What Should I Do With My Money?

Scott, a first-generation entrepreneur, turns to Morgan Stanley Financial Advisor Blair to think beyond traditional estate planning and consider what comes next for his family. Blair’s approach starts with the individuals behind the wealth, exploring each family member’s values, passions and views on work and responsibility before developing a shared family mission. Together, they discuss how those conversations can provide a framework for making decisions about wealth, preparing the next generation for greater financial responsibility, and giving Scott’s children room to pursue their own paths.
DISCLOSURES
This material has been prepared for general informational and educational purposes only. It is not intended to provide individually tailored investment, financial, legal, tax, estate planning or other advice, and it should not be relied upon as a recommendation to engage in any particular strategy or transaction.
The views and opinions expressed by the guest speaker are solely those of the guest speaker and do not necessarily reflect the views of Morgan Stanley Smith Barney LLC, Morgan Stanley & Co. LLC or their affiliates. The guest speaker is not an employee or representative of Morgan Stanley.
The guest speaker was not compensated by Morgan Stanley for participating in this podcast.
The client experience discussed is specific to the individual featured and may not be representative of the experience of other Morgan Stanley clients. There is no guarantee that other clients will have the same or similar experience.
Any statements regarding the working relationship between the client and the Morgan Stanley Financial Advisor are testimonial in nature. Testimonials may not be representative of the experience of other clients and are not a guarantee of future performance or success.
Morgan Stanley and its Financial Advisors do not provide tax or legal advice. Clients should consult their own tax advisor, attorney and/or estate planning professional regarding their particular circumstances before implementing any estate planning, trust, gifting, business succession, charitable or tax-related strategy.
Family governance, family mission statements and wealth education discussions are qualitative planning tools. They do not guarantee family alignment, improved communication, investment success, preservation of wealth, tax efficiency or any particular financial or personal outcome.
The case study, discussion and examples are provided solely to illustrate certain planning concepts. They should not be construed as a recommendation or indication that any planning approach is suitable for all clients.
The information provided does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell, any security, financial product, service or strategy.
Discussions regarding wills, powers of attorney, trusts, gifting, family governance, family mission statements and intergenerational wealth transfer are for educational purposes only and do not constitute legal or estate planning advice.
Trust and estate planning strategies may not be appropriate for all individuals and are subject to complex laws and regulations, which may change over time. The effectiveness of any estate planning strategy depends on a client’s specific facts and circumstances.
Family governance, family mission statements and wealth education discussions are qualitative planning tools. They do not guarantee family alignment, improved communication, investment success, preservation of wealth, tax efficiency or any particular financial or personal outcome.
ETRADE from Morgan Stanley is a registered trademark of Morgan Stanley. Brokerage products and services are offered by ETRADE Securities LLC, Member SIPC. Morgan Stanley Smith Barney LLC and E*TRADE Securities LLC are affiliates.
Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create different types of relationships and obligations. Clients should consult with their Financial Advisor to understand the nature of the services provided and any applicable fees, costs and conflicts of interest.
The podcast may reference Morgan Stanley services, capabilities, Financial Advisors or platforms. Such references are for informational purposes only and should not be viewed as an endorsement or recommendation of any particular product, service or advisor.
Morgan Stanley, its affiliates and Morgan Stanley Financial Advisors may have financial interests, receive compensation or otherwise benefit from products or services discussed, including investment advisory, brokerage, lending, banking, planning or other services.
This material does not take into account the specific objectives, financial situation or needs of any particular listener. Before making any financial decision, listeners should consult with their own Financial Advisor and other appropriate professional advisors.
Morgan Stanley is not responsible for the information, opinions or statements made by non-Morgan Stanley individuals featured in this podcast, except as required by applicable law.
The case study, discussion and examples are provided solely to illustrate certain planning concepts. They should not be construed as a recommendation or indication that any planning approach is suitable for all clients.
© Morgan Stanley Smith Barney LLC. Member SIPC. All rights reserved.
CRC 5984517 (10/2026)

