Phone:
(701) 222-7552(701) 222-7552
West Dakota Group at Morgan Stanley
Direct:
(701) 223-0135(701) 223-0135
Toll-Free:
(800) 541-9851(800) 541-9851
Our Mission Statement
As a seasoned wealth advisory practice, we provide the knowledge, experience, and insights to serve as your single point of contact for all your financial needs.
About The West Dakota Group
The West Dakota Group at Morgan Stanley brings a practical, relationship-driven approach to helping clients make confident financial decisions across every stage of life. Rooted in the values of preparation, accountability and long-term partnership, our team works with individuals, families, business owners and organizations who want thoughtful guidance for both today's priorities and tomorrow's possibilities.
As a seasoned wealth advisory practice, we help clients address the many moving parts of their financial lives — from investment management, retirement income planning and estate planning strategies to cash management, lending solutions and multigenerational wealth planning. We also work with businesses and organizations on corporate retirement plan needs, including plan design considerations, investment menu support, participant education and guidance for employers seeking to help their teams prepare for retirement.
For many of our clients, retirement remains one of the most important financial milestones — but it is rarely the only goal. Whether you are preparing to transition from work, managing wealth for your family, building a business, supporting employees through a retirement plan or stewarding assets for an institution, we begin by understanding what matters most to you and then developing a customized strategy around those priorities.
By combining the personal attention of a dedicated local team with the global resources of Morgan Stanley, we strive to simplify complexity and provide clear, actionable advice. Our goal is to help you make informed decisions, preserve flexibility and feel more confident about the path ahead.
Getting started is simple. It begins with a conversation. We look forward to learning about your goals and sharing how The West Dakota Group can help support your financial future.
Services Include
- Wealth ManagementFootnote1
- Financial PlanningFootnote2
- Retirement PlanningFootnote3
- 401(k) Rollovers
- Professional Portfolio ManagementFootnote4
- Alternative InvestmentsFootnote5
- Structured ProductsFootnote6
- Long Term Care InsuranceFootnote7
- Estate Planning StrategiesFootnote8
- Endowments and FoundationsFootnote9
- Life InsuranceFootnote10
- Cash Management and Lending ProductsFootnote11
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.*
By Your Side for All of Life’s Milestones
Our practice is built on the development of deep and enduring relationships and the delivery of comprehensive wealth management services. We work with a broad range of clients who value and respect the advice we carefully cultivate for them in seeking the achievement of their goals.
Holistic Financial Planning & Monitoring
Wealth management brings virtually all the dimensions of your life together. We listen carefully to understand the connections across your personal life, your family, your career, and your legacy goals to develop an integrated strategy that is uniquely yours.
Robust Investment Planning
The cornerstone of an effective wealth management plan is comprehensive financial planning, which captures goals, resources and expectations for the future. Effective planning can potentially lead to successful education and retirement income funding. It helps eliminate blind spots, and helps ensure legacy goals are met.
Retirement Income Distribution Planning
One of our key areas of strength is helping you prepare and thrive in retirement. From IRAs to RMDs, we manage the complexities of your comprehensive retirement plan assets, helping you easily transition to the next phase of your life with confidence.
College & Education Planning
Morgan Stanley offers a variety of 529 plan options to help you save for college and other education expenses.
Estate Planning Strategies
With you every step of the way. We analyze your tax and estate structures so that their tax characteristics are accurately incorporated in the asset allocation analysis performed for the client.
Institutional Services
Our team offers financial advisory services for business retirement plans, aiding plan sponsors in plan design, investment selection and monitoring, as well as supporting plan participant financial wellness and education. Additionally, we work with foundations and endowments by providing investment management services.
Our Six-Step Process
Our wealth management approach focuses on you, your family and your career – where you are today and where you want to go. Working together, we develop the strategies to help get you there, navigating life’s challenges and helping you make more informed decisions about your wealth.
1. Introductory Call
We begin with an informal conversation to understand your financial concerns and determine how we can add value. If we all agree to move forward, we’ll schedule our next meeting and request important financial information.
2. Get To Know You Meeting
We continue the dialogue by fostering an in-depth conversation where we learn about the values that shape your decisions and identify any unique circumstances. We also review the documents you’ve prepared and define your priorities.
3. Analysis & Plan Development
Here, we utilize proprietary financial planning tools to develop a personalized and detailed plan with recommendations to help you grow, preserve and transfer your wealth.
