Managing Director, Wealth Advisor, Portfolio Management Director, Executive Financial Services Director
Phone:
(415) 693-6817(415) 693-6817
The Stern Hess Shane Group at Morgan Stanley
Direct:
(415) 693-6174(415) 693-6174
Our Mission Statement
Experience, intellectual capital and dedicated personal service to help you meet your life goals
Working With Us
When your portfolio grows, so too does its complexity and the resources needed to help manage it. Our team holds the Executive Financial Services designation and works largely with corporate executives and other insiders of life sciences and technology companies. We advise our clients on pre & post IPO concentrated stock and help develop a strategy for their investments on an ongoing basis. We provide objective advice on critical financial matters. Our wealth management approach is rooted in a holistic financial planning process which allows us to work with our clients to understand their assets and liabilities, cash flows, and the risks and opportunities in the marketplace.
Our group works with clients up and down the Pacific Coast. We have a unique ability to cover the entire West Coast with team members located in both San Francisco and Los Angeles. The team’s geographic diversity not only brings personal access to clients in various regions but also expands our investment approach to include some of the best ideas from Silicon Valley to San Diego, the Southernmost Hub of Tech/Biotechnology.
Our group works with clients up and down the Pacific Coast. We have a unique ability to cover the entire West Coast with team members located in both San Francisco and Los Angeles. The team’s geographic diversity not only brings personal access to clients in various regions but also expands our investment approach to include some of the best ideas from Silicon Valley to San Diego, the Southernmost Hub of Tech/Biotechnology.
Services Include
- Executive Financial ServicesFootnote1
- Stock Purchase Plans
- Corporate Retirement PlansFootnote2
- Alternative InvestmentsFootnote3
- Planning for Education FundingFootnote4
- Wealth ManagementFootnote5
- Financial PlanningFootnote6
- Business PlanningFootnote7
- Estate Planning StrategiesFootnote8
- Lending Products
- Retirement PlanningFootnote9
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Executive Financial Services and 10b5-1 Plans
Our team serves a variety of corporations in the life sciences and technology sectors in providing executive financial services to the executive suite and other insiders. We focus on providing advice for pre & post-IPO concentrated stock and uncover gifting, lending and liquidity strategies that are in line with a company’s insider trading policy. Our team is often hired as the captive broker for the executive’s 10b5-1 plans and program.
Morgan Stanley is #1 in the 10b5-1 business, with approximately 25% of market share. Morgan Stanley, unlike most providers in the space, has a dedicated 10b5-1 department, that focuses solely on the establishment, management, execution and reporting of 10b5-1 plans and trades. For a company with multiple executives trading through a 10b5-1 Plan, it is important to be able to control order flow and execution to avoid driving the stock price down unnecessarily, especially for large volume trades. Our systems and proprietary trading platform help us to manage this risk and reduce the volatility of the stock during sales.
In addition to this, we assist each executive in developing a liquidation strategy and trading schedule based on their needs and goals. We draft the 10b5-1 documents in compliance with corporate policy and work directly with corporate counsel or the company administrator to obtain plan approvals. Our team will streamline plan administration and sale executions and ensures that all Section 16 notifications are provided and Rule 144’s are filed. Finally, we coordinate the executive’s stock clearance with the transfer agent and stock plan providers to provide timely settlement of all trades.
Educational Literature
Morgan Stanley is #1 in the 10b5-1 business, with approximately 25% of market share. Morgan Stanley, unlike most providers in the space, has a dedicated 10b5-1 department, that focuses solely on the establishment, management, execution and reporting of 10b5-1 plans and trades. For a company with multiple executives trading through a 10b5-1 Plan, it is important to be able to control order flow and execution to avoid driving the stock price down unnecessarily, especially for large volume trades. Our systems and proprietary trading platform help us to manage this risk and reduce the volatility of the stock during sales.