Kelsey, an entrepreneur, faces the classic founder's trap: massive paper wealth but a liquidity crunch hindering her new AI startup, Mother.tech. Seeking a path forward, she consults her Morgan Stanley Financial Advisor, Ara. Together, they explore Morgan Stanley’s "HOPES" framework, using options strategies to unlock capital from her concentrated stock without triggering high taxes. They also lay the groundwork for a trust to secure her daughter's financial future, balancing high-stakes growth with long-term security.
For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor.
DISCLOSURES
This material has been prepared for general informational and educational purposes only. It does not constitute an offer to buy or sell, or a solicitation of any offer to buy or sell, any security, financial instrument, investment product or strategy. The information presented is not intended to provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances, objectives, risk tolerance or needs of any specific person.
The guest speaker featured in this material is a client of Morgan Stanley and was not compensated for participating. The client’s statements reflect her own personal experiences and opinions. Her experiences are not representative of all client experiences, may not be duplicated, and are not a guarantee of future results or success. Morgan Stanley may or may not agree with the views expressed by the guest speaker.
Any testimonials, endorsements, opinions or client experiences described herein should not be construed as a recommendation or solicitation by Morgan Stanley with respect to the purchase or sale of any security, investment product, strategy or service. Past experiences and outcomes are not indicative of future results. Results will vary based on each client’s particular circumstances.
The views and opinions expressed by any speaker are those of the speaker as of the date of recording and are subject to change without notice. Morgan Stanley has no obligation to update this material or notify recipients if any information, opinion, forecast or estimate changes or becomes inaccurate.
The transcript includes discussion of concentrated stock positions, diversification strategies, exchange funds, options strategies, securities-based lending, commodities, gold-related investments, helium-related investment themes, alternative investments, custodial accounts, 529 education savings plans, trusts and estate planning concepts. These topics involve important risks and considerations and may not be appropriate for all investors.
Diversification does not guarantee a profit or protect against loss in a declining market. Strategies designed to manage concentrated stock positions, including holding, selling, hedging, options strategies, exchange funds, philanthropy and prepaid forward contracts, may involve significant risks, costs, tax consequences, restrictions and eligibility requirements. There can be no assurance that any such strategy will achieve its intended objective.
Options are not appropriate for all investors. Options strategies may involve substantial risk and may result in losses, including the potential loss of the entire investment. Certain options strategies may also limit upside participation, generate taxable events, involve complex terms and require ongoing monitoring. Investors should understand the risks and characteristics of options before engaging in any options strategy.
Securities-based lending, including Morgan Stanley’s Liquidity Access Line, may not be suitable for all clients. Borrowing against securities involves risks, including the potential for a collateral call, the need to deposit additional collateral or repay part or all of the loan, and the possibility that securities may be sold without prior notice to meet collateral requirements. Interest rates and collateral requirements may change, and a decline in the value of pledged securities could result in adverse consequences. Proceeds from securities-based loans generally may not be used to purchase, trade or carry margin stock or repay margin debt.
Alternative investments, including private equity, private credit, real estate-related strategies, commodities-related strategies and other nontraditional investments, are speculative, involve a high degree of risk and are suitable only for qualified investors who can bear the risk of loss.
Alternative investments may be illiquid, may have limited transparency, may involve leverage, may be subject to transfer restrictions, may have higher fees than traditional investments and may not be required to provide periodic pricing or valuation information.
Commodity-related investments, including gold and helium-related investments, may be highly volatile and can be affected by changes in supply and demand, geopolitical events, interest rates, inflation expectations, currency movements, regulatory developments, technological changes and other market factors. Investments tied to a particular commodity, sector or investment theme may be subject to greater risk and volatility than a more diversified investment.
References to specific companies, investment themes, industries, technologies or sectors, including artificial intelligence, data centers, quantum computing, manufacturing, space, gold, helium, Mother.tech or Google Ventures, are for illustrative and educational purposes only and should not be viewed as a recommendation, endorsement or investment advice. Morgan Stanley and its affiliates may provide or seek to provide services to companies or entities mentioned and may have other business relationships or interests involving such companies or entities.
Any hypothetical examples discussed are for illustrative purposes only and do not reflect actual client results, loan terms, investment performance or Morgan Stanley recommendations. Actual borrowing availability, collateral requirements, interest rates, investment results, tax consequences and suitability determinations will vary based on client circumstances, market conditions and applicable program terms.
Tax laws are complex and subject to change. Morgan Stanley, its affiliates, Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their own tax and legal advisors regarding the tax and legal implications of any investment, lending, estate planning, trust, custodial account, 529 plan, charitable giving or wealth transfer strategy.
Custodial accounts and 529 education savings plans are subject to specific rules, limitations and restrictions. Custodial account assets generally become the property of the minor at the applicable age of majority or termination under state law. 529 plan assets used for nonqualified expenses may be subject to taxes and penalties. The availability and treatment of any 529-to-Roth IRA transfer or rollover is subject to applicable law, eligibility requirements and limitations.
Trusts and estate planning strategies should be reviewed with qualified legal and tax advisors. The appropriateness of any trust structure depends on the client’s objectives, family circumstances, state law, tax considerations, funding decisions and administrative requirements. Morgan Stanley does not draft legal documents or provide legal advice.
Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley Financial Advisors or Private Wealth Advisors do not guarantee any investment outcome, income generation, liquidity event, tax result, estate planning result or financial planning result. All investing involves risk, including the possible loss of principal.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC and its affiliates may act in various capacities, including as broker-dealer, investment adviser, lender or distributor, and may receive compensation in connection with products and services discussed.
Clients should carefully review all offering documents, account agreements, risk disclosures, loan documents and program materials before entering into any investment, lending or planning strategy. Clients should also consult with their Morgan Stanley Financial Advisor or Private Wealth Advisor to determine whether any strategy is appropriate for their individual financial situation, objectives and risk tolerance.
The conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley.
This material has been prepared for educational purposes only. It 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”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf
© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC# 5865766 (10/2026)

