NEIL MITCHELL TEAM - morganstanleypwa.com · Neil Mitchell Team 2 M O R G A N S T A N L E Y F R A N...

N E I L M I T C H E L L T E A M

M O R G A N S TA N L E Y P R I VAT E W E A LT H M A N A G E M E N T

Private Wealth Management 522 Fifth Avenue New York, NY 10036

2 Neil Mitchell Team

M O R G A N S T A N L E Y F R A N C H I S E

As a result of the integrated leadership

between PWM and the other divisions

of the firm, PWM is uniquely positioned

to deliver the firm’s expansive resources

to each client.

MORGAN STANLEY FRANCHISE POWER 1

1 As of June 30, 2016. At Morgan Stanley (Morgan Stanley Wealth Management, Morgan Stanley, Morgan Stanley and CO 2 As of June 30, 2016. At Morgan Stanley Wealth Management 3 Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC. The other affiliated businesses of Morgan Stanley described herein as "Institutional Securities Group" and "Investment

Management" are also broker-dealers in the United States registered as Morgan Stanley & Co. LLC, and Morgan Stanley Distribution, Inc., respectively. 4 DATA AND INFORMATION SUBJECT TO CHANGE

• $2Tn in AUM2

• Total Deposits $152Bn1

• Morgan Stanley reported revenues of $8.9Bn2

• Morgan Stanley's Global employees approximately 56,000

• The Tier 1 risk-based Capital Ratio under U.S. Basel III was approximately 18.8%1

• $207Bn in liquidity reserve1

• Ranked No. 2 in Global Initial Public Offerings (IPOs), Global Equity and Global Announced Mergers and Acquisitions (M&A)

MORGAN STANLEY WEALTH MANAGEMENT

Clients

• Individuals

• UHNW individuals, families and their Foundations (Morgan Stanley Private Wealth Management)

• Small- to medium-size businesses and institutions

• Nonprofit organizations

Products and Services

• Brokerage and investment advisory services

• Financial and wealth planning services

• Annuity and insurance products

• Access to Cash Management and Lending products and services

• Retirement plan services

• Trust services

INSTITUTIONAL SECURITIES GROUP

Investment Banking

• Capital raising

• Corporate lending

• Financial advisory services, including advice on mergers and acquisitions, restructurings, real estate and project finance

Sales, Trading, Financing and Market-Making Activities

• Equity securities and related products

• Fixed income securities and related products, including foreign exchange and commodities

• Prime brokerage

Research

• All research

INVESTMENT MANAGEMENT

Investment Capabilities

Delivering solutions and innovative products that help our clients meet their investment needs:

• Solutions & Multi-Asset

• Real Assets

• Active Fundamental Equity

• Private Credit & Equity

• Global Fixed Income

• Global Liquidity

Business Strengths

• True Global Footprint, Local Market Expertise: 20 Countries, 39 Offices, 1,894 Employees, 599 Investment Professionals

• Investment Expertise Across Public and Private Markets

• Time-Tested Investment Managers: 80% of long-term assets are managed by senior investors with an average of 15+ years at Morgan Stanley


1 PWM headcount as of June 2016. Morgan Stanley Smith Barney LLC ("Morgan Stanley"), its affiliates, 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.

W H Y W E A L T H Y F A M I L I E S C H O O S E M O R G A N S T A N L E Y

P R I V A T E W E A L T H M A N A G E M E N T

Characteristics that you may find at some alternative firms:

RETAIL BROKERAGE

Broad range of

sophistication and client

experience

Access to some franchise

and institutional resources

may be limited to valued

clients

Standard product and

service offerings; typically

limited customization

Retail pricing

Specialized services and

solutions tailored to the

needs and complexities of

each client

As a boutique group within a world-class firm,

Morgan Stanley Private Wealth Management

is well-positioned to serve ultra high net worth

individuals, families and their foundations

around the world.