In addition to this, we assist each executive in developing a liquidation strategy and trading schedule based on their needs and goals. We draft the 10b5-1 documents in compliance with corporate policy and work directly with corporate counsel or the company administrator to obtain plan approvals. Our team will streamline plan administration and sale executions and ensures that all Section 16 notifications are provided and Rule 144’s are filed. Finally, we coordinate the executive’s stock clearance with the transfer agent and stock plan providers to provide timely settlement of all trades.
Educational Literature
Clients
We are privileged to serve a select group of entrepreneurs, founders, early employees, Ultra-High Net Worth families, and foundations. We typically start working with company founders while they are still illiquid and have most of their wealth tied up in their business. We take pride in building long-term relationships with our clients and maintain a commitment to an exceptional level of professionalism.
Entrepreneurs
Ultra-High Net Worth Families
Corporate Executives
Founders & Early Employees
Foundations & Endowments
Institutions
Transaction Planning
Many of our clients come referred to us in advance of a potential liquidity event. In advising them, we separate our advice into three distinct phases.
PRE-LIQUIDITY
There are many things for the client to consider before approaching investment bankers or potential buyers. Because of our experience in middle-market mergers and acquisitions and exit planning, we try to get clients to specifically address 3 things:
- Deciding what to sell; to whom; and when - some parts of your business may be of more value to you than to potential buyers. You may want to keep these. Would you rather have management or family own the company even if it's at a lower price? Also, do you feel you are too young to sell, or would you rather start another idea?
- Fix problems now, before anyone else's opinion is affected… " You only have once chance to make a first impression"
- Maximum value is achieved through an auction process. Get several buyers into a competitive bid process. Do not approach buyers one at a time.
Before undertaking a sale or monetization, we help clients think through various estate planning and tax sensitive strategies to maximize after-sale proceeds as well as optimize generational wealth transfer.
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
101 California St 23rd
Fl
San Francisco, CA 94111
US
Direct:
(415) 693-6174(415) 693-6174
15260 Ventura Blvd
Ste 1900
Sherman Oaks, CA 91403
US
Direct:
(818) 382-5789(818) 382-5789
Meet The Stern Hess Shane Group
Mikhail Hess, CFP®
Managing Director, Financial Advisor, Senior Portfolio Manager, Executive Financial Services Director
Phone:
(818) 907-3721(818) 907-3721
Jonathan Shane
Senior Vice President, Financial Advisor, Executive Financial Services Director, Portfolio Manager
Phone:
(415) 693-6174(415) 693-6174
Phone:
(818) 382-5747(818) 382-5747
Sylvia Spranger
Portfolio Associate
Nancy Chu
Portfolio Associate
Matthew Kitts
Business Development Associate
Gabriel Castellanos
Registered Client Service Associate
About Joseph Stern
Joe is a Managing Director, Wealth Advisor, and Executive Financial Services Director at Morgan Stanley. He has been in the investments and insurance industry since 1996, and has focused his career on serving the investment and financial planning needs of high-net-worth private clients.
In 2000, Joe co-authored and published the book Employee Stock Options: A Strategic Planning Guide for the 21st Century Optionaire, after building an expertise in handling situations of concentrated equity. While he has been involved in assisting companies with developing corporate compensation plans and insider trading policies, his main focus is working with individuals and their families to develop and implement long term financial plans that are tailored to meet their individual needs and goals.
Joe is a graduate of Hamilton College in Clinton, NY and has completed his Certificate of Financial Planning. Joe maintains his Series 7, 31, 63 and 65 Securities Licenses, as well as his Health and Life Insurance Licenses. In addition, in 2017 he attended Harvard University, John F. Kennedy School of Government and completed an Investment Decisions and Behavioral Finance program.
Joe was born in New York and raised in Cincinnati, Ohio, but has been in the Bay Area for more than 2 decades. He is married with three children and lives in Orinda, California. Outside of work, Joe enjoys hiking with his dogs, fly fishing and supporting his children’s various sporting and artistic efforts.