4. Implementation
In this step, we present appropriate strategies that are designed to work together to achieve your goals. Upon your approval, we open new accounts for you at Morgan Stanley and initiate our investment recommendations. We’ll also begin to implement other strategies we’ve discussed. These often encompass tax minimization strategies, as well as risk management and estate planning techniques.
5. Plan Monitoring
Holistic plans change over time as your personal and family situations change. We are here to revisit your plan regularly to make tactical changes to help meet the needs of our ever-changing situations and environment.
6. Ongoing Service
Committed to premium service, we focus on developing a relationship that provides special value to you and your family. As we begin to execute each strategy, we’ll set up tools so you have immediate access to your account information. And because markets and personal needs evolve over time, we set up ongoing meetings to help ensure your plan remains on schedule to achieve your goals.
Personalized Solutions
From buying a home to rolling over your 401(k) to leaving a lasting legacy, we are here to answer your financial questions and implement the best strategies for your specific goals and circumstances. Here are just some of the questions we help our clients answer every day.
Financial Planning
Life is constantly changing. How do I prepare for a more secure future knowing that certain events – like a divorce or a death in the family – can dramatically impact my plans?
Retirement Planning
Have I saved enough for retirement so I can maintain my current lifestyle without worrying I’ll run out of money? What is the best way to re-invest my 401(k) when I get ready to leave my company and retire?
Asset Organization
I have assets spread across multiple organizations and platforms. How do I get organized and simplify my financial life?
Managing Risk
Life’s risks can reveal themselves in many ways – from loss of life to loss of health. How do I protect myself and my family from life’s unknowns?
Professional Portfolio Management
I have so many things I want to do with my life. How can one investment strategy balance them all?
Charitable Giving
Are my charitable donations having the impact I want them to have?
Growing Older
Given extended life expectancy, how do I make certain I can afford the health services I may need?
Tax-Efficient Planning
The tax decisions you make today can help you save for years to come. Are you prepared?
Valuable Tools and Resources
We believe financial education leads to better insights into our investment strategy and discipline, and ultimately, better long-term decisions. As a result, we are committed to providing you with important information about managing your wealth more effectively in today’s global markets.
We have assembled the following resources that reinforce the fundamental investment strategies and concepts of our practice. We’ve provided links to these materials, where available, and hope you’ll return often to learn more about the topics that impact your overall wealth.
We have assembled the following resources that reinforce the fundamental investment strategies and concepts of our practice. We’ve provided links to these materials, where available, and hope you’ll return often to learn more about the topics that impact your overall wealth.
2026 Tax Tables
This helpful resource outlines the 2026 tax rate schedule, education and health savings account limits, retirement contribution and deduction limits, among other information. With tax season seemingly always right around the corner, it's best to be as informed as possible.
Access the 2026 federal tax tables
Thoughts on the Market Podcast
With perspectives on the forces shaping the market, join Morgan Stanley's Chief Investment Officer and Chief US Equity Strategist as he and his colleagues discuss their viewpoints regarding the latest trends in the financial marketplace.
Check out the latest episode
Addressing Cybercrime
In a world that is now more virtual than ever, staying safe online is nothing short of paramount. Learn how you can take a number of steps to help reduce the threat of identity theft, online scams, malware, fraud and more.
Maintain Good Cybersecurity Habits
On The Markets Research Report
Detailed market commentary from Morgan Stanley's thought leaders on topics such as global equities, fixed income, monetary policy and more.
Click Here for the Most Recent "On The Markets" Report
MS Reserved
Reserved Living & Giving is a tiered complimentary loyalty program that rewards Morgan Stanley's most valued clients. The program is designed to enhance your lifestyle and relationship with the firm beyond traditional wealth management services.
Learn more about MS Reserved
Morgan Stanley Online
Morgan Stanley Online allows you to seamlessly and securely manage your investments and everyday finances in one place.
