Phone:
(603) 422-8907(603) 422-8907
The Wentworth Group at Morgan Stanley
Our Mission Statement
Serving as your personal CFO, we help solve complex financial challenges through comprehensive strategies, tailored advice and quality investment management. We strive to be your single point of contact for virtually all your financial needs.
Our Story and Services
The CEO of a successful business defines a vision and assembles the right team to transform that vision into reality. A critical member of that team is the CFO, who provides dedicated skills and guidance for all the company's financial decisions.
Paul Kinnaly and Trent Blossom will serve as your personal CFO, focusing on virtually all aspects of your life – from preparing for retirement and caring for aging parents to selling a profitable business and leaving a lasting legacy. Our priority is to deliver objective and thoughtful advice that helps empower you to make wise and confident decisions about your family, your future and your finances.
As an experienced team of caring professionals, we are committed to helping you understand and overcome the distractions of challenging markets, while helping strengthen your family's financial wellness now and for generations to come. We are proud of the services and solutions we provide each client and welcome the opportunity to help deliver this same level of excellence to you and your family.
Getting started is easy. It begins with a conversation. We look forward to speaking with you soon.
Forbes Best-in-State Wealth Advisors - Paul Kinnaly
Paul Kinnaly has been named one of Forbes' Best-in-State Wealth Advisors in 2024, 2025, and 2026.
Source: Forbes (Awarded April 2024-2026) Data compiled by SHOOK Research LLC based on time period from 6/30/24-6/30/25.
Services Include
- Retirement PlanningFootnote1
- Wealth ManagementFootnote2
- Financial PlanningFootnote3
- Estate Planning StrategiesFootnote4
- Professional Portfolio ManagementFootnote5
- Wealth PlanningFootnote6
- Business PlanningFootnote7
- Trust AccountsFootnote8
- Donor Advised Funds
- 401(k) Rollovers
- Sustainable InvestingFootnote9
- Municipal BondsFootnote10
- Life InsuranceFootnote11
- Long-term Care InsuranceFootnote12
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Our clients are those who value and respect the advice we thoughtfully and thoroughly develop for their particular situation. Over the years, we have developed a strong and collaborative practice that includes a broad range of clients, including:
• Families spanning multiple generations
• Self-made entrepreneurs and business owners
• Successful professionals and corporate executives
• Retirees and individuals planning for retirement
• Referrals from existing clients and industry professionals
While each client has unique goals and circumstances, they all have one thing in common: The desire to simplify their finances and develop an integrated wealth strategy. We strive to provide the knowledge and insights they need in an effort to succeed in today’s fast-paced world, so they may enjoy their wealth and leave the legacy they desire.
• Families spanning multiple generations
• Self-made entrepreneurs and business owners
• Successful professionals and corporate executives
• Retirees and individuals planning for retirement
• Referrals from existing clients and industry professionals
While each client has unique goals and circumstances, they all have one thing in common: The desire to simplify their finances and develop an integrated wealth strategy. We strive to provide the knowledge and insights they need in an effort to succeed in today’s fast-paced world, so they may enjoy their wealth and leave the legacy they desire.
Our Process
Our clients hire us to help them manage their current wealth, while helping achieve future goals. Over the years, we have developed a five-step process that identifies and implements appropriate solutions focused on helping accomplish and maintain financial success.
Step 1: Initial Conversation
We begin with an informal discussion to understand your financial concerns and determine how we can help add value to your situation. This is your opportunity to interview us, as we get to know you. If we agree to move forward, we’ll schedule our next meeting and request important information about your finances.
Step 2: Face-to-Face Meeting
We continue the dialogue by fostering an in-depth conversation where we’ll ask dozens of questions to learn about the values that shape your decisions. We’ll review the information you’ve prepared and begin to define your priorities.
Step 3: Analysis and Strategy Development
Here, we utilize both strategic and technical financial planning tools to develop a personalized and detailed strategy to answer such important questions as “Can I retire comfortably?”, “What is my net worth?”, and “Do I have enough insurance?” This information serves as the foundation for building your initial plan, as well as future investment decisions.