In 2000, Joe co-authored and published the book Employee Stock Options: A Strategic Planning Guide for the 21st Century Optionaire, after building an expertise in handling situations of concentrated equity. While he has been involved in assisting companies with developing corporate compensation plans and insider trading policies, his main focus is working with individuals and their families to develop and implement long term financial plans that are tailored to meet their individual needs and goals.
Joe is a graduate of Hamilton College in Clinton, NY and has completed his Certificate of Financial Planning. Joe maintains his Series 7, 31, 63 and 65 Securities Licenses, as well as his Health and Life Insurance Licenses. In addition, in 2017 he attended Harvard University, John F. Kennedy School of Government and completed an Investment Decisions and Behavioral Finance program.
Joe was born in New York and raised in Cincinnati, Ohio, but has been in the Bay Area for more than 2 decades. He is married with three children and lives in Orinda, California. Outside of work, Joe enjoys hiking with his dogs, fly fishing and supporting his children’s various sporting and artistic efforts.
Securities Agent: PA, MD, ME, WY, WA, NM, DC, WV, VA, TX, SD, NH, IL, CA, NV, MI, IA, FL, DE, AL, SC, HI, CO, WI, TN, GA, AZ, OK, NY, NJ, MA, UT, OH, MN, NC, ID, OR, CT, MT; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1255436
CA Insurance License #: 0C16755
NMLS#: 1255436
CA Insurance License #: 0C16755
About Mikhail Hess
Mikhail is a Managing Director, CFP®, and Executive Financial Services Director at Morgan Stanley. Mikhail was born and raised in San Francisco, California. He attended The University of California, Davis graduating with a Bachelor’s degree in 2004. From 2003-2005 he managed corporate relationships in the Sacramento area for Nextel Communications. From 2005-2007, upon his return to the Bay Area, he worked as a financial planner with American Express Financial Advisors in San Francisco. There he created and implemented financial planning strategies for high net worth clients.
Mikhail joined Morgan Stanley as a financial advisor in 2007 and has successfully grown a business of corporate executives and business owners in the Bay Area and Los Angeles. Mikhail is a CERTIFIED FINANCIAL PLANNER™. In addition, in 2017 he attended Harvard University, John F. Kennedy School of Government and completed an Investment Decisions and Behavioral Finance program. He maintains his Series 7, 31, and 66 Securities Licenses and his Health and Life Insurance Licenses.
Outside of work, Mikhail enjoys spending time with his family, outdoor activities and giving back to the community. He has competed in numerous Ironman 70.3 & 140.6 triathlons and supports local foster care programs by serving on the board of directors for the San Francisco Court Appointed Special Advocates (SFCASA). Mikhail and his family split time between Los Angeles and San Francisco enjoying all the adventures that California has to offer.
Mikhail joined Morgan Stanley as a financial advisor in 2007 and has successfully grown a business of corporate executives and business owners in the Bay Area and Los Angeles. Mikhail is a CERTIFIED FINANCIAL PLANNER™. In addition, in 2017 he attended Harvard University, John F. Kennedy School of Government and completed an Investment Decisions and Behavioral Finance program. He maintains his Series 7, 31, and 66 Securities Licenses and his Health and Life Insurance Licenses.
Outside of work, Mikhail enjoys spending time with his family, outdoor activities and giving back to the community. He has competed in numerous Ironman 70.3 & 140.6 triathlons and supports local foster care programs by serving on the board of directors for the San Francisco Court Appointed Special Advocates (SFCASA). Mikhail and his family split time between Los Angeles and San Francisco enjoying all the adventures that California has to offer.