Register for Morgan Stanley Online TodayAWARD-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
4207 Boulder Ridge Rd
Ste 250
Bismarck, ND 58503
US
Direct:
(701) 223-0135(701) 223-0135
Toll-Free:
(800) 541-9851(800) 541-9851
Fax:
(701) 223-0133(701) 223-0133
Meet West Dakota Group
Senior Vice President, Wealth Management, Financial Advisor, CERTIFIED FINANCIAL PLANNER®, CHARTERED RETIREMENT PLANS SPECIALIST
Phone:
(701) 222-7563(701) 222-7563
Phone:
(701) 222-7561(701) 222-7561
Financial Advisor, Financial Planning Specialist, Qualified Plan Financial Consultant
Phone:
(701) 222-7551(701) 222-7551
Michelle Edwards
Business Development Associate
Phone:
(701) 222-7564(701) 222-7564
Brodey Geiger
Registered Client Relationship Analyst, Financial Planning Specialist
Phone:
(701) 222-7559(701) 222-7559
Airika Blackburn
Client Relationship Analyst
Phone:
(701) 222-7566(701) 222-7566
About Steve K. Anderson
Steve is a Senior Vice President, Financial Planning Specialist, and founding partner of The West Dakota Group at Morgan Stanley. Since 1994, he has enjoyed working with individuals, families, and small business owners with a higher level of wealth, providing personalized advice through a disciplined process. His areas of focus include portfolio management, alternatives investments, annuities, and structured products. Steve’s comprehensive approach includes a detailed financial plan, a diversified investment portfolio, and a commitment to outstanding service.
Born and raised in Grand Forks, ND, Steve learned at an early age that it was not only important to work hard, but to have your money work hard too. He learned this valuable lesson when he was attending the University of North Dakota for his Bachelor’s degree in Accounting. His father had reached out to him to assist in making some important financial decisions. Steve saw how rewarding it could be to provide important guidance that could make a real impact. This experience inspired him to pursue a career in wealth management. Steve joined Smith Barney in 1994 and has been an integral part of the firm’s growth ever since.
Today, more than 25 years later, Steve has built a successful career that enables him to help clients solve complex problems, manage their total financial picture, and keep more of what they earn. It is extremely rewarding for Steve to see the impact a comprehensive strategy can have on his clients’ lives. Helping families develop and implement a financial plan gives him great satisfaction knowing he is contributing to a more comfortable and confident financial lifestyle. For his skills and client commitment, Steve has been named to Morgan Stanley’s Century Club, a recognition club for top advisors at the firm, for many consecutive years.
Steve’s desire to help others is equaled only by his dedication to his community and his family. Over the years, he has been active with his church and has been serving on its board since 2010. He also served as a board member of Capital Racquet and Fitness Center, where he is also a member.
A long-time resident of Bismarck, Steve has two daughters who are both attending college in North Dakota. They give him great joy and he loves spending time with them. Other favorite activities include golfing, playing racquetball, and staying fit.
Born and raised in Grand Forks, ND, Steve learned at an early age that it was not only important to work hard, but to have your money work hard too. He learned this valuable lesson when he was attending the University of North Dakota for his Bachelor’s degree in Accounting. His father had reached out to him to assist in making some important financial decisions. Steve saw how rewarding it could be to provide important guidance that could make a real impact. This experience inspired him to pursue a career in wealth management. Steve joined Smith Barney in 1994 and has been an integral part of the firm’s growth ever since.
Today, more than 25 years later, Steve has built a successful career that enables him to help clients solve complex problems, manage their total financial picture, and keep more of what they earn. It is extremely rewarding for Steve to see the impact a comprehensive strategy can have on his clients’ lives. Helping families develop and implement a financial plan gives him great satisfaction knowing he is contributing to a more comfortable and confident financial lifestyle. For his skills and client commitment, Steve has been named to Morgan Stanley’s Century Club, a recognition club for top advisors at the firm, for many consecutive years.
Steve’s desire to help others is equaled only by his dedication to his community and his family. Over the years, he has been active with his church and has been serving on its board since 2010. He also served as a board member of Capital Racquet and Fitness Center, where he is also a member.
A long-time resident of Bismarck, Steve has two daughters who are both attending college in North Dakota. They give him great joy and he loves spending time with them. Other favorite activities include golfing, playing racquetball, and staying fit.
