as chips, data centers, and power infrastructure scale and readers are invited to connect to discuss how AI-related themes could align with their personal financial objectives.
AWARD-WINNING WEALTH MANAGEMENT. FOCUSED ON YOU.
With the guidance of a Morgan Stanley Financial Advisor and the strength of a five-time award-winning wealth management platform<sup> <a href="#wm-disclosure-1" class="Link--underline"> <span class="sr-only">Footnote</span> 1 </a> </sup>, you can build, preserve, and manage your wealth with precision and purpose. For every stage of your financial journey.
Tax-Smart Solutions
Leading tax optimization capabilities\<sup\> \<a href="#wm\-disclosure\-2" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 2 \</a\> \</sup\> designed to deliver year\-round tax management with an eye toward reducing taxes and boosting after\-tax returns.
Seamless Cash Management Integration
A comprehensive, coordinated strategy with access to competitive yields, flexible financing options, and exclusive cash management resources.
Premier Risk Management and Cyber Defense
Industry\-acclaimed risk management tools\<sup\> \<a href="#wm\-disclosure\-3" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 3 \</a\> \</sup\> to help drive smarter portfolio decisions. In\-house team of cybersecurity experts dedicated to help protect you from cyber threats.
Personalized Legacy Planning
Guidance from experienced professionals across estate, trust, philanthropy, and financial planning to help preserve and grow your legacy.
An Industry-Leading Platform
Expert insights from 500+ equity analysts to help unlock your portfolio's potential and investment guidance.
Liquidity When You Need It
Industry\-leading securities\-based lending solutions to help access liquidity without selling assets or disrupting your investment strategy.\<sup\> \<a href="#wm\-disclosure\-4" class="Link\-\-underline"\> \<span class="sr\-only"\>Footnote\</span\> 4 \</a\> \</sup\>
Robust Concentrated Stock Solutions
Powerful tools and strategies to help manage concentrated stock positions and look to optimize portfolio outcomes.
Alternatives & Private Markets Access
A comprehensive alternative investments platform offering tailored solutions, early access to select offerings, and competitive pricing structures. Exclusive private market and pre\-IPO opportunities that were previously reserved for institutions.
Location
7175 N Pima Canyon Dr
Tucson, AZ 85718
US
Direct:
(520) 878-2007(520) 878-2007
Toll-Free:
(800) 347-3130(800) 347-3130
Meet The Skyline Group
Phone:
(520) 519-2309(520) 519-2309
Senior Vice President, Financial Advisor, Financial Planning Specialist, Senior Portfolio Manager
Phone:
(520) 878-1988(520) 878-1988
Christopher Graves, CFP®
First Vice President, Financial Advisor, CERTIFIED FINANCIAL PLANNER®
Phone:
(520) 878-2003(520) 878-2003
David Hum, CFP®
First Vice President, Financial Advisor, CERTIFIED FINANCIAL PLANNER®
Phone:
(520) 878-2002(520) 878-2002
Phone:
(520) 745-7074(520) 745-7074
Anthony Loscalzo
Financial Advisor, Financial Planning Specialist
Phone:
(520) 519-2326(520) 519-2326
Anne Emmerich
Senior Registered Associate
Phone:
(520) 878-2007(520) 878-2007
Stephanie Ruehl
Registered Client Service Associate
Phone:
(520) 878-1989(520) 878-1989
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
Chairman’s Council - 2000
Smith Barney
Century Council - 2002, 2003, 2004 and 2005
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
Chairman’s Council - 2000
Smith Barney
Century Council - 2002, 2003, 2004 and 2005
President’s Council - 2006 and 2007
Morgan Stanley
Century Club - 2018, 2019, 2020, 2021, 2022
Securities Agent: CA, VA, TX, SC, OR, OK, NV, NC, MN, FL, PA, NY, ND, OH, LA, DE, AZ, WY, SD, CT, WI, MT, MO, MI, IL, GA, MD, ID, AR, AK, WA, NM, NJ, IN, CO, TN, IA, UT, KY, AL; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 1279614
NMLS#: 1279614
About Terese Loscalzo
Terese began her career in the Finance Industry in 2000 at Merrill Lynch. In 2008 Terese left Merrill Lynch to come to Morgan Stanley in order to grow her practice and better service her clients. She prides herself in using Financial Planning as the core of her business model and providing her clients with a comprehensive and holistic approach. Terese earned her Chartered Retirement Planning Counselor CRPC® through the college for Financial Planning and has her Series 7, 66, and insurance licenses.