MORGAN STANLEY PRIVATE WEALTH MANAGEMENT

• Approximately 250 teams in more than 55 regional offices in key

metropolitan areas1

• Special focus on individuals and families with $20MM+ in investable

assets

• Boutique division providing highly customized solutions and tailored

wealth strategies

• Team coverage with intensive client service

• Direct firmwide access to analysts, strategists, traders and

investment bankers

• Objective and consultative approach with one of the largest third-

party platforms as well as an extensive Morgan Stanley proprietary

platform; Holistic wealth management approach with a

specialization in complex financial structuring, tax/estate strategies

and family office services like philanthropy and family governance

• Exclusive client events and educational programs for small groups of

ultra high net worth individuals

PRIVATE BANKS

(PROPRIETARY

PRODUCT-DRIVEN)

Service-oriented approach

Centralized investment

advice

Offering focused on

proprietary products

High turnover of advisors

Emphasis on trust

administration and sales

over investment expertise

High touch, low content

CONSULTANT AND

SMALL INDEPENDENTS

Objective, consultative

approach

Open architecture: product

offering primarily from

third-party providers

Ability to perform

research, asset allocation,

manager search &

selection, due diligence

Customized but limited

risk management

assessment

Trust & estate, cash

management functions

typically outsourced

Limited global reach


C L I E N T P R I N C I P L E S

PRIVATE WEALTH ADVISOR COMMITMENT TO CLIENTS

Manage investments with an unwavering

focus on your financial strategy and

personal goals

Structure wealth and customize solutions

based solely on an objective view of your

needs

Simplify financial complexity to help you

achieve clarity and control

Align your strategy with the values that

have shaped your life and constitute the

core of your legacy

CLIENT PRINCIPLES

• CONFIDENCE in Morgan Stanley, a firm that has navigated over 80

years of market cycles

• ACCESS to Morgan Stanley’s brightest people and expansive

resources

• An exclusive FOCUS on wealthy individuals, families and foundations

• Objective solutions for your family’s needs that reflect Morgan

Stanley’s INSIGHT into the complex financial world

• The highest levels of PERSONAL SERVICE by serving a limited

number of clients per Private Wealth Advisor

We are committed to maintaining the principles that have

placed Morgan Stanley at the forefront of the financial markets

since 1935, and we look forward to continuing to share our

legacy with you as you are building yours.


O U R T E A M

NEIL MITCHELL Managing Director Private Wealth Advisor

Neil has 30 years of experience providing financial advice to families and individuals

with significant wealth. The team has access to many Family Office services including:

Cash Management and Lending solutions, Investments, Trust and Estate Planning and

Philanthropy Management. In 2014, Neil was recognized as one of REP magazine’s Top

100 Wirehouse Advisors. Neil is a Morgan Stanley Global Sports and Entertainment

Director, recognizing his significant client-base of athletes, entertainers and top

professionals in the sports and entertainment industry. He is also an Alternative

Investments Director, acknowledging his experience in hedge fund and private equity

investing. Since 2014, Neil has been named to the Firm’s prestigious Chairman’s Club,

an elite group composed of the firm’s top Financial Advisors. Neil graduated from

Lehigh University. He currently sits on philanthropic boards including Mt Sinai Hospital.

He and his family also sponsor the “I Have a Dream” Foundation in East Harlem, NY.

CILLIAN O’BRADAIGH Executive Director International Wealth Advisor

Cillian is responsible for providing execution to a client base that is a combination of

ultra high net worth individuals, private banks, trust companies, hedge funds, family

offices and multi-family offices. In addition, Cillian constructs asset allocation models

to be populated with third-party managers from Morgan Stanley’s open architecture

platform. Cillian began his private wealth management career at Lehman Brothers in

1990 having graduated from Trinity College Dublin with undergraduate and

postgraduate degrees in economics and business studies. Cillian is a board member of

both The Ireland-US Council for Commerce & Industry and The Paul Chester

Children’s Hope Foundation.


NICK CRUCET PWM Analyst

Nick focuses on research, portfolio analytics and asset allocation. He also conducts due

diligence on current and prospective money managers. Nick was previously employed

by JPMorgan in its credit valuation group, where he performed analysis and price

testing for liquid and illiquid credit products. He began working with Morgan Stanley in

September of 2015. Nick graduated from Columbia University in 2013 with a major in

Financial Economics, and was a 4 year starter for their baseball team.

