The Song-Pegg Group at Morgan Stanley

Many things have changed for Carolyn Song-Pegg since joining Wall Street in 1995. On a personal note, Carolyn married William Pegg and they raised two children, Max and Christina. Bill is an attorney and works at Cornell University, Max is a Registered Client Service Associate on the team, and Christina attends Rochester University. Bill and Carolyn are officially “empty-nesters” residing in Winnetka, IL. Carolyn enjoys exercise, and her Asian dumplings have become a much-anticipated New Year’s Day tradition for the past thirty years. On a professional note, Carolyn transitioned from working in the institutional middle market to being a retail high-net-worth Financial Advisor and Portfolio Manager.

Carolyn enjoys being a steward of the markets--both global and domestic. In the past quarter-century she has experienced market ups and downs including the Asian financial crisis of 1997; Recession of 1990-91; Long-Term Capital Management meltdown in fall of 1998; Dot.com bubble of 2000; Financial Crisis of 2007-2008; and most recently the Covid-19 pandemic crash of 2020. During trying times, Carolyn looks for opportunities to take advantage of changes in the economy, either through productivity gains from innovation or demand shift.

Carolyn believes all the fundamental analysis in the world doesn’t matter if she can’t take care of her clients: educating them about the economy, about how to position themselves for new opportunities, and about how to remain calm during volatile markets. Carolyn obsesses over economic numbers, and relishes spirited conversations with clients about politics, the market, and life. Friends, family, and clients make Carolyn’s life full and enjoyable, and market volatility makes it interesting. Her primary business is Portfolio Management, but Carolyn’s primary objective is taking care of clients.

Some past experiences include working at CS First Boston, Bear Stearns, and UBS; teaching Mergers & Acquisition at the Weller Institute; and working as a Consultant at the Mayor’s Office of Economic Development in San Francisco. In 2015 Carolyn was approached by multiple firms to join their retail Financial Adviser teams. This second leg of her career was spent with a prominent regional banking institution.

Carolyn also previously worked at Morgan Stanley and rejoined the firm in 2022, bringing along Susan Gescheidle and Cara Heiser and establishing The Song-Pegg Group. They believe in providing an overall great client experience offering personalized and top-notch customer service. The Song-Pegg Group’s mission is to assist clients in defining and understanding their financial goals, managing their assets, and assisting with their objectives. They are here to serve clients with their daily and long-term financial needs, as well as to educate them and elevate their knowledge and understanding of Capital Markets.

Cara Heiser is a Financial Advisor and Financial Planning Specialist with The Song-Pegg Group at Morgan Stanley, where she focuses on delivering comprehensive, personalized wealth strategies to individuals and families. As a CFP^® professional, Cara brings a disciplined, planning-first approach to her work—helping clients align their financial decisions with their long-term goals, values, and lifestyle. Cara specializes in retirement planning, estate and legacy strategies, and cash flow management, while also guiding clients through complex financial situations such as wealth transitions, concentrated positions, and multi-generational planning. She works closely with clients to develop tailored plans that integrate investment management, tax-aware strategies, and risk management. Working alongside Portfolio Management Director Carolyn Song-Pegg, Cara is part of a team that delivers institutional-level portfolio construction and active management to individual investors. Together, they focus on navigating market cycles, managing risk, and identifying opportunities in changing economic environments. Known for her energetic and approachable style, Cara is passionate about making financial planning understandable and actionable. She is committed to building long-term relationships and helping clients feel confident in every stage of their financial journey.

Outside of her professional life, Cara lives in Libertyville, Illinois with her husband, David, and their three children—Cameron (10), Mia (6), and Hayden (6). Cameron is passionate about football and will be playing middleweight this summer for the Libertyville Wildcats. Mia is a dancer and part of the junior company at Forum Stars in Libertyville, while Hayden is exploring his interests through ninjas, soccer, and flag football. Cara and her family are actively involved in their community, and her children attend St. Joseph Catholic School in Libertyville. Her husband, David, is a third-generation business owner and if his free time can be found on the golf course. In her free time, Cara enjoys staying active—especially through Pilates—giving back through philanthropy, and spending quality time with her family. During the summer months, you’ll often find the Heiser family out on the water, enjoying time together on their boat at Chain O’Lakes.

As a Wealth Management Associate with The Song-Pegg Group at Morgan Stanley, Susan Gescheidle combines over a decade of financial expertise with a deep commitment to the client experience. Susan’s long-standing partnership with Financial Advisor Carolyn Song-Pegg reached a new milestone in 2022 when they, alongside Cara Heiser, joined Morgan Stanley to establish the team. With the subsequent addition of Max Pegg, the group solidified its current structure, where Susan serves as the operational backbone. Fully licensed and detail-oriented, she prides herself on seamless relationship management and a "client-first" philosophy that ensures every interaction is both expert and effortless.
Outside the office, Susan brings that same vibrancy to her life in Chicago’s historic Printers Row, where her daily commute includes walking to her office at Willis Tower. A former gallery owner (2002–2008) and contemporary art collector since 1998, she remains a fixture in the local arts community. She currently contributes freelance features to Chicago Gallery News, recently chronicling art-driven trips to Philadelphia and Mexico City. A dedicated advocate for inclusive arts, Susan has served on the annual gala host committee for Arts of Life since 2025, supporting adult artists with intellectual and developmental disabilities.
When she isn't immersed in the art world, Susan is "gallivanting" across the globe. Her adventures range from train journeys through Austria, Hungary, and Slovakia to riding a bike to a winery in the French countryside. She has searched for Nessie in Loch Ness, Scotland, hiked the Costa Brava Path in Spain to visit Salvador Dalí’s home, ridden camels through the Sahara in Morocco, and most recently, climbed the 740 steps of El Peñón de Guatapé in Colombia. Susan is also devoted to her family, traveling to visit her four children and three grandchildren out of state, and often bringing them along on her global adventures. Through it all, Susan’s motto remains simple: never lose your joie de vivre.

William “Max” Pegg attended Indiana University’s Kelley school of business and graduated in 2024 with a degree in Finance and a minor in Economics. Upon graduation in May 2024, he joined the Song-Pegg group at Morgan Stanley. After passing the Series 7 and Series 66 in July, Max started working on the team with the role of Registered Client Service Associate.

As a fresh college graduate, he hopes to bring a new perspective to the team and maintain the groups fantastic performance. Outside of work, he enjoys learning about history, traveling, playing chess, and weightlifting.