Christopher Lee, CFP®, CPWA®, CDFA®
Managing Director, Financial Advisor
Phone:
(212) 296-0143(212) 296-0143
TruCore Advisors at Morgan Stanley
Direct:
(212) 296-0143(212) 296-0143
Our Mission Statement
Integrity at the Core of Every Decision.
Integrity at the Core of Every Decision.
Who We Are
TruCore Advisors is a nationally recognized wealth management team at Morgan Stanley, built on the belief that exceptional financial guidance is rooted in judgment, discipline, and enduring client relationships.
We serve a select group of high-net-worth and ultra-high-net-worth individuals, families, corporate executives, and business owners who expect thoughtful advice, sophisticated planning, and a team fully aligned with their long-term interests.
What We Do
We provide comprehensive wealth management designed to address every dimension of our clients' financial lives:
• Portfolio Management — Institutional-caliber investment management tailored to your objectives, risk parameters, and long-term priorities
• Alternative Investments — Access to differentiated opportunities typically available only to sophisticated investors
• Estate & Legacy Planning — Multi-generational strategies designed to preserve, protect, and transfer wealth with intention
• Executive Equity Advisory — Strategic guidance for executives and employees of public companies, focused on managing concentrated equity exposure through sophisticated liquidity and risk-management solutions
• Tax-Efficient Planning — Forward-looking strategies designed to help preserve and optimize wealth
• Divorce Financial Analysis — Objective and specialized guidance through complex financial transitions
Why TruCore
TruCore Advisors was founded on the conviction that exceptional wealth management is built not on transactions, but on stewardship, discipline, and trust.
Our approach is defined by transparency, thoughtful decision-making, and an unwavering focus on our clients' long-term interests. Every recommendation we make, every strategy we implement, begins and ends with one question — what is best for the client?
That philosophy has earned our team national recognition, including Forbes "America's Top 100 Wealth Management Teams" and Forbes "Best-in-State Wealth Management Teams" honors across multiple consecutive years — distinctions that reflect both performance and the enduring confidence our clients place in us.
Let's Talk
Your financial life deserves more than a standard approach. It deserves a team that leads with integrity, thinks long term, and remains fully aligned with your success.
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
Location
55 East 52nd St
6th Floor
New York, NY 10055
US
Direct:
(212) 296-0143(212) 296-0143
Meet TruCore Advisors
Joseph Minaudo
Managing Director, Financial Advisor
Phone:
(212) 296-0145(212) 296-0145
Jaclyn Flannery
Wealth Management Associate
Phone:
(212) 296-0146(212) 296-0146
Robert Lawrence
Wealth Management Analyst
Phone:
(212) 296-0147(212) 296-0147
Madeleine O'Connor
Registered Client Service Associate
Phone:
(212) 296-0148(212) 296-0148
Roosevelt Clairjour, CFP®
Investment Consultant- Wealth Planning Specialist
Phone:
(212) 296-0149(212) 296-0149
About Me
Christopher J. Lee is Co-Founder and Managing Director of TruCore Advisors, a nationally recognized wealth management team at Morgan Stanley. With more than 27 years of experience in financial services, Chris holds three of the industry’s most respected designations — CERTIFIED FINANCIAL PLANNER™, CERTIFIED PRIVATE WEALTH ADVISOR®, and CERTIFIED DIVORCE FINANCIAL ANALYST® — reflecting his commitment to comprehensive and sophisticated client service.
Chris and his team were recognized in Forbes “America’s Top 100 Wealth Management Teams” in 2025 and Forbes “Best-in-State Wealth Management Teams” in 2024, 2025, and 2026. Chris was also individually recognized as a Forbes “Best-in-State Wealth Advisor” during those same years.
His practice focuses on portfolio management, alternative investments, estate planning, tax-efficient strategies, and executive equity advisory services for high-net-worth and ultra-high-net-worth individuals, families, and business owners.
