Vice President, Wealth Management, Financial Advisor, Certified Private Wealth Advisor®, Portfolio Manager, Workplace Advisor – Equity Compensation, Financial Wellness, Retirement
Phone:
(925) 746-2913(925) 746-2913
Thompson-Goggin-Shah at Morgan Stanley
Our Mission Statement
Our goal is to turn complexity into simplicity. Working with both sides of the balance sheet, we design sophisticated strategies to help simplify your life and enhance the impact you want your wealth to have. With over 46 cumulative years in the wealth management business, we bring a deep level of experience and knowledge to help you navigate the many twists and turns of managing your wealth and fulfilling your vision.
Our Story and Services
Our goal is to turn complexity into simplicity. Working with both sides of the balance sheet, we design sophisticated strategies to help simplify your life and enhance the impact you want your wealth to have. With over 46 cumulative years in the wealth management business, we bring a deep level of experience and knowledge to help you navigate the many twists and turns of managing your wealth and fulfilling your vision.
In addition to the various licenses, we are required to hold, we also have Certified Financial Planner (CFP®) and Certified Private Wealth Advisor (CPWA®) designations on our team. The rigorous requirements of these designations include experience, ethics, exams and continuing education. Our commitment to maintaining these designations helps us to stay updated on the wide range of complex issues our clients are faced with.
There are two major contributors in Scott’s life that help him frame conversations with clients. First and foremost is his background in electrical engineering. As an engineer, he was trained to seek out and understand the basic building blocks of any system. This helps him to easily communicate ideas and solve problems as they arise. The second is his passion for teaching. His mother was a teacher and instilled in him a way of communicating that is crucial to helping clients. He tries to keep things as simple as possible and consistently checks in for feedback from our clients.
Stephany grew up as a ski racer on the Women’s World Pro Tour and traveled the world at a young age. Later in her career she ran Global Training for Merrill Lynch and traveled the world a second time seeing it through a different lens. Her life experiences have given her a perspective that helps her better understand what challenges may lay ahead for each client and their family, and in turn, identify which strategies to use to keep them on course.
We pride ourselves on maintaining a healthy work-life balance. Our families are the cornerstone of all that we do. Maintaining avid winter expeditions to Lake Tahoe, playing tennis, golfing, and sailing in the bay with our families keeps us centered.
In addition to the various licenses, we are required to hold, we also have Certified Financial Planner (CFP®) and Certified Private Wealth Advisor (CPWA®) designations on our team. The rigorous requirements of these designations include experience, ethics, exams and continuing education. Our commitment to maintaining these designations helps us to stay updated on the wide range of complex issues our clients are faced with.
There are two major contributors in Scott’s life that help him frame conversations with clients. First and foremost is his background in electrical engineering. As an engineer, he was trained to seek out and understand the basic building blocks of any system. This helps him to easily communicate ideas and solve problems as they arise. The second is his passion for teaching. His mother was a teacher and instilled in him a way of communicating that is crucial to helping clients. He tries to keep things as simple as possible and consistently checks in for feedback from our clients.
Stephany grew up as a ski racer on the Women’s World Pro Tour and traveled the world at a young age. Later in her career she ran Global Training for Merrill Lynch and traveled the world a second time seeing it through a different lens. Her life experiences have given her a perspective that helps her better understand what challenges may lay ahead for each client and their family, and in turn, identify which strategies to use to keep them on course.
We pride ourselves on maintaining a healthy work-life balance. Our families are the cornerstone of all that we do. Maintaining avid winter expeditions to Lake Tahoe, playing tennis, golfing, and sailing in the bay with our families keeps us centered.
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Working With You
Working With You
Simplify
We provide a dynamic interactive electronic financial plan to help you understand how different strategies/solution may impact your future.
Reduce the Stress of Investing
Using the risk/return profile and targeted return rates from your financial plan we create an actively managed portfolio that aligns with your financial plan. We have found this helps keep the focus on long term goals rather than short term volatility and helps reduce stress.