Step 4: Commitment Meeting
In this step, we share our thoughts and recommendations for helping build and preserve your wealth. Upon your approval, we’ll prepare the paperwork to execute the investment strategies, as we begin to implement the other wealth management strategies we discussed. These often encompass risk management, as well as estate and wealth planning solutions.
Step 5: Service, Service, Service
Committed to a premium client experience, we focus on developing a relationship that helps provide added value to you and your family. Serving as your family’s CFO, we want to be your first call for anything financial.
Successful wealth management begins with personalized service and attention. We invite potential clients to meet with us to share their needs and expectations. We look forward to working with individuals and families who seek the kind of long-term, fully-engaged relationships we value.
The following core attributes underscore our commitment to an exceptional client experience.
The following core attributes underscore our commitment to an exceptional client experience.
Your Personal CFO
We provide a “one-stop shop” for your financial decisions. Whether you need assistance with asset management, lending services, asset preservation strategies or retirement funding, we are here for you at every phase of your financial life.
Loyalty
Paul has been part of the Morgan Stanley family since 2000 and Briana joined the firm in 2011. Jenny joined the team in 2021 but has been in the industry for over 20 years. Trent is also an industry veteran with over 13 years of experience, joining Morgan Stanley in 2021 and The Wentworth Group in 2025. In a world where people move from company to company on a regular basis, our loyalty to our firm and to each other demonstrates our commitment to our clients every day.
Knowledge and Experience
Our team has a concentration of credentials that is rare in one group of advisors. Paul and Trent have both acquired the rigorous Certified Investment Management Consultant (CIMA®) designation. Paul, Trent, and Jenny have all earned the Certified Financial Planner TM (CFP®) credentials. Trent has distinguished himself further as a Certified Private Wealth Advisor. These advanced designations enable us to offer innovative thinking based on the industry’s best practices. We are committed to ongoing education, so that we may remain on the forefront of the most effective strategies and help deliver a more powerful experience to our clients.
A Team Approach
To gain the precise knowledge needed to manage various aspects of your wealth, we work closely with your accountant and estate attorney, often serving as the quarterback to help ensure a coordinated effort. Where appropriate, we may consult with our network of professionals within Morgan Stanley and across the industry to evaluate any unique challenges and devise specific recommendations.
While the strategies we provide are broad in scope, our approach is one hundred percent individualized. We deliver the personalized attention you expect, as we build a structured plan focused on helping achieve your specific life goals.
As your team of trusted advisors, we provide:
As your team of trusted advisors, we provide:
Lifestyle Management
We pay close attention to the timing of milestone events to help ensure you are prepared each step of the way. Whether you are planning for a comfortable retirement or the sale of your business, we develop the strategies needed to help achieve your goals on schedule.
Asset Growth and Preservation Strategies
Asset management aims to achieve the best possible returns consistent with your level of risk. Working together, we create a customized strategy that applies long-held investment principles to help you grow your assets in an effort to achieve your personal investment goals and benchmarks.
Longevity Planning
Given extended life expectancy, we help customize allocation and distribution strategies to help you preserve assets, whether they are held at Morgan Stanley or other firms. This includes advice on 401(k) plan assets, life insurance and long-term care plans.
Risk Management
Life’s risks can manifest themselves in many ways – from loss of life to loss of health – and have the potential to impair the efficiency of a thoughtfully developed plan. We help address these concerns in a number of ways, ranging from insurance reviews to liquidity strategies.
Legacy Planning
Delivering an estate to the next generation or favorite charity requires more attention than families often realize. Coordinating with outside estate and tax professionals, we align your estate planning goals with the appropriate asset titling and beneficiary designation requirements to help ensure your legacy wishes are fulfilled as you had intended.
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
1 Harbour Place
Ste 125
Portsmouth, NH 03801
US
Direct:
(603) 422-8907(603) 422-8907
Meet The Wentworth Group
Phone:
(603) 422-8936(603) 422-8936
Briana Romano
Senior Registered Client Service Associate
Phone:
(603) 422-8911(603) 422-8911
Jenny Sideris, CFP®
Assistant Vice President, Wealth Management Associate
Phone:
(603) 422-8974(603) 422-8974
About Paul Kinnaly CFP®, CIMA®
Paul is an Executive Director, Wealth Advisor, and founder of The Wentworth Group at Morgan Stanley. Since 2000, he has enjoyed working with successful individuals, generational families, and small business owners, providing personalized advice through a disciplined process. Paul’s comprehensive approach includes a detailed financial plan, a diversified investment portfolio, and a commitment to outstanding service.