ALEX FRIEDMAN PWM Associate

Alex focuses on asset allocation, portfolio analytics and research. Alex also conducts

client reporting, performance measurements and assists clients with investment

policies and implementation strategies. He began working with Morgan Stanley in April

of 2016. Alex graduated from Tufts University in 2014 with a major in English Literature

and was a starter on their golf team.

O U R T E A M

JAMES LINDSAY PWM Associate

James focuses on portfolio analytics and research, and facilitates reviews of complex

family portfolios. James manages client orders across equities, options, fixed income,

foreign exchange, and syndicate markets, and supports clients with placement in

alternative investment strategies. Prior to Morgan Stanley, James worked for

Westminster Research Associates in its commission management group. James

graduated from Villanova University’s School of Business in 2011 with a major in

Finance.


FINANCIAL PLANNING

• Goals-Based Planning

(Retirement, Education

Funding, Philanthropic,

Wealth Transfer)

• Cash Flow Planning

C O M P R E H E N S I V E C A P A B I L I T I E S

ACCESS TO CASH MANAGEMENT

AND LENDING PRODUCTS AND

SERVICES

• Securities-Based Lending

• Residential Mortgage Lending

• Tailored Lending

TRUST, ESTATE & LEGACY PLANNING

• Wealth Transfer and Trust Strategies

• Current Will, Trust and Insurance Review1

• Foundation and Other Charitable Giving

Strategies

INVESTMENT MANAGEMENT

• Assistance with your Investment

Policy Statement

• Asset Allocation

• Portfolio Construction and

Management

• Open Architecture Platform

RISK MANAGEMENT

• Hedging Strategies

• Concentrated/Restricted Stock Advice

• Interest Rate Risk Management

• Currency Exposure Strategies

• Portfolio Protection Solutions

• Insurance Solutions

• Cash Management Services

• Referrals to External Providers with

Preferred Programs: Aircraft and

Yachts

• Coordination with Outside

Legal and Tax Advisors

• Offers a robust donor

advised fund (“Morgan

Stanley GIFT”)

• Morgan Stanley Proprietary

Investment Opportunities

• Exclusive Co-investment

Opportunities

• Money Manager Due Diligence

Analysis

• Alternative Investments

CORPORATE EQUITY

SOLUTIONS

• Directed Shares, Stock Plans,

10b5-(1) Programs

• Cash Management Services

• Retirement and Pension Plans

FAMILY WEALTH ADVISORY

SERVICES

• Family Governance and Dynamics

• Philanthropy Management

• Lifestyle Advisory1

• Educational Programs

1 Services provided by third parties and affiliates, not Morgan Stanley Wealth Management

ONLINE & MOBILE APP CAPABILITIES

• Manage Accounts Online

• Trade Securities, Transfer Funds, and Pay Bills Online

• OneView

• eDelivery

• Mobile App available for iPhone®, iPad® and Android™


S E R V I C E S F O R C O R P O R A T E E X E C U T I V E S

As a corporate executive, you

may enjoy greater flexibility with

your control and restricted

securities than you assume.

Drawing on these specialized

capabilities, your Private Wealth

Advisor can help you work within

regulatory restrictions to unlock

value, gain liquidity, diversify

your concentrated holdings, fund

estate planning strategies and

make your portfolio more

productive.