This season, we’re taking things up a notch. We’re going deep on strategies for diversifying your concentrated stock, understanding private market investing, integrating cryptocurrency into your portfolio, and a lot more. But what hasn’t changed is that money is always emotional. Join us to hear how a conversation can turn concern into confidence, hosted by Morgan Stanley's Jamie Roô.
For more information visit morganstanley.com/mymoney
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The guests appearing on this podcast are unpaid speakers and are not employees or agents of Morgan Stanley unless otherwise noted. Their views are their own and do not necessarily reflect the views of Morgan Stanley Wealth Management or its affiliates.
This material has been prepared for general reference and educational purposes only. It does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
The strategies and/or investments discussed may not be appropriate for all investors. Morgan Stanley Wealth Management recommends that investors independently evaluate particular investments and strategies and consult with a Financial Advisor, legal advisor and/or tax advisor.
Investing involves risk, including the possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market. Past performance is not a guarantee of future results.
Digital assets, including cryptocurrency, are speculative and involve a high degree of risk, including potential loss of the entire investment.
Private market investments may be highly illiquid, speculative and suitable only for qualified
investors who can bear the risks associated with such investments.
Please see the show notes for additional important information and disclosures.
©2026 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC#5951199 09/2026

Anne Mahlum built and sold Solidcore, a national fitness empire — and now she’s asking what really matters. After achieving financial freedom following her $100M exit, she’s thinking deeply about what it means to live a rich life. From love and legacy to family, philanthropy and mentoring, she’s considering how to spend, give and structure her wealth to make an impact while she’s still alive.

In this episode of What Should I Do with My Money?, host Jamie Roô brings Anne together with Victoria, a Morgan Stanley Financial Advisor, to explore values-based wealth planning, giving while living and how post-exit founders can reinvent their purpose for the next chapter of their life.

For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor.

DISCLOSURES

The conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley.

The views and opinions expressed in this material are those of the speaker, at the time of this writing and do not necessarily represent those of Morgan Stanley Smith Barney LLC, its affiliates or its other employees. Of course, these views may change without notice in response to changing circumstances and market conditions. Furthermore, this material may contain forward looking statements and there can be no guarantees that they will come to pass. The discussion of any securities in this material should not be construed as a solicitation to buy or sell such securities. Portfolio holdings are subject to change and there is no guarantee that any securities mentioned will be held in a client’s account. It should not be assumed that any securities transactions or holdings discussed were or will prove to be profitable. Historical data discussed represents past performance and does not guarantee comparable future results. The information and statistical data contained herein have been obtained from sources that are believed to be reliable but in no way are guaranteed by Morgan Stanley Smith Barney LLC as to accuracy or completeness.

Morgan 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.

Tax-loss harvesting: IRS rules stipulate that if a security is sold by an investor at a tax loss, the tax loss will not be currently usable if the investor has acquired (or has entered into a contract or option on) the same or substantially identical securities 30 days before or after the sale that generated the loss. This so-called "wash sale" rule is applied with respect to all of the investor's transactions across all accounts.

Technology stocks may be especially volatile.

Artificial intelligence (AI) is subject to limitations, and you should be aware that any output from an IA-supported tool or service made available by the Firm for your use is subject to such limitations, including but not limited to inaccuracy, incompleteness, or embedded bias. You should always verify the results of any AI-generated output.


Because this strategy expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the portfolio's overall value to decline to a greater degree than that of a less concentrated portfolio.

Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Companies paying dividends can reduce or stop payouts at any time.

Real estate investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions.

Private equity funds typically invest in securities, instruments, and assets that are not, and are not expected to become, publicly traded and therefore may require a substantial length of time to realize a return or fully liquidate. They typically have high management, performance and placement fees which can lower the returns achieved by investors. They 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 with significant lock-up periods and no secondary market, can engage in leverage and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums.

Any type of continuous or periodic investment plan does not assure a profit and does not protect against loss in declining markets. Since such a plan involves continuous investment in securities regardless of fluctuating price levels of such securities, the investor should consider his/her financial ability to continue his/her purchases through periods of low price levels.

Asset Allocation and diversification do not assure a profit or protect against loss in declining financial markets.

Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at
https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf

You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.

The authored books discussed in this material do not constitute an endorsement, authorization, sponsorship by or affiliation with Morgan Stanley. Morgan Stanley has not reviewed the books for approval and is not responsible for the information contained therein.

Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate.

Banking products and services are provided by Morgan Stanley Private Bank, National Association, Member FDIC.