Securities Agent: NM, MI, TX, OH, NV, NJ, MD, NY, ID, HI, GA, CT, NH, WA, OK, MT, IA, KY, DC, CO, AZ, IL, DE, AL, ME, WY, CA, WV, WI, UT, TN, SD, NC, FL, VA, PA, OR, MA, SC, MN; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1398696
CA Insurance License #: 0F27027
NMLS#: 1398696
CA Insurance License #: 0F27027
About Jonathan Shane
Jonathan Shane is a Senior Vice President, Executive Financial Services Director and Financial Advisor at Morgan Stanley. He joined the Stern-Hess-Shane Group in 2011 and is responsible for business development, corporate and institutional relationship management, and comprehensive financial planning. Over the last several years, Jonathan has expanded his practice to cater to the sophisticated needs of single and multi-family office clients, leveraging the vast resources within Morgan Stanley to offer best in-class solutions. Jonathan is the initial point of contact for all new 10b5-1 plan and Executive Financial Service programs for the team’s corporate clients. His ability to work with clients to help them solve their complex financial issues has made him an integral part of every client relationship. He was recognized and earned membership in the 2018 & 2019 Pacesetter’s Club within Morgan Stanley.
Jonathan is a Bay Area native and attended the University of Arizona, graduating with a Bachelor of Science in Business Economics. He has his series 7 and 66 Securities Licenses as well as his Health and Life Insurance Licenses. In addition, he has completed an Masters of Business Administration (MBA) from Cornell's Johnson Graduate School of Management. In his spare time, he enjoys playing golf, cycling, traveling the world and watching his Bay Area professional sports teams win world championships.
Jonathan is a Bay Area native and attended the University of Arizona, graduating with a Bachelor of Science in Business Economics. He has his series 7 and 66 Securities Licenses as well as his Health and Life Insurance Licenses. In addition, he has completed an Masters of Business Administration (MBA) from Cornell's Johnson Graduate School of Management. In his spare time, he enjoys playing golf, cycling, traveling the world and watching his Bay Area professional sports teams win world championships.
Securities Agent: NC, DC, WV, WI, PA, NJ, KY, KS, WA, CT, VA, TX, SD, OH, MT, ID, IA, CA, WY, OK, NM, AZ, TN, RI, MA, IL, UT, SC, NV, MN, AL, ME, OR, MI, DE, MD, NY, NH, FL, GA, CO, HI; General Securities Representative; Investment Advisor Representative
NMLS#: 1496443
CA Insurance License #: 0I65923
NMLS#: 1496443
CA Insurance License #: 0I65923
About Holden Hartmann
Holden Hartmann started working for the Stern-Hess group in 2015 while attending UC Berkeley. After graduating in 2017, he was hired as a Financial Advisor at Morgan Stanley and joined the team in a formal capacity. He works primarily in corporate business development and account management for his clients. By using Morgan Stanley’s financial planning tool, LifeView, Holden develops highly in-depth analyses of his clients’ individual retirement horizon and goals. Growing up with a family of lawyers, he understands the life that comes with that profession, among others like it, and seeks to use that understanding to tailor his investment management process toward those with an especially busy schedule. Holden is a Pacesetter’s Club Member since 2021.
Holden is a native of Dallas, Texas and attended the University of California, Berkeley, graduating with a Bachelor of Science in Environmental Economics. He maintains his series 7 and 66 Securities Licenses as well as his Health, Life & LTC Insurance Licenses. In his spare time, he enjoys playing tennis, backpacking and skiing in the California mountain ranges, and watching international soccer.
Morgan Stanley Wealth Management Pacesetter’s Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Club membership is no guarantee of future performance.
Holden is a native of Dallas, Texas and attended the University of California, Berkeley, graduating with a Bachelor of Science in Environmental Economics. He maintains his series 7 and 66 Securities Licenses as well as his Health, Life & LTC Insurance Licenses. In his spare time, he enjoys playing tennis, backpacking and skiing in the California mountain ranges, and watching international soccer.
Morgan Stanley Wealth Management Pacesetter’s Club members must meet a number of criteria including performance, conduct and compliance standards, revenue, length of experience and assets under supervision. Club membership is no guarantee of future performance.