Both Sides of the Balance Sheet
We also provide lending solutions that include security-based lending, a variety of mortgages and where appropriate tailored lending solutions.
Access
You have direct access to team members via phone, in person meetings, zoom, text and email as well as digital access through Morgan Stanley Online. Periodic reviews are customized to your preferences.
We provide a dynamic interactive electronic financial plan to help you understand how different strategies/solution may impact your future.
Reduce the Stress of Investing
Using the risk/return profile and targeted return rates from your financial plan we create an actively managed portfolio that aligns with your financial plan. We have found this helps keep the focus on long term goals rather than short term volatility and helps reduce stress.
Both Sides of the Balance Sheet
We also provide lending solutions that include security-based lending, a variety of mortgages and where appropriate tailored lending solutions.
Access
You have direct access to team members via phone, in person meetings, zoom, text and email as well as digital access through Morgan Stanley Online. Periodic reviews are customized to your preferences.
Investment Philosophy
The cornerstone of our Investment Philosophy is Critical Thinking. We believe in a strategic, long-term approach to growing and helping to preserve your wealth. The process we use incorporates the follow steps:
Behavioral Finance
We believe in maintaining a disciplined, strategic, long-term view on the markets. We understand that investors are not always rational and are influenced by the latest breaking news or “fear of missing out”. Our approach works to help avoid those costly mistakes.
Allocation
The next step in our process is “Asset Allocation” which determines both the amount of risk the portfolio will experience, as well as the return you may potentially expect; the “Risk Adjusted Return”. We also pay close attention to “Location Allocation” which can impact your after-tax returns.
Excess Returns “Alpha”
Using a quantitative process, we screen for investments/managers that have passed Morgan Stanley’s due diligence process and have a risk adjusted return above the appropriate benchmark.
Tax Efficiency
Asset allocation and manager/investment selection are the primary drivers of investment results on a pretax basis. Incorporating location allocation and tax-sensitive investing into the daily trading activity of your portfolio can capitalize on market fluctuations and potentially yield better after-tax results.
Behavioral Finance
We believe in maintaining a disciplined, strategic, long-term view on the markets. We understand that investors are not always rational and are influenced by the latest breaking news or “fear of missing out”. Our approach works to help avoid those costly mistakes.
Allocation
The next step in our process is “Asset Allocation” which determines both the amount of risk the portfolio will experience, as well as the return you may potentially expect; the “Risk Adjusted Return”. We also pay close attention to “Location Allocation” which can impact your after-tax returns.
Excess Returns “Alpha”
Using a quantitative process, we screen for investments/managers that have passed Morgan Stanley’s due diligence process and have a risk adjusted return above the appropriate benchmark.
Tax Efficiency
Asset allocation and manager/investment selection are the primary drivers of investment results on a pretax basis. Incorporating location allocation and tax-sensitive investing into the daily trading activity of your portfolio can capitalize on market fluctuations and potentially yield better after-tax results.
Executive Services
We help you navigate the complexities of your executive compensation/benefits. We work in coordination with your tax and legal advisors and can help to design a tax efficient financial plan to help protect/manage your wealth and avoid costly mistakes.
In addition to preparing your financial plan our team will:
• Help simplify the complex SEC rules, trading restrictions and reporting requirements
• Provide you with a private banker and custom liquidity solutions
• Recommend alternative investments, if appropriate to diversify/hedge your concentrated positions in a tax efficient manner
As your career and goals evolve, we will develop new strategies to continue to help protect, preserve and manage your wealth. Many of our clients find our Family Office Group and Outsource Chief Investment Office are valuable resource as their wealth grows
In addition to preparing your financial plan our team will:
• Help simplify the complex SEC rules, trading restrictions and reporting requirements
• Provide you with a private banker and custom liquidity solutions
• Recommend alternative investments, if appropriate to diversify/hedge your concentrated positions in a tax efficient manner
As your career and goals evolve, we will develop new strategies to continue to help protect, preserve and manage your wealth. Many of our clients find our Family Office Group and Outsource Chief Investment Office are valuable resource as their wealth grows
Family Office Group
- Clients with $25m+ in investible assets will have access to our Family Office Group (FOG). Our Family Office Group helps 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. The methodical and comprehensive process incorporates and distinguishes among structural, behavioral and investment decisions; and leads to the creation of integrated, holistic, and customized solutions. We sequence and facilitate each step in the process by coordinating with FOG specialists across three complementary areas of expertise; Governance & Legacy, Wealth Strategies and Signature Access; to determine and assess the impact of various strategic recommendations and discrete decision making.