Morgan 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

©2025 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC# 4934812 (11/2025)

How do you financially plan for a child with special needs? Paige and Scott are navigating the emotionally complex and financially challenging landscape of raising their son who is considered to be level 3 on the autism spectrum. They have questions about being financially prepared to support their child throughout adulthood, while setting their second child up for success.
Kim, a Morgan Stanley Financial Advisor, is a mother of a special needs child herself and offers tailored solutions for Paige and Scott. Hear their conversation on estate planning, ABLE accounts, special needs trusts and second-to-die insurance policies that can help secure their children's futures.
For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor.

[DISCLOSURES]
The conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley.
Investing involves risk, including the potential loss of principal invested.
Important considerations concerning ABLE Accounts: ABLE Accounts, which are tax-advantaged savings accounts for eligible individuals with disabilities and their families, were created as a result of the passage of the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 or better known as the ABLE Act. The beneficiary of the account is the account owner, and generally income earned by the accounts will not be taxed. Contributions to the account made by any person (the account beneficiary, family and friends) will be made using post-taxed dollars and will not be tax deductible, although some states may allow for state income tax deductions for contribution made to an ABLE account.
The ABLE Act limits eligibility to individuals with significant disabilities with an age of onset of disability before turning 26 years of age. Starting in 2026, the eligibility age of onset of disability will be raised to 46 years of age. If you meet this age criteria and are also receiving benefits already under SSI and/or SSDI, you are likely eligible to establish an ABLE account. Generally, the total annual contributions by all participating individuals, including family and friends, for a single tax year is $19,000 (for 2025) plus, in certain cases, the lesser of the amount of the beneficiary’s compensation or the amount equal to the poverty line for a one-person household. The total limit over time that could be made to an ABLE account will be subject to the individual state and their limit for education-related 529 savings accounts. The first $100,000 in ABLE accounts would be exempted from the SSI $2,000 individual resource limit. If and when an ABLE account exceeds $100,000, the beneficiary’s SSI cash benefit would be suspended until such time as the account falls back below $100,000. It is important to note that while the beneficiary’s eligibility for the SSI cash benefit is suspended, this has no effect on their ability to receive or be eligible to receive medical assistance through Medicaid. The 2017 Tax Cuts and Jobs Act allows funds to be rolled over from a designated beneficiary’s 529 plan to an ABLE account for the same designated beneficiary or a family member of the designated beneficiary (including the beneficiary's spouse). But this does not apply to the extent the amount distributed when added to other amounts contributed to the ABLE account exceeds the annual contribution limit ($19,000 for 2025).
A “qualified disability expense” means any expense related to the disability of the designated beneficiary and are for the benefit of that designated beneficiary in maintaining or improving his or her health, independence, or quality of life. These may include education, housing, transportation, employment training and support, assistive technology, personal support services, health care expenses, financial management and administrative services and other expenses. As of now ABLE accounts are not available through Morgan Stanley, but they can be purchased directly through a state offering an ABLE plan.
Individuals who qualify for governmental benefits may use a combination of a supplemental needs trust, an ABLE account, and perhaps also an account at a website such as helphopelive.org, which is a non-profit that provides the ability to create a fundraising page to cover the costs of uncovered medical expenses. As it is a non-profit, donations to your fundraising page are tax deductible, and the non-profit as well as your lawyer can help guide you as to how to use your funds without impacting governmental benefits.
Morgan 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.
Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
If an account owner or the beneficiary resides in or pays income taxes to a state that offers its own 529 college savings or pre-paid tuition plan (an “In-State Plan”), that state may offer state or local tax benefits. These tax benefits may include deductible contributions, deferral of taxes on earnings and/or tax-free withdrawals. In addition, some states waive or discount fees or offer other benefits for state residents or taxpayers who participate in the In-State Plan. An account owner may be denied any or all state or local tax benefits or expense reductions by investing in another state’s plan (an “Out-of-State Plan”). In addition, an account owner’s state or locality may seek to recover the value of tax benefits (by assessing income or penalty taxes) should an account owner rollover or transfer assets from an In-State Plan to an Out-of-State Plan. While state and local tax consequences and plan expenses are not the only factors to consider when investing in a 529 Plan, they are important to an account owner’s investment return and should be taken into account when selecting a 529 plan.
Tax laws are complex and are subject to change. This information is based upon current tax rules in effect at the time this was written. Morgan Stanley Smith Barney LLC and its Financial Advisors do not provide tax or legal advice. Individuals should always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments.
Investments in a 529 Plan are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so an individual may lose money. Investors should review a Program Disclosure Statement, which contains more information on investment options, investment objectives, risks factors, fees and expenses and possible tax consequences. Investors should read the Program Disclosure Statement carefully before investing.
Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf
You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.
© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC# 4776594 (10/2025)