Terese lives in Tucson with her husband Frank and her two German Shepherds.
Terese lives in Tucson with her husband Frank and her two German Shepherds.
Securities Agent: OK, VA, SC, WI, PA, MT, MO, MN, ND, IN, TN, SD, NY, NV, LA, IL, NM, MI, HI, GA, CA, AZ, OH, DE, CO, UT, MD, FL, NJ, WA, TX, OR, AL, AR, KY, CT, NC, ID, AK, MA, WY, IA; General Securities Representative; Investment Advisor Representative
NMLS#: 1278835
NMLS#: 1278835
About Carol Ann Ruehl
Carol Ruehl is committed to her clients’ success and helping make their financial goals a reality. She listens intently to each client’s priorities and passions to develop personalized financial strategies that are designed to help grow and preserve their wealth. Carol especially enjoys the relationships she has developed with clients.
In 2017, 2018, 2019, 2020 and 2021, Carol was named to Morgan Stanley’s Pacesetters Club. The Club is a global recognition program for Financial Advisors who, within their first five years, demonstrate the highest professional standards and first-class client service.
Carol has spent her financial services career at Morgan Stanley. Prior to becoming a Financial Advisor, she was a Financial Planning Associate and Portfolio Associate. In this role she was responsible for helping to educate clients on the importance of asset allocation and develop strategies to mitigate risk while still designed to meet clients’ goals. Carol joined Morgan Stanley in 2004 as a Client Service Associate.
Originally from Easthampton MA, Carol and her husband Michael moved to Tucson, AZ in 2001. She is the proud mom of two adult children, son Kristopher and daughter Stephanie. Active in her church, Carol currently serves on the Stewardship Council and previously was a religious education teacher. In addition to volunteering at her church, she enjoys spending time with family and friends, traveling and taking cooking classes.
Carol holds FINRA Series 7, 63, 65, 31 and Life Insurance licenses.
In 2017, 2018, 2019, 2020 and 2021, Carol was named to Morgan Stanley’s Pacesetters Club. The Club is a global recognition program for Financial Advisors who, within their first five years, demonstrate the highest professional standards and first-class client service.
Carol has spent her financial services career at Morgan Stanley. Prior to becoming a Financial Advisor, she was a Financial Planning Associate and Portfolio Associate. In this role she was responsible for helping to educate clients on the importance of asset allocation and develop strategies to mitigate risk while still designed to meet clients’ goals. Carol joined Morgan Stanley in 2004 as a Client Service Associate.
Originally from Easthampton MA, Carol and her husband Michael moved to Tucson, AZ in 2001. She is the proud mom of two adult children, son Kristopher and daughter Stephanie. Active in her church, Carol currently serves on the Stewardship Council and previously was a religious education teacher. In addition to volunteering at her church, she enjoys spending time with family and friends, traveling and taking cooking classes.
Carol holds FINRA Series 7, 63, 65, 31 and Life Insurance licenses.
Securities Agent: ND, ME, IA, WY, IL, WA, VA, NJ, MI, ID, FL, CA, AK, OK, NY, MA, CT, UT, SD, NC, MT, MD, DE, LA, MO, KS, GA, AR, NV, SC, IN, VT, TN, PA, MN, AZ, WI, TX, OR, NM, KY, HI, CO, AL, OH; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1446173
CA Insurance License #: 4498224
NMLS#: 1446173
CA Insurance License #: 4498224
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: AL, CA, UT, SD, NM, MT, ID, GA, WA, DE, IA, AK, OH, WI, NY, ND, MI, CO, AZ, AR, TX, NV, MD, KY, HI, OR, VA, MO, NJ, LA, WY, TN, SC, NC, MN, CT, MA, IL, PA, OK, IN, FL; 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: NJ, ND, GA, CT, CO, NV, MD, IN, ID, AK, WY, WA, UT, MA, HI, AZ, AR, TX, NY, FL, DE, AL, NC, KY, VA, MO, LA, SD, SC, OH, MN, WI, OR, CA, PA, OK, MT, IL, IA, TN, NM, MI; General Securities Representative; Investment Advisor Representative
NMLS#: 1262203
NMLS#: 1262203
About Hugo Frausto
Hugo Frausto is a Senior Portfolio Manager and Partner with The Skyline Group, where he helps families, professionals, and business owners build and manage the portfolios that fund their goals. He holds a BS in Political Science and Business from Arizona State University and an MBA from Johns Hopkins Carey Business School, and is currently completing an MS in Business Data Analytics & Artificial Intelligence at Johns Hopkins.