As a Wealth Advisor, Paul takes pride in his ability to effectively communicate advanced concepts and put them into action. He focuses on empowering his clients to make more informed and confident decisions about their wealth. He works diligently to demystify the planning process by understanding their goals and values, articulating the key activities needed to achieve their specific goals. His areas of concentration include investment management, financial planning, risk management, and tax and estate planning.
Throughout his career, Paul has remained committed to professional development. A graduate of Dartmouth College, Paul has undertaken various advanced courses of study. Paul holds the Certified Financial Planner™ (CFP®), and Certified Investment Management AnalystSM (CIMA®) professional designations. He is also a member of the Investment Management Consultants Association (IMCA). These credentials demonstrate Paul’s unrelenting commitment to a world-class client experience
Originally from Saugus, MA, Paul and his wife, Stacy, currently reside in Hampton Falls, NH with their three children. Outside of the office, he enjoys coaching, travelling, and spending summers in Maine with family.
As a Wealth Advisor, Paul takes pride in his ability to effectively communicate advanced concepts and put them into action. He focuses on empowering his clients to make more informed and confident decisions about their wealth. He works diligently to demystify the planning process by understanding their goals and values, articulating the key activities needed to achieve their specific goals. His areas of concentration include investment management, financial planning, risk management, and tax and estate planning.
Throughout his career, Paul has remained committed to professional development. A graduate of Dartmouth College, Paul has undertaken various advanced courses of study. Paul holds the Certified Financial Planner™ (CFP®), and Certified Investment Management AnalystSM (CIMA®) professional designations. He is also a member of the Investment Management Consultants Association (IMCA). These credentials demonstrate Paul’s unrelenting commitment to a world-class client experience
Originally from Saugus, MA, Paul and his wife, Stacy, currently reside in Hampton Falls, NH with their three children. Outside of the office, he enjoys coaching, travelling, and spending summers in Maine with family.
Securities Agent: NJ, WA, TX, NC, IL, WI, MD, MA, HI, CA, AZ, OH, MS, GA, DC, CT, SC, NY, VA, KY, CO, MN, FL, MI, MO, TN, OR, NH, ND, ME; BM/Supervisor; General Securities Representative; Investment Advisor Representative; Transactional Futures/Commodities; Managed Futures
NMLS#: 167308
NMLS#: 167308
About Trent Blossom
Trent Blossom is a CERTIFIED FINANCIAL PLANNER™ professional and Financial Advisor with Morgan Stanley. Trent focuses on developing financial plans that address the unique challenges faced by business owners, corporate executives, health care professionals, and retirees.
Trent is distinguished as a Certified Private Wealth Advisor® and Certified Investment Management Analyst® practitioner, designations that underscore his commitment to delivering methods that proactively address the complexities of tax and estate planning strategies, investor psychology, and intergenerational planning.
Trent began his career in 2012, establishing a foundation in risk management while working at a leading insurance company within their Income and Protection Solutions Group. He later joined MFS Investment Management, a firm renowned for pioneering the first mutual fund in 1924, further broadening his investment knowledge and experience in portfolio design and capital markets. After spending time as a Wealth Advisor at a Maine-based independent firm, Trent joined Morgan Stanley in 2021 as a Vice President, Financial Planning Director. In that role, he served the complex financial planning needs of high-net-worth clients.
Trent is a graduate of Bowdoin College where he earned a bachelor’s degree in Economics and an alumnus of St. Paul’s School. Originally from Concord, NH, Trent was raised in a small business family, where he developed an early appreciation for the challenges and rewards of entrepreneurship. That experience instilled in him deep respect for perseverance and humility – principles that continue to guide his work with clients today.
Trent lives in Kennebunk, ME with his wife, Emily, and embraces the adventure of raising three boys under the age of five.