Securities Agent: OK, GA, SD, OR, IL, IA, CA, AZ, PA, NY, MN, WV, NM, MA, KY, DE, WY, MI, DC, WI, WA, TX, SC, NV, MD, CO, VA, OH, NH, CT, ME, UT, NJ, HI, NC, MT, ID, FL, TN; General Securities Representative; Investment Advisor Representative
NMLS#: 1785349
CA Insurance License #: 0M51455
NMLS#: 1785349
CA Insurance License #: 0M51455
About Sylvia Spranger
Sylvia has been working in the financial industry for 21 years, 18 of those have been spent at Morgan Stanley. Her focus is on the operations side of the business has made her a crucial member of the team.
Sylvia has her Series 7, 63 and 66 Securities Licenses as well as her California Life and Health Insurance Licenses.
Sylvia has her Series 7, 63 and 66 Securities Licenses as well as her California Life and Health Insurance Licenses.
About Nancy Chu
Nancy has extensive knowledge dealing with daily client operations and has been working in the financial industry for over 16 years. Her administrative role is a very important resource to the team.
Nancy has her Series 7, 63 and 66 Securities Licenses.
Nancy has her Series 7, 63 and 66 Securities Licenses.
About Matthew Kitts
Matthew began his career with the Stern-Hess-Shane Group in 2023 as an intern while attending Santa Clara University. Upon graduation, he joined the team full time as a Registered Client Service Associate where he gained extensive experience working with high-net-worth individuals and families, helping drive the team’s daily operations. Matthew is now a Business Development Associate where he leads internal and external pipeline and relationship management, client engagement initiatives, and strategic growth opportunities. He uses this unique combination of client-facing and administrative experience to deliver exceptional care and balanced advice to every client we serve.
Matthew grew up in Burlingame, California, and attended Saint Ignatius College Preparatory and then graduated with a Bachelor of Science from Santa Clara University’s Leavey School of Business. He has his Series 7 and 66 Securities Licenses, as well as his California Insurance License. Currently based in San Francisco, Matthew enjoys keeping up with Bay Area sports teams, playing golf and basketball at The Olympic Club, and spending quality time with family and friends.
Matthew grew up in Burlingame, California, and attended Saint Ignatius College Preparatory and then graduated with a Bachelor of Science from Santa Clara University’s Leavey School of Business. He has his Series 7 and 66 Securities Licenses, as well as his California Insurance License. Currently based in San Francisco, Matthew enjoys keeping up with Bay Area sports teams, playing golf and basketball at The Olympic Club, and spending quality time with family and friends.
About Gabriel Castellanos
Gabriel began his career with Morgan Stanley in October of 2023, bringing with him 6 additional years of experience in financial services at Wells Fargo. He works closely with the team to enhance new and existing client relationships through active communication and providing assistance with order entry, raising cash from managed accounts, and enrolling/training clients in operating Morgan Stanley's proprietary modern wealth tools. His demonstrated knowledge, problem-solving capabilities, strong communication skills, and friendly demeanor allow Gabriel to be a key resource for clients. Gabriel earned his BA in Communications from Cal State Fullerton and has his SIE, Series 7, and Series 66 licenses. Outside of work, he's a fan of California based sports teams (and also the Packers) and enjoys indoor climbing.
Contact Joseph Stern
Contact Mikhail Hess
Contact Jonathan Shane
Contact Holden Hartmann
The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Rosana Vantuyl
Private Banker | Market Manager
Clint Eddy
Family Office Resource Generalist
About Rosana Vantuyl
Rosana Vantuyl is a Private Banker | Market Manager serving Morgan Stanley Wealth Management offices in California.
Private Banker | Market Managers partner with Financial Advisors/ Private Wealth Advisors (collectively “Advisors”) to deliver specialized cash management and lending solutions, while strategically leading sales activity and deepening client engagement across Wealth Management markets to drive growth aligned with long-term business objectives.