Before joining Morgan Stanley in 2019, Hugo served ten years in the U.S. Marine Corps, including combat deployments to Fallujah, Iraq and service in the Asia-Pacific with a Marine Expeditionary Unit. As a Drill Instructor at Marine Corps Recruit Depot San Diego, he trained more than 500 new recruits, an experience that shaped the discipline, preparation, and accountability he brings to managing client portfolios today.
Hugo volunteers at his church and serves on various non-profit boards. He is married to his high school sweetheart, Regina; together they are raising their three children, Jacob, Gabriella, and Jadon in Oro Valley, along with a chocolate lab named Duke and a maltipoo named Teddy.
Awards:
Morgan Stanley Pacesetter's Club: 2022, 2023, 2024, 2025
Before joining Morgan Stanley in 2019, Hugo served ten years in the U.S. Marine Corps, including combat deployments to Fallujah, Iraq and service in the Asia-Pacific with a Marine Expeditionary Unit. As a Drill Instructor at Marine Corps Recruit Depot San Diego, he trained more than 500 new recruits, an experience that shaped the discipline, preparation, and accountability he brings to managing client portfolios today.
Hugo volunteers at his church and serves on various non-profit boards. He is married to his high school sweetheart, Regina; together they are raising their three children, Jacob, Gabriella, and Jadon in Oro Valley, along with a chocolate lab named Duke and a maltipoo named Teddy.
Awards:
Morgan Stanley Pacesetter's Club: 2022, 2023, 2024, 2025
Securities Agent: AL, SD, NY, NC, MN, ID, FL, AZ, OK, HI, PA, GA, DE, MA, AR, TX, TN, MD, IA, CT, AK, NJ, MO, LA, UT, VA, WI, OR, CA, NM, ND, MT, WY, WA, SC, OH, MI, IN, NV, IL, CO, KY; General Securities Representative; Investment Advisor Representative
NMLS#: 1923254
NMLS#: 1923254
About Anthony Loscalzo
As a financial advisor at Morgan Stanley, I combine my educational background in business economics and my experience in customer service to provide excellent service and wholistic planning to help people in achieving their goals.
I was born and raised in Tucson and graduated from the Eller College of Management at the University of Arizona. I became a financial advisor to help provide insight and clarity to an area of life that creates stress for many people.
I was born and raised in Tucson and graduated from the Eller College of Management at the University of Arizona. I became a financial advisor to help provide insight and clarity to an area of life that creates stress for many people.
Securities Agent: CO, WA, NJ, MI, WI, NM, KS, IN, VA, UT, TN, ND, KY, PA, OH, NC, CA, SC, MN, IL, AL, WY, TX, IA, GA, AZ, OK, NV, MT, MO, ME, LA, AK, MD, HI, OR, FL, DE, CT, AR, SD, NY, MA, ID; General Securities Representative; Investment Advisor Representative
NMLS#: 2545673
NMLS#: 2545673
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.
About Stephanie Ruehl
Stephanie joined the financial services industry in September 2022 and serves as a Registered Client Service Associate. In this role, she partners with the team to help deliver a high standard of client service, supporting day-to-day account administration, service requests, and a range of operational and administrative initiatives. She brings an analytical mindset shaped by her Chemical Engineering degrees.
Before joining Morgan Stanley, Stephanie worked for over seven years at General Motors in Gilbert, AZ, progressing to Lead Software Engineer.
In her free time, Stephanie enjoys time with her family, including her five-year-old daughter, their dog and cat, and is always looking for new places to explore outdoors. She also enjoys reading, cooking, crafts, and trips to Disney with the family.
Before joining Morgan Stanley, Stephanie worked for over seven years at General Motors in Gilbert, AZ, progressing to Lead Software Engineer.
In her free time, Stephanie enjoys time with her family, including her five-year-old daughter, their dog and cat, and is always looking for new places to explore outdoors. She also enjoys reading, cooking, crafts, and trips to Disney with the family.
Contact James Peter Dretler
Contact Terese Loscalzo
Contact Carol Ann Ruehl
Contact Christopher Graves, CFP®
Contact David Hum, CFP®
Contact Hugo Frausto
Contact Anthony Loscalzo
Wealth Management
From Our Team
Discovering Specialized Information and Keeping It Secret - MAR 2026
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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2When 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.
3Morgan 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.
4Morgan 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.
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.
6When 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.
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 Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
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 | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2When 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.
3Morgan 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.
4Morgan 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.
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.
6When 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.
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 Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
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 | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4665150 (8/2025), 5378280 (5/2026)