GOVERNANCE

• Family meetings

• Family mission statements

• Family bylaws and constitutions

• Family advisory boards & councils

• Family conflict management

INCOME AND CASH FLOW

Mobilizing restricted securities can help provide liquidity to:

• Improve or bridge cash flow

• Buy, build, renovate or refinance a home

• Meet tax obligations

• Raise cash while deferring capital gains taxes

WEALTH TRANSFER

Your company stock can help achieve your aspirations for future generations of your family, and for the charitable organizations you care most about. We will help you use it to:

• Make gifts to family

• Fund family or charitable trusts

• Achieve philanthropic goals

• Create strategies that help reduce capital gains, gift and income taxes

ASSET PROTECTION

The more your wealth is concentrated in your company’s stock, the more volatile your portfolio may be. We can develop strategies to help:

• Diversify a concentrated position

• Provide downside stock-price protection

• Comply with legal and regulatory requirements

• Guard against insider trading perceptions

• Create strategies aimed at deferring or managing capital gains taxes

Morgan Stanley Smith Barney LLC ("Morgan Stanley"), its affiliates, 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. Diversification does not ensure a profit or protect against a loss in declining financial markets.


T H E F A M I L Y D I M E N S I O N S O F W E A L T H

Multiple trusts, partnerships and

other entities present

management and oversight

challenges, while the diverse

interests and goals of family

members can undermine the

values that ultimately bond

families together. Your Private

Wealth Advisor and other

Morgan Stanley Knowledgeable

Professionals can help your

family articulate and

memorialize a mission and build

governance structures, tailoring a

process that goes beyond

financial capital to unite family

members across generations.

GOVERNANCE

• Family meetings

• Family mission statements

• Family bylaws and constitutions

• Family advisory boards & councils

• Family conflict management

LEGACY AND TRANSFER PLANNING

• Living trusts, testamentary trusts, grantor trusts, dynasty trusts, charitable trusts, blind trusts, special needs trusts, etc.

• Pre-IPO/liquidity event planning

• Values-based intergenerational wealth transfer planning

• Tax optimization planning

EDUCATION

• Next-generation programs

• Multigenerational workshops and retreats

• Tailored family curriculums

PHILANTHROPY

• Provides a results-oriented approach to investing in your community-tracking effectiveness and impact

• Translates interests and values into effective mission statements, grant-making, board governance and intergenerational planning

• Uses global network to connect clients to effective projects

• Offers foundation management services to simplify the administration of the family’s foundation

• Offers a donor-advised fund (“Morgan Stanley GIFT”) which makes it easy to establish a meaningful philanthropic strategy, make contributions and designate grants, while receiving one comprehensive tax reporting statement.

AGGREGATION AND STORAGE

• Proprietary aggregation to bring together all of your liquid and illiquid assets, capturing your total net worth, as well as to summarize your total liabilities


A C U S T O M I Z E D A P P R O A C H 1

Your family’s dynamics, goals and risk tolerance are unique. We

will tailor our process to help meet your personal and financial

needs and objectives.

Discovery Process While every client situation is unique, we

begin by learning about you, your family and

your financial complexities. What we learn

helps us to formulate specific strategies and,

of equal importance, it helps us customize the

entire relationship to your preferences and

requirements.

1

Formulation of Tax, Trust and Estate Strategy with Appropriate Advisors After reviewing your balance sheet and existing

estate plan, we help analyze your income and

estate tax circumstances to identify planning

techniques that may be effectively tailored to your

personal and financial objectives. We will work

with your tax and legal advisors in this effort.

2

Creation of a Customized Strategic Asset Allocation Managing significant wealth often involves

developing a customized asset allocation mix that

reflects risk, opportunities and taxation across

multiple entities, while integrating your investing

and estate plans. This asset allocation1 becomes

the basis for a long-term strategy formalized in

your investment policy.

3

Integration of Tactical Asset Allocation These short-term adjustments in asset allocations1

seek to take advantage of opportunities created by

temporary market distortions. Before adjustments

are made, we can analyze the impact of any taxes

or trading costs on potential returns.

4

Implementation of a Customized Wealth Strategy After comprehensive due diligence and extensive

analysis of expected results across a range of

market scenarios, investment strategies from our

global investment platform can be leveraged to

create your portfolio. This process can help to

create the most efficient balance of risk and return

for your specific strategy.

5

Ongoing Assessment of a Family’s Portfolio and Wealth Management Needs Coordinating with you and your other

advisors, we can conduct ongoing reviews

and comprehensive reporting to help ensure

that your strategy adapts to changing

financial and family needs.