Securities Agent: VI, ME, NE, MS, SC, UT, WI, OR, WY, ID, WV, WA, VT, VA, FL, TX, TN, SD, RI, PR, PA, OK, OH, NY, NV, NM, NJ, NH, ND, NC, MT, MO, MN, MI, MD, MA, LA, KY, KS, IN, IL, IA, HI, GA, DE, DC, CT, CO, CA, AZ, AR, AL, AK; BM/Supervisor; General Securities Representative; Investment Advisor Representative; Managed Futures
NMLS#: 1451623
NMLS#: 1451623
About Jesse Sailer
Jesse is a Senior Vice President at Morgan Stanley. Prior to joining Morgan Stanley, Jesse was a Senior Wealth Advisor at a local bank trust department for nine years. A CERTIFIED FINANCIAL PLANNER™, Jesse believes in holistic wealth planning to help clients achieve their goals with peace of mind. Jesse knows that a one-size-fits-all approach doesn’t work for the unique and complex needs of her clients, and she prides herself on being a careful listener so she can truly understand the clients’ goals to help best guide them.
Jesse specializes in the areas of retirement planning, cash flow planning, estate planning, employer-sponsored retirement plans, nonprofit foundations, and investments for government entities.
Originally from Jamestown, ND and graduating Jamestown High School, Jesse went on to pursue her B.S. in Finance and Business Administration at the University of Mary in Bismarck, ND. She also earned her M.B.A. from the University of Mary.
In the community, Jesse serves on the board of directors for the Bismarck Library Foundation, is the Vice President of the Western Dakota Estate Planning Council, a member of the Bismarck Rotary Club, and is active in her church.
Jesse resides in Bismarck with her husband and two children. In her free time, Jesse enjoys spending time with her family, particularly taking in any outdoor activity. Jesse also enjoys running, reading, and watching her children’s activities.
Jesse specializes in the areas of retirement planning, cash flow planning, estate planning, employer-sponsored retirement plans, nonprofit foundations, and investments for government entities.
Originally from Jamestown, ND and graduating Jamestown High School, Jesse went on to pursue her B.S. in Finance and Business Administration at the University of Mary in Bismarck, ND. She also earned her M.B.A. from the University of Mary.
In the community, Jesse serves on the board of directors for the Bismarck Library Foundation, is the Vice President of the Western Dakota Estate Planning Council, a member of the Bismarck Rotary Club, and is active in her church.
Jesse resides in Bismarck with her husband and two children. In her free time, Jesse enjoys spending time with her family, particularly taking in any outdoor activity. Jesse also enjoys running, reading, and watching her children’s activities.
Securities Agent: FL, MT, KY, KS, NV, ND, GA, AZ, PA, OK, IL, WI, WA, SD, MI, CO, NE, MO, ID, AR, TN, OR, NC, MN, TX, OH, DC, WY, NY, CA, VA, NM, NJ, MD, LA, UT; BM/Supervisor; General Securities Representative; Investment Advisor Representative
NMLS#: 2407415
NMLS#: 2407415
About Chase Lako
Chase Lako is a Financial Advisor who has been with Morgan Stanley since September 2019. Prior to joining the Firm, he worked for his family's excavating company after graduating with a degree in Agriculture and a minor in Business from Northwestern Oklahoma State University.
A native of Arthur, North Dakota, Chase currently resides in Mandan, North Dakota with his beautiful wife Kennedi, their dachshund Piper, and five horses. He is quite involved in his local community, where he is an active member of the Mandan horse and saddle club and the Mandan Planning Organization. In his free time, Chase enjoys rodeoing with his wife, roping with his friends, and taking advantage of the great outdoors with his family. He also loves to fly and is close to finishing his private pilot's license certification.
A native of Arthur, North Dakota, Chase currently resides in Mandan, North Dakota with his beautiful wife Kennedi, their dachshund Piper, and five horses. He is quite involved in his local community, where he is an active member of the Mandan horse and saddle club and the Mandan Planning Organization. In his free time, Chase enjoys rodeoing with his wife, roping with his friends, and taking advantage of the great outdoors with his family. He also loves to fly and is close to finishing his private pilot's license certification.
Securities Agent: MN, VA, TN, FL, AR, OK, MT, GA, DC, NJ, MD, LA, IL, AZ, WI, OR, NY, NC, KS, SD, PA, NE, MO, CO, NV, ND, CA, WA, UT, TX, MI, ID, KY, WY; General Securities Representative; Investment Advisor Representative
NMLS#: 2051491
NMLS#: 2051491
About Joe Dosch
Joe Dosch is a Financial Advisor who holds his Series 7 and Series 66. Prior to joining the firm, he contributed to and continued the successful operation of the Expressway Suites hotel in Bismarck. With over a decade of experience as a small business owner & operator he brings a unique perspective to our team.