Prior to co-founding TruCore Advisors, Chris held leadership and advisory roles across leading financial institutions in the United States and Asia, with expertise spanning private wealth management, investment strategy, and alternative investments. He graduated cum laude from New York University and earned his MBA from the NYU Stern School of Business.
Beyond his professional work, Chris is deeply involved in the communities he serves. He currently serves as Board Chair of Buckley Country Day School and the Korean-American Youth Alliance, Board Member of the Korean-American Youth Assistance Coalition, and Board President of The Chatham at North Hills HOA.
Chris resides in Manhasset, New York, with his wife and three children and remains committed to delivering highly personalized advice grounded in long-term relationships and disciplined wealth stewardship.
Chris and his team were recognized in Forbes “America’s Top 100 Wealth Management Teams” in 2025 and Forbes “Best-in-State Wealth Management Teams” in 2024, 2025, and 2026. Chris was also individually recognized as a Forbes “Best-in-State Wealth Advisor” during those same years.
His practice focuses on portfolio management, alternative investments, estate planning, tax-efficient strategies, and executive equity advisory services for high-net-worth and ultra-high-net-worth individuals, families, and business owners.
Prior to co-founding TruCore Advisors, Chris held leadership and advisory roles across leading financial institutions in the United States and Asia, with expertise spanning private wealth management, investment strategy, and alternative investments. He graduated cum laude from New York University and earned his MBA from the NYU Stern School of Business.
Beyond his professional work, Chris is deeply involved in the communities he serves. He currently serves as Board Chair of Buckley Country Day School and the Korean-American Youth Alliance, Board Member of the Korean-American Youth Assistance Coalition, and Board President of The Chatham at North Hills HOA.
Chris resides in Manhasset, New York, with his wife and three children and remains committed to delivering highly personalized advice grounded in long-term relationships and disciplined wealth stewardship.
Securities Agent: AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY; General Securities Representative; Investment Advisor Representative
About Me
Joseph Minaudo joined Morgan Stanley in spring 2026 and is a Managing Director. He brings more than 20 years of wealth management experience serving a diverse client base, including individuals and families, business owners, executives, entrepreneurs, professionals, and foundations.
Joseph focuses on delivering customized advice and strategies across wealth planning, portfolio construction and diversification, investment management, and insurance and risk management. He is known for leading with integrity and a patient, consultative approach—beginning each relationship with a thorough discovery process to develop a holistic plan aligned to each client’s goals. He also emphasizes financial literacy, helping clients feel informed and confident in their decisions.
Prior to joining Morgan Stanley, Joseph spent nearly his entire career at J.P. Morgan, where he joined in 2006. He earned a B.A. in Economics from the University of Connecticut and holds the FINRA Series 7, 24, and 66 licenses.
Joseph lives in Rockville Centre, New York, with his wife and two children. Outside of work, he enjoys staying active and boating with his family.
Joseph focuses on delivering customized advice and strategies across wealth planning, portfolio construction and diversification, investment management, and insurance and risk management. He is known for leading with integrity and a patient, consultative approach—beginning each relationship with a thorough discovery process to develop a holistic plan aligned to each client’s goals. He also emphasizes financial literacy, helping clients feel informed and confident in their decisions.
Prior to joining Morgan Stanley, Joseph spent nearly his entire career at J.P. Morgan, where he joined in 2006. He earned a B.A. in Economics from the University of Connecticut and holds the FINRA Series 7, 24, and 66 licenses.
Joseph lives in Rockville Centre, New York, with his wife and two children. Outside of work, he enjoys staying active and boating with his family.
Securities Agent: AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY; General Securities Representative; Investment Advisor Representative
About Jaclyn Flannery
As a Wealth Management Associate, Jackie supports the team in delivering a highly personalized and holistic wealth management experience. She works closely with clients and the advisory team to deepen relationships, support business development efforts, and assist with portfolio analysis, helping ensure each client’s investment strategy remains aligned with their broader financial objectives.
