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 mission is to simplify financial complexity and provide clarity. By taking a comprehensive approach to both sides of your balance sheet, we aim to develop sophisticated, integrated wealth strategies that simplify your financial life and help you work towards the lasting impact you envision.
With more than 58 years of combined experience, our team offers the depth of expertise, strategic insight, and disciplined guidance needed to help you navigate the complexities of wealth management with confidence. Please note that each team member's individual years of experience contribute to this total.
Beyond the regulatory licenses required of our profession, our team holds distinguished credentials, including Certified Financial Planner™ (CFP®), Certified Private Wealth Advisor® (CPWA®), Portfolio Manager, and Lending Specialist designations. These credentials reflect rigorous standards of education, professional experience, ethics, comprehensive examinations, and ongoing continuing education.
Our expertise spans many sophisticated areas of wealth management, including business succession planning, Employee Stock Ownership Plans (ESOPs), equity compensation, concentrated equity strategies, private equity, private credit, real estate, infrastructure investments, and advanced estate planning for ultra-high-net-worth individuals and multigenerational families.
Whether you are building, preserving, transitioning, or transferring wealth, we provide thoughtful advice and tailored strategies designed to help you pursue your goals with clarity, confidence, and purpose.
With more than 58 years of combined experience, our team offers the depth of expertise, strategic insight, and disciplined guidance needed to help you navigate the complexities of wealth management with confidence. Please note that each team member's individual years of experience contribute to this total.
Beyond the regulatory licenses required of our profession, our team holds distinguished credentials, including Certified Financial Planner™ (CFP®), Certified Private Wealth Advisor® (CPWA®), Portfolio Manager, and Lending Specialist designations. These credentials reflect rigorous standards of education, professional experience, ethics, comprehensive examinations, and ongoing continuing education.
Our expertise spans many sophisticated areas of wealth management, including business succession planning, Employee Stock Ownership Plans (ESOPs), equity compensation, concentrated equity strategies, private equity, private credit, real estate, infrastructure investments, and advanced estate planning for ultra-high-net-worth individuals and multigenerational families.
Whether you are building, preserving, transitioning, or transferring wealth, we provide thoughtful advice and tailored strategies designed to help you pursue your goals with clarity, confidence, and purpose.
Imagine
Live Your Story—Out Loud
Imagine what it looks like to truly live your story. Is it traveling the world, or putting down deeper roots in the community you love? Are the people who matter most close by, or spread across the map? Will you relocate, purchase a second home, or build a legacy through the causes you care about?
Whatever you want your story to include, we're here to help you bring it to life with thoughtful, dynamic planning designed to evolve as your life and priorities change.
With more than 58 years of combined experience and six advanced professional designations, our team offers the depth of expertise, strategic perspective, and disciplined guidance to help you move forward with clarity and confidence.
How We Can Help
Our services include, but are not limited to:
- Financial Planning
- Concentrated Equity Strategies, including Control & Restricted Securities
- Asset Management and Alternative Investments
- Private Equity
- Cash Management and Lending Solutions
- Business Succession Planning and Monetization Strategies
- Wealth Transfer and Estate Planning
- Family Office Resources
- Family Governance & Dynamics
- Wealth Education
For more information—or to schedule a complimentary introductory Zoom meeting—please contact the Thompson-Goggin-Shah Group at Stephany.thompson@morganstanley.com or (925) 730-3882.
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.
Alternative Investment & Private Equity
For qualified investors, alternative investments may provide additional sources of diversification, differentiated return potential, and exposure to opportunities beyond traditional public markets. We offer access to a comprehensive suite of alternative investment solutions across a range of asset classes.
Alternative investment solutions may include:
- Private Equity
- Private Markets
- Private Credit
- Private Real Estate / Real Assets
- Private Infrastructure
- Hedge Funds
- Digital Assets
Tax-advantaged strategies may include:
- Concentrated Stock Exchange Funds
- 1031 Real Estate Exchanges
- Real Estate Opportunity Zones
- Private Placement Variable Annuity and Life Insurance Structures
Discover how an alternative investment strategy may potentially strengthen and diversify your portfolio. For more information—or to schedule a complimentary introductory Zoom meeting—please contact Thompson-Goggin-Shah Group at Stephanythompson@ms.com or 925-730-3882
Selling Your Business
Monetizing a privately held company takes careful planning—and close coordination between your business objectives and your personal wealth strategy. We support you through the varies stages of the process, assisting you to identify key decisions, timelines, deadlines, and milestones.<o:p></o:p>
Working alongside your legal, tax, and other professional advisors, we focus on strategies aimed at enhancing enterprise value, managing potential tax exposure, and integrating sale proceeds into a comprehensive wealth management plan.<o:p></o:p>
Support at the varies stages of monetization We can provide resources and guidance across the full lifecycle, including:<o:p></o:p>
Assembling an advisory team<o:p></o:p> Evaluating readiness<o:p></o:p> Pre-monetization preparation<o:p></o:p> Transaction execution<o:p></o:p> Post-liquidity planning<o:p></o:p>
Monetization strategies we can help you evaluate Depending on your goals, timeline, and company profile, we can help you explore options such as:<o:p></o:p>
Sale to an Employee Stock Ownership Plan (ESOP)<o:p></o:p> Recapitalization<o:p></o:p> Sale to a strategic acquirer(typically for companies with minimum EBITDA of $5M)<o:p></o:p> Sale to a private equity investor(typically for companies with minimum EBITDA of $5M)<o:p></o:p> Initial Public Offering (IPO)(typically for companies with minimum enterprise value of $500M)<o:p></o:p>
Let's connect For additional information—or to schedule a complimentary introductory Zoom conversation—please contact Thompson-Goggin-Shah Group / Stephany.Thompson@ms.com /925-730-3882.
Estate & Secession Planning
Estate planning can feel overwhelming for individuals and families—regardless of the size or complexity of your estate. We work alongside your tax and legal advisors to help you navigate the process, clarify your options, and put a plan in place that documents your wishes for the management and distribution of your assets in the event of incapacity or death.
For those who may be subject to transfer taxes, an effective estate plan can potentially reduce the tax impact. Many people delay updates until a major life event or change in circumstances due to the challenging nature of estate planning discussions. By taking a proactive approach and aligning your estate planning structure with ongoing investment management, you can help ensure your plan remains current and is more likely to meet your goals.
A comprehensive plan may involve a combination of legal entities and governing documents, crafted with both family objectives and tax considerations in mind. In certain cases, advanced lifetime planning strategies might reduce income and transfer taxes while fostering long-term growth outside of the taxable estate. The effectiveness of any strategy depends on factors such as the type of assets used, their performance over time, the chosen structure to hold the assets, and the interest-rate environment at the time of implementation and beyond.
To learn more—or to schedule a complimentary introductory Zoom—please contact us at 925-730-3882 or Stephany.thompson@ms.com
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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- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
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- Annuities
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Working closely with you to guide your wealth and investments through the most challenging market cycles.
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Family
Creating customized financial strategies for the challenges that today’s families face.
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Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
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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
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Financial Wellness
Enhancing Financial Wellness enables your workforce to do their best work. Companies that invest in financial wellness have an opportunity to:
- Reduce employee stress,
- Improve retention and engagement, and
- Set themselves apart by offering comprehensive financial wellness benefits.
Ready to start a conversation? Contact 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*.
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
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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.
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.
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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.
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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.
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