6

1 Asset allocation does not ensure a profit or protect against a loss in declining financial markets


F A M I L Y O F F I C E S E R V I C E S

Morgan Stanley Smith Barney LLC (Morgan Stanley Wealth Management), its affiliates, and Financial Advisors and employees are not in the business of providing tax or legal advice, and these materials and any statements contained herein should not be construed as tax or legal advice. Individuals are urged to consult their personal tax advisor or attorney for matters involving taxation and tax planning and their personal attorney for matters involving trust and estate planning and other legal matters.

1 Services may be provided by a third-party or through an affiliate of Morgan Stanley Smith Barney LLC

FAMILY OFFICE OVERVIEW

An integrated approach to planning that

includes family issues, wealth transfer,

asset protection and business succession

planning

Helps you maintain family unity across

generations by focusing on family mission,

governance, conflict management and

family endowments

Solutions to help ease administration

burdens—from consolidating your financial

reports to managing some of the most

complex aspects of your life

Management of wealth that is focused on

your family’s interests over the long term

Helping to protect what you will transfer to

the next generation—your values as well as

financial assets

Access to a highly exclusive range of

resources and solutions tailored specifically

to you

WEALTH STRATEGIES

GROUP

1 TAX, TRUST & ESTATE

PLANNING

2

ACCESS TO BANKING &

LENDING

3 FAMILY

GOVERNANCE & DYNAMICS

4

PHILANTHROPY MANAGEMENT

5

LIFESTYLE ADVISORY1

6

EDUCATIONAL PROGRAMS

7

PRIVATE HEALTH CARE

ADVISORY1

8


D I S C L O S U R E S

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

Investment and services offered through Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC. Member SIPC.

Apple®, the Apple logo, iPhone®, iPad®, and iPad Air® are trademarks of Apple Inc., registered in the US and other countries. Apple Pay™ and iPad minTM

are trademarks of Apple Inc. App Store is a service mark of Apple Inc. Android and Google Play are trademarks of Google Inc.

Tax laws are complex and subject to change. This information is based on current law s in effect at the time this was written. Morgan Stanley Smith Barney LLC, its affiliates, employees and Private Wealth Advisors are not in the business of providing tax or legal advice, and these Individuals should consult their personal tax advisor for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning.

Important Risk Information for Securities Based Lending: You need to understand that: (1) Sufficient collateral must be maintained to support your loan(s) and to take future advances; (2) You may have to deposit additional cash or eligible securities on short notice; (3) Some or all of your securities may be sold without prior notice in order to maintain account equity at required maintenance levels. You will not be entitled to choose the securities that will be sold. These actions may interrupt your long•-term investment strategy and may result in adverse tax consequences or in additional fees being assessed;

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.

Source: REP. Magazine Dec. 2, 2014. Advisors on the Top 100 Wirehouse Advisors list are ranked exclusively by assets under management custodied at the four wirehouse firms. Only advisors for whom 80 percent or more of assets corresponded to retail clients were eligible for the list. Assets under management are as of the end of the third quarter 2014. REP. magazine and WealthManagement.com do not receive any compensation from the financial advisors, participating firms, affiliates or the media in exchange for rankings.

Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley Smith Barney LLC (collectively referred to as �”Morgan Stanley�”) reserves 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 your 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.

The lending products referenced are separate and distinct, and are not connected in any way. The ability to qualify for one product is not connected to an individual’s eligibility for another.



Tailored Lending is a loan/line of credit product offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. A Tailored Lending credit facility may be a committed or demand credit. All Tailored Lending loans/lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Tailored Lending loans/lines of credit may not be available in all locations. Rates, terms, and programs are subject to change without notice. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is a Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. The proceeds from a Tailored Lending loan/line of credit (including draws and other advances) may not be used to purchase, trade, or carry margin stock; repay margin debt that was used to purchase, trade, or carry margin stock; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.

Margin Loans are investment products offered through Morgan Stanley Smith Barney LLC. Margin Loans are securities based loans, which can be risky, and are not suitable for all investors. 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.