Outsource Chief Investment Office
- For clients with 25+ million under management we offer access to our Outsource Chief Investment Office (OCIO). The foundation of OCIO is about actively outsourcing all or some of your portfolio management duties. We take a seat next to you at the table, sharing the same sort of accountability for reporting and for making decisions based on a blueprint contained in an investment policy statement (IPS). We can help deliver governance, decipher the regulatory environment, and sift through investment options and opportunities to be more strategic and tactical in the investment portfolio. And within a particular set of constraints or objectives, OCIO acts on a client’s behalf.
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
4309 Hacienda Drive
Ste 200
Pleasanton, CA 94588
US
Direct:
(925) 746-2913(925) 746-2913
Meet Thompson-Goggin-Shah
Executive Director, Wealth Management, Financial Advisor, CERTIFIED FINANCIAL PLANNER®
Phone:
(925) 730-3878(925) 730-3878
Jennie Shaw, Wealth Management Associate
Sr. Client Associate
Phone:
(925) 730-3864(925) 730-3864
About Stephany Thompson
I manage wealth for high-net-worth families, business owners, and executives. Since I started my career in 1986, I have helped individuals navigate over 20 market corrections and five major bear markets. I make it a point to listen to each client’s story to learn about their current and future lifestyle goals. Then I tailor a family wealth plan and wealth management strategies to fit each person’s unique needs. My goal is to turn complexity into simplicity.
Working with both sides of the balance sheet, I design sophisticated strategies to help simplify my clients’ financial lives.
In addition to the various licenses I am required to hold, I also have a Certified Private Wealth Advisor designation (CPWA®). The rigorous requirements of the designation includes experience, ethics, exams and continuing education. My commitment to maintaining the CPWA designation helps me to stay updated on the wide range of complex issues my clients are faced with.
I grew up as a ski racer on the Women’s World Pro Tour and traveled the world at a young age. Later in my career I ran Global Training for Merrill Lynch and traveled the world a second time seeing it through a different lens. My life experiences have given me a perspective that helps me better understand what challenges may lay ahead for each client and their family, and in turn, identify which strategies to use to keep them on course.
When I am not helping clients I volunteer on the Executive Board of Directors for the San Francisco Market, sail, and ski in exciting places around the world, and spend time with my family at home in our garden with our crazy dog, Lucy.
Working with both sides of the balance sheet, I design sophisticated strategies to help simplify my clients’ financial lives.
In addition to the various licenses I am required to hold, I also have a Certified Private Wealth Advisor designation (CPWA®). The rigorous requirements of the designation includes experience, ethics, exams and continuing education. My commitment to maintaining the CPWA designation helps me to stay updated on the wide range of complex issues my clients are faced with.
I grew up as a ski racer on the Women’s World Pro Tour and traveled the world at a young age. Later in my career I ran Global Training for Merrill Lynch and traveled the world a second time seeing it through a different lens. My life experiences have given me a perspective that helps me better understand what challenges may lay ahead for each client and their family, and in turn, identify which strategies to use to keep them on course.
When I am not helping clients I volunteer on the Executive Board of Directors for the San Francisco Market, sail, and ski in exciting places around the world, and spend time with my family at home in our garden with our crazy dog, Lucy.