Rosana began her career in financial services in 2010 and joined Morgan Stanley in 2015 as a Private Banker. Prior to joining the firm, she was a Wealth Management Banker at Merrill Lynch.
Rosana is a graduate of the University of Oregon, where she received a Bachelor of Science in Psychology. She lives in San Francisco, California with her family. Outside of the office, Rosana enjoys traveling, the outdoors, and spending time with her family.
Private Banker | Market Managers partner with Financial Advisors/ Private Wealth Advisors (collectively “Advisors”) to deliver specialized cash management and lending solutions, while strategically leading sales activity and deepening client engagement across Wealth Management markets to drive growth aligned with long-term business objectives.
Rosana began her career in financial services in 2010 and joined Morgan Stanley in 2015 as a Private Banker. Prior to joining the firm, she was a Wealth Management Banker at Merrill Lynch.
Rosana is a graduate of the University of Oregon, where she received a Bachelor of Science in Psychology. She lives in San Francisco, California with her family. Outside of the office, Rosana enjoys traveling, the outdoors, and spending time with her family.
NMLS#: 637533
About Clint Eddy
Clint Eddy is an Executive Director with the Family Office Resources (FOR) team at Morgan Stanley. As a Generalist with FOR he helps Financial Advisors and their clients curate and navigate an expansive suite of highly specialized resources to address the complex, multifaceted challenges of managing significant wealth so clients may make complicated decisions confidently.
Prior to joining Morgan Stanley in 2022, Clint was a Wealth Strategist at Merrill Lynch for over 15 years. Clint also practiced tax and business law at the law firm of Fox Rothschild for over six years. He was a member of the firm’s Estate Planning and Tax and Corporate Transactions groups. Clint is a member of Washington State Bar Association (WSBA). He is the co-author of the Washington Partnership and Limited Liability Company Deskbook and was named a “Rising Star” by Washington Law and Politics magazine.
Clint received his Master of Laws in Taxation from the University of Washington School of Law, his Juris Doctor from the University of Oregon School of Law, and his Bachelor of Arts from the University of Washington. He is Series 7 and 66 licensed.
Outside of work Clint is an avid, but admittedly, pretty awful skier. He and his fiancé live in Seattle with their 10 year old Boston Terrier named Annie.
Prior to joining Morgan Stanley in 2022, Clint was a Wealth Strategist at Merrill Lynch for over 15 years. Clint also practiced tax and business law at the law firm of Fox Rothschild for over six years. He was a member of the firm’s Estate Planning and Tax and Corporate Transactions groups. Clint is a member of Washington State Bar Association (WSBA). He is the co-author of the Washington Partnership and Limited Liability Company Deskbook and was named a “Rising Star” by Washington Law and Politics magazine.
Clint received his Master of Laws in Taxation from the University of Washington School of Law, his Juris Doctor from the University of Oregon School of Law, and his Bachelor of Arts from the University of Washington. He is Series 7 and 66 licensed.
Outside of work Clint is an avid, but admittedly, pretty awful skier. He and his fiancé live in Seattle with their 10 year old Boston Terrier named Annie.
Private Banking Group (PBG) Market Managers, Senior Private Bankers, Private Bankers, and Associate Private Bankers are employees of Morgan Stanley Private Bank, National Association.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
Banking products and services are offered by Morgan Stanley Private Bank, National Association, Member FDIC.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
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Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
A Simple Six-Step Retirement Checkup
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Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Iran Conflict: Seven Takeaways for Investors
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Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
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529 Plans: A Powerful Tool to Save for Education
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Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
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Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
Ready to start a conversation? Contact The Stern Hess Shane Group today.
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.
1Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
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.
3Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
5Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
6Morgan 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.
7Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
8Morgan 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.
9When 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.
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.
1Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
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.
3Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
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 always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
5Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
6Morgan 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.
7Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
8Morgan 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.
9When 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.
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), 4763067 (9/2025), 5378280 (5/2026)