Residential mortgage loans/home equity lines of credit are offered by Morgan Stanley Private Bank, National Association, an affiliate of Morgan Stanley Smith Barney LLC. With the exception of the pledged‐asset feature, an investment relationship with Morgan Stanley Smith Barney LLC does not have to be established or maintained to obtain the residential mortgage products offered by Morgan Stanley Private Bank, National Association. All residential mortgage loans/home equity lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley Private Bank, National Association. Rates, terms, and programs are subject to change without notice. Residential mortgage loans/home equity lines of credit may not be available in all states; not available in Guam, Puerto Rico and the U.S. Virgin Islands. Other restrictions may apply. The information contained herein should not be construed as a commitment to lend. Morgan Stanley Private Bank, National Association is an Equal Housing Lender and Member FDIC that is primarily regulated by the Office of the Comptroller of the Currency. Nationwide Mortgage Licensing System Unique Identifier #663185. The proceeds from a residential mortgage loan (including draws and advances from a home equity line of credit) are not permitted to be used to purchase, trade, or carry eligible margin stock; repay margin debt that was used to purchase, trade, or carry margin stock; or to make payments on any amounts owed under the note, loan agreement, or loan security agreement; and cannot be deposited into a Morgan Stanley Smith Barney LLC or other brokerage account.

A conforming loan means a residential mortgage loan offered by Morgan Stanley Private Bank, National Association that is saleable to Fannie Mae or Freddie Mac because it conforms to these entities’ guidelines, including, for example, loan amount limits that range from $417,000 to $625,500 for one unit properties, depending on location (and even higher in Hawaii).

A non‐conforming loan is a residential mortgage loan that is not a conforming loan.

The aircraft and yacht financing referenced herein are provided by unaffiliated third party lenders. Neither Morgan Stanley Smith Barney LLC ("Morgan Stanley") nor its affiliates are the provider of such loans and will not have any input or responsibility concerning a client’s eligibility for, or the terms and conditions associated with these lending products and/or programs. Neither Morgan Stanley nor its affiliates shall be responsible for the content of any advice or services provided by the third party lenders. Morgan Stanley or its affiliates may participate in transactions on a basis separate from the third party lenders. Morgan Stanley or its affiliates may receive compensation in connection with referrals made to the third party lenders.



GlobalCurrency is available to clients of Morgan Stanley Smith Barney LLC with an eligible brokerage account. Before undertaking foreign exchange transactions, clients should understand the associated risks. Engaging in foreign currency transactions entails more varied risks than normally associated with transactions in the domestic securities markets. Attention should be paid to market, credit, sovereign, and liquidity risks. The foreign exchange transactions and deposits discussed in this material may not be suitable for all clients. The appropriateness of a particular investment or strategy depends upon a client’s particular circumstances and objectives. This material does not provide individually tailored investment advice. Clients can review the GlobalCurrency Disclosure Statement at http://www.morganstanley.com/wealth/disclosures/pdfs/GC_Disclosure_Statement.pdf for more details.

GlobalCurrency Time and Savings Deposits are held at Morgan Stanley Private Bank, National Association, Member FDIC, and are insured up to U.S. Dollar (“USD”) equivalent limits. FDIC insurance does not protect against losses due to exchange rate movements. For more information about FDIC insurance, please visit the FDIC website at https://www.fdic.gov/deposit/deposits/.

Savings Deposits in some currencies may pay no interest. Morgan Stanley Smith Barney LLC will charge a client a markup for converting USD in the client’s brokerage account or foreign currency in a Savings Deposit to another currency, which will reduce the client’s net earnings. The markup is the difference or “spread” between the price we pay for a currency and the price at which we sell the currency to a client. Please refer to www.morganstanley.com/wealth-general/globalcurrencyrates for full availability.