Trent is distinguished as a Certified Private Wealth Advisor® and Certified Investment Management Analyst® practitioner, designations that underscore his commitment to delivering methods that proactively address the complexities of tax and estate planning strategies, investor psychology, and intergenerational planning.
Trent began his career in 2012, establishing a foundation in risk management while working at a leading insurance company within their Income and Protection Solutions Group. He later joined MFS Investment Management, a firm renowned for pioneering the first mutual fund in 1924, further broadening his investment knowledge and experience in portfolio design and capital markets. After spending time as a Wealth Advisor at a Maine-based independent firm, Trent joined Morgan Stanley in 2021 as a Vice President, Financial Planning Director. In that role, he served the complex financial planning needs of high-net-worth clients.
Trent is a graduate of Bowdoin College where he earned a bachelor’s degree in Economics and an alumnus of St. Paul’s School. Originally from Concord, NH, Trent was raised in a small business family, where he developed an early appreciation for the challenges and rewards of entrepreneurship. That experience instilled in him deep respect for perseverance and humility – principles that continue to guide his work with clients today.
Trent lives in Kennebunk, ME with his wife, Emily, and embraces the adventure of raising three boys under the age of five.
Securities Agent: PR, MA, SC, IN, CT, UT, TX, NV, ND, MN, TN, SD, NC, MO, IL, CA, WI, VA, NY, NJ, NH, MD, OR, OH, FL, AZ, AR, WA, VT, RI, MT, NM, MS, LA, HI, DC, CO, WV, NE, ME, PA, KY, GA, MI; General Securities Representative; Investment Advisor Representative
NMLS#: 2712131
NMLS#: 2712131
About Briana Romano
tel: 603-422-8911
Email: Briana.Romano@morganstanley.com
As a Senior Registered Client Service Associate with Morgan Stanley, Briana is often the first line of contact on a wide range of administrative and operational functions. Drawing on more than 15 years of industry experience, she manages the daily operational tasks for the team. From the largest project to the smallest request, Briana works diligently striving to exceed client expectations. She enjoys building strong relationships with clients and helping them achieve their personal and financial goals. A results-driven professional, Briana combines her strong desire to help others with exceptional administrative skills to provide the highest level of service. Briana attended Colby-Sawyer College and has been with Morgan Stanley since 2011, joining The Wentworth Group in 2014. She holds her FINRA Series 7 and 63 licenses.
Briana currently resides in Stratham with her husband, Matt, and their two daughters, Nellie and Fiona. Her greatest joy in life is being their mom. She loves exploring the outdoors with her family, reading, and working on art projects with her two girls.
Email: Briana.Romano@morganstanley.com
As a Senior Registered Client Service Associate with Morgan Stanley, Briana is often the first line of contact on a wide range of administrative and operational functions. Drawing on more than 15 years of industry experience, she manages the daily operational tasks for the team. From the largest project to the smallest request, Briana works diligently striving to exceed client expectations. She enjoys building strong relationships with clients and helping them achieve their personal and financial goals. A results-driven professional, Briana combines her strong desire to help others with exceptional administrative skills to provide the highest level of service. Briana attended Colby-Sawyer College and has been with Morgan Stanley since 2011, joining The Wentworth Group in 2014. She holds her FINRA Series 7 and 63 licenses.
Briana currently resides in Stratham with her husband, Matt, and their two daughters, Nellie and Fiona. Her greatest joy in life is being their mom. She loves exploring the outdoors with her family, reading, and working on art projects with her two girls.
About Jenny Sideris
Tel: 603-422-8974
Email: jenny.sideris@morganstanley.com
Jenny joined Morgan Stanley in early 2021 with more than 25 years of industry experience. As a Wealth Management Associate, Jenny is responsible for new business development, investment management, and financial planning activities. She also focuses on streamlining administrative and operational processes for the team. Jenny enjoys cultivating relationships with clients and proactively helping them resolve issues, as well as working with the firm’s back office personnel to help ensure the practice continues to run efficiently.