Joe is committed to helping his clients feel comfortable with their retirement planning process and helping them achieve their goals. He focuses in the areas of retirement planning, employer-sponsored retirement plans and cash flow planning.
Born and raised in Bismarck he attended St. Mary’s Central High School and went on to obtain his B.S. in Business Administration at the University of Mary in Bismarck, ND.
Joe and his wife Amanda have been blessed with four wonderful & active boys. He enjoys spending time with family and watching his kids discover their interests.
Joe is committed to helping his clients feel comfortable with their retirement planning process and helping them achieve their goals. He focuses in the areas of retirement planning, employer-sponsored retirement plans and cash flow planning.
Born and raised in Bismarck he attended St. Mary’s Central High School and went on to obtain his B.S. in Business Administration at the University of Mary in Bismarck, ND.
Joe and his wife Amanda have been blessed with four wonderful & active boys. He enjoys spending time with family and watching his kids discover their interests.
Securities Agent: MN, AZ, NE, SD, WA, NV, CA, NY, MT, OR, ND; General Securities Representative; Investment Advisor Representative
NMLS#: 2575055
NMLS#: 2575055
About Michelle Edwards
Michelle brings more than 20 years of financial services experience to our team. As a Business Development Associate, she is essential to enhancing the client experience. Her extensive knowledge of the firm’s administrative and operational platforms allows her to quickly align the correct resources, providing clients with confidence as she works to find the appropriate solution for their particular question or need.
Michelle graduated from Minot State University with a B.A. degree in Business Administration. She joined Morgan Stanley in 2000 for the opportunity to work closely with clients and help them strive towards their goals. It gives Michelle great satisfaction knowing she is helping someone solve a problem. She strives to ensure a stress-free experience by creating streamlined processes and leading a coordinated effort among her colleagues. Michelle holds the FINRA Series 7, 63 and 65 licenses.
Originally from Williston, Michelle now lives in Bismarck with her husband, Mark, and daughter, Bryanne. Favorite activities include reading, volunteering and spending time with family.
Michelle graduated from Minot State University with a B.A. degree in Business Administration. She joined Morgan Stanley in 2000 for the opportunity to work closely with clients and help them strive towards their goals. It gives Michelle great satisfaction knowing she is helping someone solve a problem. She strives to ensure a stress-free experience by creating streamlined processes and leading a coordinated effort among her colleagues. Michelle holds the FINRA Series 7, 63 and 65 licenses.
Originally from Williston, Michelle now lives in Bismarck with her husband, Mark, and daughter, Bryanne. Favorite activities include reading, volunteering and spending time with family.
About Brodey Geiger
Brodey serves as a Registered Client Relationship Analyst at Morgan Stanley, where he brings a strong foundation in banking, insurance, and investment services. With more than eight years of customer service experience, he is committed to providing clients with thoughtful guidance and a seamless experience as they navigate their financial goals.
Prior to joining Morgan Stanley, Brodey worked in the investment and insurance department at Capital Credit Union. In that role, he developed tailored insurance solutions and supported the day-to-day operations of the department, helping clients address their unique financial needs. His performance was recognized with a Leadership Development Award and a Service Excellence Award, reflecting his commitment to both professional growth and outstanding client service.
He currently holds FINRA Series 7 and 66 licenses, multiple insurance licenses, and has earned the Financial Planning Specialist Designation.
A native of Mandan, North Dakota, Brodey enjoys golfing and coaching youth golf during the summer. He especially likes traveling across North Dakota to play new courses and explore different parts of the state. He also values spending quality time with family and friends.
Prior to joining Morgan Stanley, Brodey worked in the investment and insurance department at Capital Credit Union. In that role, he developed tailored insurance solutions and supported the day-to-day operations of the department, helping clients address their unique financial needs. His performance was recognized with a Leadership Development Award and a Service Excellence Award, reflecting his commitment to both professional growth and outstanding client service.
He currently holds FINRA Series 7 and 66 licenses, multiple insurance licenses, and has earned the Financial Planning Specialist Designation.
A native of Mandan, North Dakota, Brodey enjoys golfing and coaching youth golf during the summer. He especially likes traveling across North Dakota to play new courses and explore different parts of the state. He also values spending quality time with family and friends.