Jackie joined the team in 2024 after graduating from the University of South Carolina, where she was actively involved in organizing philanthropic events supporting breast cancer awareness and fundraising initiatives.
Outside of work, Jackie enjoys playing tennis, practicing hot yoga, and spending time with her five younger siblings. She also loves being home with her two dogs, Leo and Lola.
Jackie joined the team in 2024 after graduating from the University of South Carolina, where she was actively involved in organizing philanthropic events supporting breast cancer awareness and fundraising initiatives.
Outside of work, Jackie enjoys playing tennis, practicing hot yoga, and spending time with her five younger siblings. She also loves being home with her two dogs, Leo and Lola.
About Robert Lawrence
As a Wealth Management Analyst, Robert plays a key role in delivering highly personalized and holistic wealth management solutions. He partners closely with clients and the advisory team to strengthen relationships, drive business development, and provide in-depth portfolio analysis — ensuring every investment strategy stays aligned with clients’ long-term financial goals and aspirations.
Robert joined the team in 2024 after graduating from the University of South Carolina, where he competed on the hockey team.
Outside of work, Robert enjoys skiing, playing tennis, and scuba diving as a licensed diver.
Robert joined the team in 2024 after graduating from the University of South Carolina, where he competed on the hockey team.
Outside of work, Robert enjoys skiing, playing tennis, and scuba diving as a licensed diver.
About Madeleine O'Connor
Responsible for a broad range of operational and administrative duties, Madeleine O'Connor contributes to delivering an exceptional service experience for clients of the TruCore Advisors team. Working in support of the team's advisors and portfolio strategists, her primary responsibilities include trade execution, facilitating operations, asset transfers, cash movements, performance reporting, and assisting clients with a variety of wealth management needs.
Madeleine earned her bachelor's degree in International Business and Finance, with a minor in Spanish, from the University of South Carolina Honors College in December 2024. She continued her education at the University of South Carolina, earning a Master of International Finance degree in 2025. Throughout her academic career, Madeleine was actively involved in campus leadership, including organizing events through her sorority and managing finances and event planning for the club lacrosse team and various student organizations.
Upon graduation, Madeleine joined the team at J.P. Morgan in 2025, where she began her career in wealth management. Madeleine currently lives on Long Island and enjoys skiing, pickleball, tennis, and traveling in her free time.
Madeleine earned her bachelor's degree in International Business and Finance, with a minor in Spanish, from the University of South Carolina Honors College in December 2024. She continued her education at the University of South Carolina, earning a Master of International Finance degree in 2025. Throughout her academic career, Madeleine was actively involved in campus leadership, including organizing events through her sorority and managing finances and event planning for the club lacrosse team and various student organizations.
Upon graduation, Madeleine joined the team at J.P. Morgan in 2025, where she began her career in wealth management. Madeleine currently lives on Long Island and enjoys skiing, pickleball, tennis, and traveling in her free time.
About Roosevelt Clairjour
Roosevelt began his career as a relationship banker at JP Morgan Chase in 2019. He joined the TruCore Group in 2021 as a Private Client Investment Associate and moved with the team to Morgan Stanley in 2026. During his tenure, he also became a CERTIFIED FINANCIAL PLANNER PROFESSIONAL® (CFP®). He earned his B.S. in Finance and Economics from the State University College at Plattsburgh.
Outside of the office, Roosevelt enjoys film as an avid cinephile and spends his time exploring museums and cultural institutes. He is also a member of the Amateur Astronomer Association and looks forward to planning future stargazing excursions.
Outside of the office, Roosevelt enjoys film as an avid cinephile and spends his time exploring museums and cultural institutes. He is also a member of the Amateur Astronomer Association and looks forward to planning future stargazing excursions.
Contact Christopher Lee
Contact Joseph Minaudo
Wealth Management
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- 401(k) Rollovers
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529 Plans: A Powerful Tool to Save for Education
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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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Ready to start a conversation? Contact TruCore Advisors 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
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
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CRC 4665150 (8/2025), 5378280 (5/2026)