Securities Agent: IL, CT, VT, OR, GA, CA, NJ, ME, MA, DC, WI, SC, NM, MN, MD, KS, FL, CO, PA, HI, UT, OH, NY, MI, ID, AZ, IA, DE, AL, RI, NV, NH, NE, WY, WA, TX, OK, MO, LA, VA, TN, NC, MT; BM/Supervisor; General Securities Representative; Investment Advisor Representative
NMLS#: 1610600
CA Insurance License #: CRD149777
NMLS#: 1610600
CA Insurance License #: CRD149777
About Scott Goggin
There are two major contributors in my life that help me frame conversations with clients. First and foremost is my background in electrical engineering. As an engineer, you are trained to seek out and understand the basic building blocks of any system which allow you to easily communicate ideas and solve problems as they arise. I have applied this philosophy throughout all aspects of my business. The second is my passion for teaching. My mother was a teacher and she instilled in me a way of communicating that I believe is crucial to helping clients. I make an effort to keep things as simple as possible and consistently check in for feedback from my clients.
Outside of the office, my family is at the center of everything that I do. I strive for a work-life balance that allows me to spend time with my wife and two daughters, maintaining avid winter expeditions to Lake Tahoe, playing tennis, and golfing. In my spare time, I enjoy electronics and wood working, having found a passion in restoring old Arcade games from the 70’s, 80’s and 90’s.
Scott Goggin is a native of Davis, CA. He holds a B.S. in Electrical Engineering from Washington University in St. Louis, a B.A. in Liberal Arts from St. Mary’s College of CA, and is a CERTIFIED FINANCIAL PLANNER™. He lives in Alamo, CA with his wife Clare and his two daughters Archer (8) and Nara (7).
Outside of the office, my family is at the center of everything that I do. I strive for a work-life balance that allows me to spend time with my wife and two daughters, maintaining avid winter expeditions to Lake Tahoe, playing tennis, and golfing. In my spare time, I enjoy electronics and wood working, having found a passion in restoring old Arcade games from the 70’s, 80’s and 90’s.
Scott Goggin is a native of Davis, CA. He holds a B.S. in Electrical Engineering from Washington University in St. Louis, a B.A. in Liberal Arts from St. Mary’s College of CA, and is a CERTIFIED FINANCIAL PLANNER™. He lives in Alamo, CA with his wife Clare and his two daughters Archer (8) and Nara (7).
Securities Agent: WY, UT, NE, MT, HI, WV, WI, OK, NC, FL, DC, VA, OH, NH, CO, NY, MA, TN, PA, ME, IA, DE, WA, TX, SC, OR, MI, AZ, VT, NM, NJ, MO, MD, LA, ID, GA, RI, NV, KS, IL, CT, MN, CA; General Securities Representative; Investment Advisor Representative
NMLS#: 1383199
CA Insurance License #: 0I15429
NMLS#: 1383199
CA Insurance License #: 0I15429
About Jennie Shaw
I am our teams Wealth Management Associate. I enjoy taking a hands-on approach to managing the administrative aspects of your financial needs. My 20+ yrs of experience in various operational departments within the Wealth Management industry has given me a unique perspective on how to efficiently provide you with white glove client service.
I have a BA in Political Science from UCLA and currently hold a series 7 license. I’ve been with Morgan Stanley for 16 years, 10 of those in the Menlo Park office where most of my experience included working with stock plans, options, RSU's, and ESPP's. Prior to Morgan Stanley, I worked at First Republic Securities and Charles Schwab in San Francisco.
When I am not helping clients, I love spending time with my family. I find great joy in doing “kid activities” with my daughter and experiencing the world through her eyes.
I have a BA in Political Science from UCLA and currently hold a series 7 license. I’ve been with Morgan Stanley for 16 years, 10 of those in the Menlo Park office where most of my experience included working with stock plans, options, RSU's, and ESPP's. Prior to Morgan Stanley, I worked at First Republic Securities and Charles Schwab in San Francisco.
When I am not helping clients, I love spending time with my family. I find great joy in doing “kid activities” with my daughter and experiencing the world through her eyes.
Contact Stephany Thompson
Contact Scott Goggin
Wealth Management
Global Investment Office
Portfolio Insights
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Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
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Financial Wellness
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Ready to start a conversation? Contact Thompson-Goggin-Shah 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.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
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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.
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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.
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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
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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.
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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.
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