A graduate of West Virginia Wesleyan College, Jenny began her career at Merrill Lynch in 2000. Over the years, her responsibilities and areas of focus have continued to grow. In 2018, Merrill Lynch awarded her the “Responsible Service and Growth Award” for her excellence in serving the needs of clients and colleagues alike. She loves being part of an industry that is constantly changing. She enjoys learning every day, developing new skills and sharing knowledge with her colleagues and clients.
Jenny maintains her FINRA Series 6 and 7 licenses and recently earned her Certified Financial PlannerTM (CFP®) designation. Prior to joining Morgan Stanley, Jenny was a Partner, Vice President, and Senior Registered Client Administration Manager at Steward Partners.
Growing up in Auburn, NH, she and her husband, Evan, now call Portsmouth their home. Favorite leisure activities include being creative, staying active outdoors, and travelling.
Email: jenny.sideris@morganstanley.com
Jenny joined Morgan Stanley in early 2021 with more than 25 years of industry experience. As a Wealth Management Associate, Jenny is responsible for new business development, investment management, and financial planning activities. She also focuses on streamlining administrative and operational processes for the team. Jenny enjoys cultivating relationships with clients and proactively helping them resolve issues, as well as working with the firm’s back office personnel to help ensure the practice continues to run efficiently.
A graduate of West Virginia Wesleyan College, Jenny began her career at Merrill Lynch in 2000. Over the years, her responsibilities and areas of focus have continued to grow. In 2018, Merrill Lynch awarded her the “Responsible Service and Growth Award” for her excellence in serving the needs of clients and colleagues alike. She loves being part of an industry that is constantly changing. She enjoys learning every day, developing new skills and sharing knowledge with her colleagues and clients.
Jenny maintains her FINRA Series 6 and 7 licenses and recently earned her Certified Financial PlannerTM (CFP®) designation. Prior to joining Morgan Stanley, Jenny was a Partner, Vice President, and Senior Registered Client Administration Manager at Steward Partners.
Growing up in Auburn, NH, she and her husband, Evan, now call Portsmouth their home. Favorite leisure activities include being creative, staying active outdoors, and travelling.
Contact Paul Kinnaly CFP®, CIMA®
Contact Trent Blossom
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
Christian Catricala
Private Banker
About Christian Catricala
Christian Catricala is a Private Banker serving Morgan Stanley Wealth Management offices in Massachusetts, New Hampshire, Maine and Vermont.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Christian began his career in financial services in 2015, and joined Morgan Stanley in 2016 as a Rotational Analyst supporting a variety of divisions in Wealth Management. Prior to being promoted to his current role, he was an Associate Private Banker supporting Wealth Management offices in Boston, Massachusetts.
Christian is a graduate of the Merrimack College, where he received a Bachelor of Science in Accounting and Marketing. He lives in Melrose, Massachusetts with his wife and daughter Isla. Outside of the office, Christian enjoys cooking, traveling, and spending time with his family.
Private Bankers partner with Financial Advisors to develop a specialized approach for managing clients’ cash flow, liquidity and financing needs, leveraging our comprehensive suite of cash management and lending solutions.
Christian began his career in financial services in 2015, and joined Morgan Stanley in 2016 as a Rotational Analyst supporting a variety of divisions in Wealth Management. Prior to being promoted to his current role, he was an Associate Private Banker supporting Wealth Management offices in Boston, Massachusetts.
Christian is a graduate of the Merrimack College, where he received a Bachelor of Science in Accounting and Marketing. He lives in Melrose, Massachusetts with his wife and daughter Isla. Outside of the office, Christian enjoys cooking, traveling, and spending time with his family.
NMLS#: 1773684
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
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
Wealth Management
Global Investment Office
Portfolio Insights
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
- Special Needs Planning
- Trust Services
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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Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Ready to start a conversation? Contact The Wentworth 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.
1When 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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.
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.
5Morgan 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.
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.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
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.
9Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
10Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
11Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
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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.
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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.
1When 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.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan 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.
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.
5Morgan 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.
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.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
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.
9Investing in the market entails the risk of market volatility. The value of all types of investments may increase or decrease over varying time periods. The returns on a portfolio consisting primarily of sustainable or impact investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability and impact criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
10Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
11Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
12Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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)
