Phone:
(305) 937-6885(305) 937-6885
Industry Award WinnerOur Mission Statement
At the core of our practice is building lasting relationships rooted in trust and loyalty. With experience across both domestic and international markets, we help clients navigate the full spectrum of wealth management needs. Our mission is to provide clarity and confidence through tailored strategies that are designed to protect and grow your legacy for generations to come.
Our Story and Services
Building meaningful relationships is the foundation of everything we do. We believe trust is earned through time, loyalty, and genuine understanding, which is why we begin every relationship by getting to know your goals, vision, and values.
Our team serves ultra-high-net-worth individuals and families across the United States, Latin America, and the Middle East. With extensive experience in cross-border wealth management and a focus on complex planning structures, we design strategies that are purposeful, resilient, and built to stand the test of time.
We see ourselves not just as advisors, but as a long-term resource, walking alongside clients through every stage of their financial journey.
Our team serves ultra-high-net-worth individuals and families across the United States, Latin America, and the Middle East. With extensive experience in cross-border wealth management and a focus on complex planning structures, we design strategies that are purposeful, resilient, and built to stand the test of time.
We see ourselves not just as advisors, but as a long-term resource, walking alongside clients through every stage of their financial journey.
Services Include
- Professional Portfolio ManagementFootnote1
- Financial PlanningFootnote2
- Asset Management
- Cash Management and Lending ProductsFootnote3
- Alternative InvestmentsFootnote4
- CommoditiesFootnote5
- Corporate BondsFootnote6
- Exchange Traded FundsFootnote7
- Fixed IncomeFootnote8
- Foreign ExchangeFootnote9
- Municipal BondsFootnote10
- Stock Option PlansFootnote11
- Structured ProductsFootnote12
- SyndicateFootnote13
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
A Relationship Built on Trust
Strong relationships are the foundation of our work. We take time to understand each client's goals, vision, and values, building partnerships rooted in loyalty, integrity, and long-term commitment.
Global Perspective
Managing wealth across borders requires specialized expertise. With deep experience in cross-border wealth management, multi-currency accounts, and international transfers, we design strategies that make managing your finances simple and seamless, wherever you are in the world.
Portfolio Construction
Every client's financial blueprint is unique. We create well-structured portfolios that balance opportunity and risk, incorporating equities, fixed income, alternative investments, and planning strategies to meet both current needs and long-term objectives.
Multi-Generational Focus
Our goal is to help individuals and families prepare for the future with strategies that endure. We focus on more than today's priorities, creating thoughtful plans that preserve and grow wealth, reflect your values, and provide continuity for generations to come.
Digital Tools
Morgan Stanley Online & Mobile App
Morgan Stanley's banking app offers instant access and a real-time view of your full portfolio. With multi-factor authentication, the platform combines convenience, control, and strong security.
Cybersecurity
Morgan Stanley enhances cybersecurity through real-time alerts and notification, keeping clients informed of any suspicious activity. Continuous monitoring helps detect threats before they become risks, while advanced digital tools work in the background to protect data and ensure safe, secure transactions.
eDelivery
eDelivery offers clients a safe way to save, print, send, and receive documents at any time. This is available through Morgan Stanley Online or the Morgan Stanley Mobile App.
Digital Vault
The Digital Vault lets you store and share account documents with our team safely, with encryption that keeps your files protected and accessible when needed.
eAuthorization
Approve wire transfers digitally without physical paperwork, streamlining processes while maintaining strong security.
eSign
eSign is a digital, paperless solution that replaces the traditional method of collecting client signatures on documents.
Total Wealth View
By linking your external accounts in Total Wealth View, you'll gain a more comprehensive and informed approach to wealth planning, all in one convenient place.
Market Insights and Key Resources
Thoughts on the Market Podcast
Morgan Stanley's Thoughts on the Market podcast helps you stay informed by delivering timely insights from Morgan Stanley strategists and economists on global events and market themes.
GIC Weekly
The GIC Weekly, a report prepared by Morgan Stanley's Global Investment Committee of seasoned investment professionals, helps you stay informed by providing a concise overview of market conditions, including key economic indicators, policy impacts, and earnings outlooks.
Morgan Stanley Research
Access in-depth analysis of companies, industries, markets, and the global economy from one of the most respected research teams in the industry.
Family Office Resources
Family Office Resources delivers comprehensive solutions across a broad range of complex, multi-generational wealth management issues by providing ultra-high-net-worth clients with specialized knowledge.