Contact Steve K. Anderson
Contact Jesse Sailer
Contact Chase Lako
Contact Joe Dosch
The Power of Partnerships
By partnering with experienced individuals across wealth disciplines, Morgan Stanley Financial Advisors can align specialized resources with your custom needs and deliver strategic guidance through the familiarity and trust of existing relationships
Senior Vice President, Institutional Consulting Director, Investing with Impact Director, Portfolio Management Director
Morgan Stanley Wealth Management Financial Advisors can conduct their business in several ways: individually, as a member of a team of Financial Advisors, or through the formation of a Strategic Partnership with another Financial Advisor or team of Financial Advisors. A Strategic Partnership is an arrangement between a Financial Advisor or a team of Financial Advisors with another Financial Advisor or team of Financial Advisors that has a unique focus or knowledge regarding a specific business concentration, product area, and/or client type. If your account is with an individual Financial Advisor, that Financial Advisor services all facets of your account. If your account is with a Financial Advisor who is a member of a team, any Financial Advisor on the team can service your account. If your Financial Advisor is part of a Strategic Partnership, his or her role in that Strategic Partnership may be limited to a specific business and/or product area and may not cover all facets of your account. The use of the terms “Partner” or “Strategic Partner” and/or “Partnership” or “Strategic Partnership” are used as terms of art and not used to imply or connote any legal relationship.
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Retirement for Plan Sponsors
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We can provide the tools and guidance to help you manage a retirement plan.
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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 West Dakota Group today.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
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.
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6Structured 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.
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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9Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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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.
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.
1Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
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.
3When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
4Morgan 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.
5Alternative 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.
6Structured 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.
7Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
8Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
9Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
10Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
11Morgan 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
Check the background of our Firm and Investment Professionals on FINRA's BrokerCheck*.
The information, products and services described here are intended only for individuals residing in states where this Financial Advisor is properly registered as described in this site.
Morgan Stanley reserves the right, to the extent permitted under applicable law, to retain and monitor all electronic communications. Morgan Stanley will not accept purchase or sale orders via any Internet site, social media site and/or its messaging systems. Morgan Stanley does not endorse and is not responsible and assumes no liability for content, products or services posted by third-parties on any Internet site, social media site and/or its messaging systems. All electronic communications are subject to terms available at the following link:
https://www.morganstanley.com/disclaimers/mswm-email.html. Any profiles and associated content are for U.S. residents only.
The securities/instruments, services, investments and investment strategies discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment, investment strategy or service will depend on an investor's individual circumstances and objectives. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, strategies and services, and encourages investors to seek the advice of a Financial Advisor or Private Wealth Advisor. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”) is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third-party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness.
The views, opinions or advice contained within third party websites or materials are solely those of the author, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
*References to length of service at Morgan Stanley include years at Morgan Stanley and predecessor firms.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
The use of the CDFA designation does not permit the rendering of legal advice by Morgan Stanley or its Financial Advisors which may only be done by a licensed attorney. The CDFA designation is not intended to imply that either Morgan Stanley or its Financial Advisors are acting as experts in this field.
Awards Disclosures | Morgan Stanley
Please read the important disclosures below.
1) Morgan Stanley Wealth Management secured Money Management Institute/Barron’s Industry Awards for Wealth Manager Platform of the Year. The Wealth Manager Platform of the Year category recognizes a wealth manager platform that exemplifies innovation in delivering better outcomes for investors and Financial Advisors. This award has been secured in 2024, 2021, 2020, 2019 & 2018. The winners were selected by a specially appointed MMI Industry Awards Steering Council. The Steering Council consists of representatives from all segments of the MMI membership. After carefully reviewing the nominations submitted, the Steering Council determined a slate of finalists in each award category. The primary contacts at each of MMI’s 207 member firms were eligible to vote to determine the winners. Nominations were reviewed and evaluated to determine finalists June 2024 - July 2024. Finalists were voted on to determine a winner August 2024. MMI/Barron’s does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to MMI/Barron’s in exchange for its receipt of the award. Morgan Stanley is a member of MMI and pays a fee to MMI as part of its membership dues. Morgan Stanley’s receipt of this award is not indicative of any future performance. These awards were granted to Morgan Stanley based on the time period from October 2023 to June 2024. There were 6 firms considered for the Wealth Management Platform of the Year Award and 12 firms considered for the Distribution Excellence Award. The Money Management Institute (MMI) is the industry association representing financial services firms and Barron’s is a financial magazine; both groups are responsible for the award. Accolade qualifications for past years may vary; additional information available upon request.