GlobalCurrency Express is available to clients of Morgan Stanley Smith Barney LLC with an eligible brokerage account. The specific foreign currencies available through the GlobalCurrency Express program can be funded using U.S. Dollars (“USD”) from a client’s eligible brokerage account. However, the Euro, British Pound, Canadian Dollar, Swiss Franc, Japanese Yen, Australian Dollar, New Zealand Dollar, Mexican Peso, Norwegian Krone, and Danish Krone can also be funded using local currency from a client’s GlobalCurrency Savings Deposits held at Morgan Stanley Private Bank, National Association, Member FDIC. To place an order for GlobalCurrency Express, clients can call the client service center at 800-869-3326 between 8:00 a.m. and 2:00 p.m. ET Monday through Friday. Minimum order is $250 USD equivalent; maximum order is $5,000 USD equivalent per individual client, per 24-hour period. No more than two orders may be placed in a 7 calendar day period. Once submitted, GlobalCurrency Express orders cannot be cancelled or returned. Any unused physical foreign currency delivered to the client pursuant to a GlobalCurrency Express order cannot be returned for deposit. Additional eligibility restrictions and conditions apply.

Clients placing a GlobalCurrency Express order will be charged a fee. The fee charged for GlobalCurrency Express orders using local currency will be deducted from the foreign currency delivered. While GlobalCurrency Express orders using USD will typically be charged a higher fee, which is included in the exchange rate quoted at the time of the order.

The Active Assets Account is a brokerage account offered through Morgan Stanley Smith Barney LLC.



The Morgan Stanley Credit Card from American Express or the Platinum Card® from American Express exclusively for Morgan Stanley is only available for clients who have an eligible Morgan Stanley Smith Barney LLC brokerage account (“eligible account”). Eligible account means a Morgan Stanley Smith Barney LLC brokerage account held in your name or in the name of a revocable trust where the client is the grantor and trustee, except for the following accounts: Charitable Remainder Annuity Trusts, Charitable Remainder Unitrusts, irrevocable trusts and employer-sponsored accounts. Eligibility is subject to change. American Express may cancel your Card Account and participation in this program, if you do not maintain an eligible account. Morgan Stanley Smith Barney LLC may compensate your Financial Advisor and other employees in connection with your acquisition or use of either the Morgan Stanley Credit Card from American Express or the Platinum Card® from American Express exclusively for Morgan Stanley.

The Morgan Stanley Cards from American Express are issued by American Express Bank, FSB, not Morgan Stanley Smith Barney LLC. Services and rewards for the Cards are provided by Morgan Stanley Smith Barney LLC, American Express or other third parties. Restrictions and other limitations apply. See the terms and conditions for the Cards for details. Clients are urged to review fully before applying.

The Morgan Stanley Debit Card is currently issued by UMB Bank, n.a., pursuant to a license from MasterCard International Incorporated. MasterCard and Maestro are registered trademarks of MasterCard International Incorporated. The third-party trademarks and service marks contained herein are the property of their respective owners.

Interest-only loans enable borrowers to make monthly payments of only the accrued monthly interest on the loan during the introductory interest-only period. Once that period ends, borrowers must make monthly payments of principal and interest for the remaining loan term, and payments will be substantially higher than the interest-only payments. During the interest-only period, the total interest that the borrower will be obligated to pay will vary based on the amount of principal paid down, if any. If a borrower makes just an interest-only payment, and no payment of principal, the total interest payable by the borrower during the interest-only period will be greater than the total interest that a borrower would be obligated to pay on a traditional loan of the same interest rate having principal-and-interest payments. In making comparisons between an interest-only loan and a traditional loan, borrowers should carefully review the terms and conditions of the various loan products available and weigh the relative merits of each type of loan product appropriately.

The Active Assets Account is a brokerage account offered through Morgan Stanley Smith Barney LLC.