Philanthropy
Align your giving with your personal values and financial goals to ensure your charitable contributions have lasting impact.
Estate Planning
Plan with confidence knowing your financial goals and legacy wishes will be carried out and preserved for the future.
Alternative Investments
Diversify portfolios with access to non-traditional opportunities such as real estate, private equity, and hedge funds.
Location
20807 Biscayne Blvd
Suite 100
Aventura, FL 33180
US
Direct:
(305) 937-6845(305) 937-6845
Meet Valora Vista Group
Fabian Schmilovich
Financial Advisor
Phone:
(305) 937-6890(305) 937-6890
Guido Bebchik
Financial Advisor
Phone:
(305) 937-6845(305) 937-6845
Nancy Castro
Senior Registered Client Service Associate
Santiago Alonso
Wealth Management Associate
Maritza Guerra
Senior Registered Client Service Associate
Angela Gomez
Registered Client Service Associate
Rochelle Milhem
Registered Client Service Associate
About Gustavo A. Dardik
Gustavo brings over 40 years of experience in the financial industry, guiding clients with depth, perspective, and an unwavering commitment to excellence. Originally from Argentina, he moved to Israel at the age of 16, where he pursued his university studies before beginning his career in banking. He went on to hold roles at Bank Hapoalim, Israel Discount Bank, and UBS before joining Morgan Stanley, building a truly global perspective along the way. Over the course of his career, Gustavo has worked with high-net-worth and ultra-high-net-worth families across Argentina, Uruguay, Mexico, Brazil, Paraguay, and Israel.
Known for his dedication, integrity, and client-first approach, Gustavo develops investment strategies that are designed to endure across market cycles and generations.
Outside of work, Gustavo enjoys traveling and spending time with his family.
Known for his dedication, integrity, and client-first approach, Gustavo develops investment strategies that are designed to endure across market cycles and generations.
Outside of work, Gustavo enjoys traveling and spending time with his family.
Securities Agent: KS, NJ, MO, MN, MA, MD, IN, FL, SD, IL, GA, DE, DC, MT, CT, CO, NC, CA, AZ, WA, ID, WY, TX, NV, PR, NY, VI; General Securities Representative; Investment Advisor Representative
NMLS#: 1460460
NMLS#: 1460460
About Fabian Schmilovich
With more than 30 years of experience in the financial industry, Fabian brings both depth and perspective to every client relationship. He began his career in Argentina as an accountant, where he developed a strong foundation in numbers and financial analysis. After moving to the United States in the early 2000s, his background led to him to a client service role at a wealth management firm, a step that sparked his transition into advising.
Fabian is known for his analytical, detail-oriented approach to wealth management. He values clarity and precision in his work, but what sets him apart is the trust he builds over time. Many of his client relationship span decades, a reflection of his loyalty and commitment to guiding families through each stage of their financial journey.
Outside of the office, he stays grounded through yoga and enjoys traveling. A lifelong basketball enthusiast, he credits the sport with shaping his appreciation for discipline, teamwork, and perseverance.
Fabian is known for his analytical, detail-oriented approach to wealth management. He values clarity and precision in his work, but what sets him apart is the trust he builds over time. Many of his client relationship span decades, a reflection of his loyalty and commitment to guiding families through each stage of their financial journey.
Outside of the office, he stays grounded through yoga and enjoys traveling. A lifelong basketball enthusiast, he credits the sport with shaping his appreciation for discipline, teamwork, and perseverance.
Securities Agent: FL, NY, CT, IL, MA, IN, CO, VI, MN, MD, KS, DE, CA, TX, WY, WA, NV, NJ, ID, SD, AZ, MT; General Securities Representative
NMLS#: 1605674
NMLS#: 1605674
About Guido Bebchik
Guido has over a decade of experience in the financial industry. Throughout his career, he has held various roles that broadened his professional focus and sharpened his ability to serve clients effectively. His dedication to clients earned him a place on Forbes’ 2025 Top Next-Gen Wealth Advisors Best-in-State list, reflecting the trust and confidence he has built into every relationship.
He focuses on equities, fixed income, structured products, and alternative investments, as well as trusts, tax and estate planning strategy, and multi-layered wealth strategies. Guido designs solutions that align with client goals while seeking to preserve and grow wealth across generations.
Originally from Argentina, he brings a global perspective to his work. Outside the office, he enjoys spending time with family, preparing Argentinian barbeques, and following Argentina’s soccer and rugby teams.
Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State
Source: Forbes.com (Awarded Aug 2025) Data compiled by SHOOK Research LLC for the period 3/31/24 - 3/31/25.
He focuses on equities, fixed income, structured products, and alternative investments, as well as trusts, tax and estate planning strategy, and multi-layered wealth strategies. Guido designs solutions that align with client goals while seeking to preserve and grow wealth across generations.
Originally from Argentina, he brings a global perspective to his work. Outside the office, he enjoys spending time with family, preparing Argentinian barbeques, and following Argentina’s soccer and rugby teams.
Forbes America’s Top Next-Gen Wealth Advisors & Top Next-Gen Wealth Advisors Best-in-State
Source: Forbes.com (Awarded Aug 2025) Data compiled by SHOOK Research LLC for the period 3/31/24 - 3/31/25.
Securities Agent: AZ, PR, MA, WY, VI, GA, FL, CO, SD, MO, IN, ID, WA, TX, NY, NV, MN, MD, KS, DC, MT, CT, CA, NJ, NC, DE, IL; General Securities Representative; Investment Advisor Representative
NMLS#: 2306520
NMLS#: 2306520
About Nancy Castro
Nancy is a Senior Client Service Associate with more than 25 years of experience in the financial industry. She holds her Series 7 and 66 licenses and provides exceptional client service by supporting Financial Advisors with operational and administrative needs. Known for going the extra mile for clients, Nancy works to ensure every client has a seamless experience.
Originally from Ecuador, she has lived in the United States for over 25 years. Outside of work, Nancy enjoys spending time with friends, family, and her two cats, Onyx and Cleo.
Originally from Ecuador, she has lived in the United States for over 25 years. Outside of work, Nancy enjoys spending time with friends, family, and her two cats, Onyx and Cleo.
About Santiago Alonso
Santiago is a Wealth Management Associate who has been with Morgan Stanley for over 10 years. He holds the Series 7 and 66 licenses and helps clients with the day-to-day details that keep their financial lives running smoothly. Santiago started his career at UBS and graduated from Florida International University with a degree in International Business and Management.
With roots in Argentina and a career built in Miami, Santiago brings both a global outlook and a personal touch to his role. Outside of the office, you’ll often find him at the gym, playing padel, at a concert, or planning his next trip.
With roots in Argentina and a career built in Miami, Santiago brings both a global outlook and a personal touch to his role. Outside of the office, you’ll often find him at the gym, playing padel, at a concert, or planning his next trip.
About Maritza Guerra
Maritza is a Senior Registered Client Service Associate with more than 10 years of experience in the financial industry. She began her career after moving to Uruguay from Cuba and holds the Series 7 and 66 licenses. Maritza takes great pride in exhibiting professionalism and her commitment to helping clients navigate their financial needs with confidence.
Outside of the office, Maritza enjoys traveling, learning new languages, and spending quality time with her husband and son.
Outside of the office, Maritza enjoys traveling, learning new languages, and spending quality time with her husband and son.
About Angela Gomez
Angela is a Registered Client Service Associate with more than 15 years of experience in the financial industry. She holds the Series 7, 63, and 65 licenses and supports clients with their day-to-day needs. Originally from Colombia, she began her career in New York, where she lived for many years before relocating to Miami.
Outside of the office, Angela enjoys doing yoga and cooking.
Outside of the office, Angela enjoys doing yoga and cooking.
About Rochelle Milhem
Rochelle graduated from Babson College in 2023 and began her career at Morgan Stanley in New York as part of the Wealth Management Rotational Analyst Program. After completing the program, she returned to Miami to join the team, where she focuses on strategic initiatives and enhancing the client experience. She holds the Series 7, 63, and 65 licenses.
Outside of work, Rochelle enjoys playing tennis and traveling.
Outside of work, Rochelle enjoys playing tennis and traveling.
Contact Gustavo A. Dardik
Contact Fabian Schmilovich
Contact Guido Bebchik
Awards and Recognition
Forbes Top Next-Gen Wealth Advisors Best-In-State
2025-2026 Forbes Top Next-Gen Wealth Advisors Best-in-State Source: Forbes.com (Awarded 2025-2026). Data compiled by SHOOK Research LLC based on 12-month period concluding in Mar of the year the award was issued.
Forbes Best-In-State Wealth Advisors
2022-2025 Forbes Best-In- State Wealth Advisors Source: Forbes.com (Awarded 2022-2025). Data compiled by SHOOK Research LLC based 12-month time period concluding in June of year prior to the issuance of the award.