2) Industry’s top tax-optimization technology refers to tax management capabilities developed by Eaton Vance and Parametric, affiliates of Morgan Stanley. Morgan Stanley is a leading provider of direct indexing strategies. According to Cerulli Associates’ Q1 2026 Managed Account Edition, Morgan Stanley ranked first among 15 firms in Direct Index SMA assets under management based on reported industry assets. The ranking reflects scale of assets and does not evaluate tax outcomes, performance, or quality of technology. Tax outcomes will vary and are not guaranteed.
3) The Celent Model Wealth Manager 2025 Awards for Data and Analytics and Essential and Emerging Technologies were granted to Morgan Stanley following an evaluation process conducted by Celent analysts. To be considered for this award, Morgan Stanley submitted Model Wealth Manager 2025 Nomination Award Worksheets to Celent on or about January 30, 2025. Celent judged each submission on three criteria: (1) Measurable business benefits of live initiatives; (2) degree of innovation relative to the industry; and (3) technology or implementation excellence. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Celent does not receive compensation from the participating firms in exchange for the award and Morgan Stanley did not pay a fee to Celent in exchange for the award. Morgan Stanley is not affiliated with Celent. Based on their submission on January 30, 2025 for Celent’s 2025 Model Awards program, Celent granted Morgan Stanley their awards in June, 2025 and publicly shared the news in June, 2025. Celent is a global financial services research and advisory firm and is responsible for determining the recipient of this award.
4) Q4 2025 Securities Based Lending McLagan Survey – 6 Firm Report. Based on both Non-Purpose Lending and total SBL balances. Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss.
Not all products, tools, platforms, and services referenced are available to all clients. Please speak with your Financial Advisor for eligibility criteria.
Investing in securities involves risk, including possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market.
Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.
Alternative investments are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage, short-selling and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lock-ups. They may involve complex tax structures, tax inefficient investing and delays in distributing important tax information. They may have higher fees and expenses that traditional investments, and such fees and expenses can lower the returns achieved by investors.
Cash management and lending products and services are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Borrowing against securities may not be appropriate for everyone. Clients must be aware that there are risks associated with a securities based loan, including possible maintenance calls on short notice, and that market conditions can magnify any potential for loss. For details please see the important disclosures below.
Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt long-term investment strategy and may result in adverse tax consequences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as "Morgan Stanley") reserve the right not to fund any advance request due to insufficient collateral or for any other reason except for any portion of a securities based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right to increase the collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities based loans at any time and for any reason.
With the exception of a margin loan, the proceeds from securities based loan products may not be used to purchase, trade, or carry margin stock (or securities, with respect to Express CreditLine); repay margin debt that was used to purchase, trade or carry margin stock (or securities, with respect to Express CreditLine); and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.
To be eligible for a securities based loan, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible securities, which shall serve as collateral for the securities based loan.
Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
There is no guarantee that tax-loss harvesting will achieve any particular tax result. Clients may elect Tax Management Services for the account by notifying their Financial Advisor, and indicate what Maximum Tax or Realized Capital Gain Instruction is desired for the account, if any. The Tax Management Services Terms and Conditions attached to the Morgan Stanley Smith Barney LLC Select UMA ADV brochure as Exhibit A will govern Tax Management Services in the account. Review the Morgan Stanley Smith Barney LLC Select UMA ADV brochure carefully with your tax advisor.
Industry acclaimed risk platform refers to Morgan Stanley Smith Barney LLC’s (“Morgan Stanley”) Portfolio Risk Platform. The assumptions used in the Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker-dealer or investment adviser nor does it provide investment advice with respect to the Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.
The footnotes below apply to the industry-leading claims referenced above. More information is available upon request.
Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. Securities based loans are provided by Morgan Stanley Smith Barney LLC, Morgan Stanley Private Bank, National Association or Morgan Stanley Bank, N.A, as applicable.
Investment, Insurance and annuity products offered through Morgan Stanley Smith Barney LLC are NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at www.morganstanley.com/wealth or consult with your Morgan Stanley Financial Advisor to read about those differences.
The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum and make a determination based on their own particular circumstances that the investment is consistent with their investment objectives and risk tolerance.
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4665150 (8/2025), 4763067 (9/2025), 5378280 (5/2026)