The Morgan Stanley Credit Card from American Express or the Platinum Card® from American Express exclusively for Morgan Stanley is only available for clients who have an eligible Morgan Stanley Smith Barney LLC brokerage account (“eligible account”). Eligible account means a Morgan Stanley Smith Barney LLC brokerage account held in your name or in the name of a revocable trust where the client is the grantor and trustee, except for the following accounts: Charitable Remainder Annuity Trusts, Charitable Remainder Unitrusts, irrevocable trusts and employer-sponsored accounts. Eligibility is subject to change. American Express may cancel your Card Account and participation in this program, if you do not maintain an eligible account. Morgan Stanley Smith Barney LLC may compensate your Financial Advisor and other employees in connection with your acquisition or use of either the Morgan Stanley Credit Card from American Express or the Platinum Card® from American Express exclusively for Morgan Stanley.



The Morgan Stanley Cards from American Express are issued by American Express Bank, FSB, not Morgan Stanley Smith Barney LLC. Services and rewards for the Cards are provided by Morgan Stanley Smith Barney LLC, American Express or other third parties. Restrictions and other limitations apply. See the terms and conditions for the Cards for details. Clients are urged to review fully before applying.

The Morgan Stanley Debit Card is currently issued by UMB Bank, n.a., pursuant to a license from MasterCard International Incorporated. MasterCard and Maestro are registered trademarks of MasterCard International Incorporated. The third-party trademarks and service marks contained herein are the property of their respective owners.

Interest-only loans enable borrowers to make monthly payments of only the accrued monthly interest on the loan during the introductory interest-only period. Once that period ends, borrowers must make monthly payments of principal and interest for the remaining loan term, and payments will be substantially higher than the interest-only payments. During the interest-only period, the total interest that the borrower will be obligated to pay will vary based on the amount of principal paid down, if any. If a borrower makes just an interest-only payment, and no payment of principal, the total interest payable by the borrower during the interest-only period will be greater than the total interest that a borrower would be obligated to pay on a traditional loan of the same interest rate having principal-and-interest payments. In making comparisons between an interest-only loan and a traditional loan, borrowers should carefully review the terms and conditions of the various loan products available and weigh the relative merits of each type of loan product appropriately.

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

Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.

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.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and their employees including 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 laws are complex and subject to change. 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 and are not “fiduciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in a written agreement with Morgan Stanley. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account.

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 consult with your Financial Advisor to understand these differences.



Lifestyle Advisory Services: Morgan Stanley Smith Barney LLC (the “Firm”) and its affiliates do not currently offer the services provided by this Service Provider(s). The Service Provider(s) is not an affiliate of the Firm. Any review of the Service Provider(s) performed by the Firm was based on information from sources that we believe are reliable but we cannot guarantee its accuracy or completeness. This referral should in no way be considered to be a solicitation by the Firm for business on behalf of the Service Provider(s). The Firm makes no representations regarding the suitability or otherwise of the products or services provided by the Service Provider(s). There may be additional service providers for comparative purposes. If you choose to contact the Service Provider(s), do thorough due diligence, and make your own independent decision.

The Firm will not receive a referral fee for referring you to the Service Provider(s). The Firm is a diversified financial services company with millions of individual clients and corporations, institutions and governmental clients in several countries around the world. The Firm routinely enters into a variety of business relationships for which either the Firm receives compensation or pays for services, and such business relationships may include the named Service Provider(s), its employees or agents, or companies affiliated with the Service Provider.

The Morgan Stanley Global Impact Funding Trust, Inc. (“MS GIFT, Inc.”) is an organization described in Section 501(c) (3) of the Internal Revenue Code of 1986, as amended. MS Global Impact Funding Trust (“MS GIFT”) is a donor‐advised fund. Morgan Stanley Smith Barney LLC provides investment management and administrative services to MS GIFT. While we believe that MS GIFT provides a valuable philanthropic opportunity, contributions to MS GIFT are not appropriate for everyone. Other forms of charitable giving may be more appropriate depending on a donor’s specific situation. Of critical importance to any person considering making a donation to MS GIFT is the fact that any such donation is an irrevocable contribution. Although donors will have certain rights to make recommendations to MS GIFT as described in the Donor Circular & Disclosure Statement, contributions become the legal property of MS GIFT when donated. The Donor Circular & Disclosure Statement describes the risks, fees and expenses associated with establishing and maintaining an MS GIFT account. Read it carefully before contributing.

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