2
Wealth Management
Global Investment Office
Portfolio Insights
Retirement
Working with you to understand your life goals and develop a personalized wealth strategy. Today and for the years to come.
- 401(k) Rollovers
- IRA Plans
- Retirement income strategies
- Retirement plan participants
- Annuities
A Simple Six-Step Retirement Checkup
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Investing
Working closely with you to guide your wealth and investments through the most challenging market cycles.
- Asset Management
- Wealth Planning
- Traditional Investments
- Alternative Investments
- Impact Investing
Rational Investing in an Age of Uncertainty
Article Image
Family
Creating customized financial strategies for the challenges that today’s families face.
- Estate Planning Strategies
- 529 Plans / Education Savings Planning
- Long Term Care Insurance
- Special Needs Planning
- Trust Services
529 Plans: A Powerful Tool to Save for Education
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Business Planning
Helping you on key aspects of your business such as ownership, liquidity and developing opportunities.
- Succession Planning
- Business Planning
- Qualified Retirement Plans
Financial Planning for Life After Selling a Business
Article Image
Philanthropy
Making sure your philanthropic dollars are managed with the same high quality service as the rest of your wealth.
- Endowments
- Foundations
- Donor Advised Funds
- Impact Investing
Wealth Management for Athletes and Entertainers
Understanding the unique financial challenges of athletes and entertainers and how they differ from one profession to the next, we deliver the experience and resources you need to help create and implement a comprehensive, multigenerational wealth management plan based on your needs, values and aspirations.
- Investment Management
- Wealth Transfer & Philanthropy
- Private Banking Solutions
- Family Governance & Wealth Education
- Lifestyle Advisory
Ready to start a conversation? Contact Valora Vista Group today.
1Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV.
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
3Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
4Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
5Investing in commodities entails significant risks. The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and, the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.
6Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
7An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
8Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
9GlobalCurrency is available to clients of Morgan Stanley Smith Barney LLC with an eligible brokerage account. Before undertaking foreign exchange transactions, clients should understand the associated risks.
Engaging in foreign currency transactions entails more varied risks than normally associated with transactions in the domestic securities markets. Attention should be paid to market, credit, sovereign, and liquidity risks. The foreign exchange transactions and deposits discussed in this material may not be appropriate for all clients. The appropriateness of a particular investment or strategy depends upon a client’s particular circumstances and objectives. This material does not provide individually tailored investment advice.
10Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
11Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
12Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
13Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.
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
For more information, please see the Morgan Stanley Smith Barney LLC Client Relationship Summary.
2Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.
3Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
4Alternative Investments are speculative and include a high degree of risk. An investor could lose all or a substantial amount of his/her investment. Alternative investments are appropriate only for qualified, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time.
5Investing in commodities entails significant risks. The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and, the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.
6Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
7An investment in an exchange-traded fund (ETF) involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost.
Investors should carefully consider the investment objectives, risks, charges and expenses of an exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the ETF. To obtain a prospectus, contact your Financial Advisor or visit the ETF company’s website. Please read the prospectus carefully before investing.
8Fixed Income investing entails credit risks and interest rate risks. When interest rates rise, bond prices generally fall.
9GlobalCurrency is available to clients of Morgan Stanley Smith Barney LLC with an eligible brokerage account. Before undertaking foreign exchange transactions, clients should understand the associated risks.
Engaging in foreign currency transactions entails more varied risks than normally associated with transactions in the domestic securities markets. Attention should be paid to market, credit, sovereign, and liquidity risks. The foreign exchange transactions and deposits discussed in this material may not be appropriate for all clients. The appropriateness of a particular investment or strategy depends upon a client’s particular circumstances and objectives. This material does not provide individually tailored investment advice.
10Municipal bonds may not be appropriate for all investors. Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Consult your own tax/legal advisor before making any tax or legal-related investment decisions.
11Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
12Structured Investments are complex and not appropriate for all investors. An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security’s offering documentation prior to making an investment decision.
13Participating in a new issue/syndicate is subject to availability. IPOs are highly speculative and may not be appropriate for all investors because they lack a stock-trading history and usually involve smaller and newer companies that tend to have limited operating histories, less-experienced management teams, and fewer products or customers. Also, the offering price of an IPO reflects a negotiated estimate as to the value of the company, which may bear little relationship to the trading price of the securities, and it is not uncommon for the closing price of the shares shortly after the IPO to be well above or below the offering price.
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
CRC 4665150 (8/2025)