Our Insights

Disclosures

When 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.

Morgan Stanley Institutional Investment Advisors LLC (MSIIA) is an investment advisor registered with SEC. The purpose of this website is for distribution of general information about our services and not a solicitation to deliver personalized Investment advice. Any communications with prospective clients residing in international jurisdictions where MSIIA is not registered may be limited so as not to trigger registration or licensing requirements.

Morgan Stanley is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, which means Morgan Stanley is a fiduciary when providing investment advisory services.

The material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument, or to participate in any trading strategy.

Morgan Stanley offers investment program services through a variety of investment programs, which are opened pursuant to written client agreements. Each program offers investment managers, funds and features that are not available in other programs; conversely, some investment managers, funds or investment strategies may be available in more than one program.

Morgan 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. The advisory program you choose is described in the applicable Morgan Stanley Smith Barney LLC ADV Brochure, available at www.morganstanley.com/ADV

Check the background of our Firm and investment professionals on FINRA's Broker/Check

Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. All rights reserved.

©2026 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC#5299772 (03/2026)