MORGAN STANLEY PRIVATE WEALTH … stanley private wealth management overview ... ipo of china unicom...
Transcript of MORGAN STANLEY PRIVATE WEALTH … stanley private wealth management overview ... ipo of china unicom...
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 O V E R V I E W
T H E M Y E R S T R E M A I N E G R O U P
2 The Myers Tremaine Group
A G E N D A
MORGAN STANLEY PRIVATE WEALTH MANAGEMENT
• Our Mission
• Client Principles
• Why Wealthy Families Choose Morgan Stanley Private Wealth Management
MORGAN STANLEY FRANCHISE
• Overview
• A Heritage of Confidence
• Morgan Stanley Global Footprint
• Comprehensive Capabilities
CUSTOMIZED WEALTH MANAGEMENT PROCESS
4 The Myers Tremaine Group
O U R M I S S I O N
Morgan Stanley Private Wealth Management is dedicated to ultra high net worth individuals, their
families and foundations. By providing advice founded on a culture of excellence and driven by global
insight, Morgan Stanley Private Wealth Management is devoted to helping our clients preserve and grow
their financial, family, and social capital.
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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 a business that has navigated over 75 years
of market cycles
• ACCESS to Morgan Stanley’s brightest people and best resources
• An exclusive FOCUS on wealthy individuals, families and foundations
• Objective solutions for your family’s needs that reflect our INSIGHT
into the complex financial world
• The highest levels of PERSONAL SERVICE by serving a limited
number of clients per 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.
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1 PWM Headcount as of July 2014. 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
• Over 350 Private Wealth Advisors located in 40 offices across the U.S1
• 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 firm wide 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 an expertise 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
Structured investments,
trust & estate, cash
management functions
typically outsourced
Limited global reach
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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 POWER1
1 As of 31 December 2013. At Morgan Stanley Wealth Management. 2 As of 30 June 2014. At Morgan Stanley Wealth Management.
• $2Tn in AUM2
• Total Deposits $112Bn
• Morgan Stanley reported revenues of
$32.4Bn
• Global employees approximately 56,1422
• The Tier 1 Capital Ratio under Basel I was
approximately 15.6% and leverage of 7.6%
• $202Bn in liquidity reserve
• Investment Banking No. 2 in Global Announced M&A
and No. 3 in Global Equity and Global IPO’s2
MORGAN STANLEY WEALTH MANAGEMENT
Clients
• Individuals
• UHNW Individuals, Families and their
Foundations (Morgan Stanley Private Wealth
Management)
• Small- to medium-size businesses and
institutions
Products and Services
• Brokerage and investment advisory services
• Financial and wealth planning services
• Annuity and insurance products
• Access to Banking and Lending products
and services
• Retirement plan services
• Trust services access
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
• Research
• Mortgage servicing
• Prime brokerage
INVESTMENT MANAGEMENT
Global Asset Management
• Equity and Fixed Income
• Merchant Banking
• Alternative Investment Partners
• Liquidity Management
Three Principal Distribution Channels
• A proprietary channel consisting of Morgan Stanley’s
representatives
• A non-proprietary channel consisting of third-party
broker-dealers, banks, financial planners and other
intermediaries
• An institutional channel that provides advisory
services and global portfolio solutions to
corporations, central banks, sovereign wealth funds,
endowments and foundations, public pensions,
insurance general accounts and financial institutions
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H E R I T A G E O F C O N F I D E N C E
1935
Morgan Stanley
founded
1953
Manages General
Motors $300 million
debt issue
1974
Represents INCO
(International Nickel
Company) in its hostile
bid for ESB (Electric
Storage Battery)
1985
Launches Fixed
Income division
1999
Lead underwriter for the
UPS $5.47 billion IPO
2008
Becomes a bank holding
company
1942
Becomes member
of New York
Stock Exchange
1966
Manages underwriting
syndicate for $100
million bond offering
for New York
Telephone Company
1977
Launches
Morgan Stanley
Private Wealth
Management
1997
Morgan Stanley Group,
Inc. merges with Dean
Witter, Discover & Co.
2000
Acts as the joint global
coordinator and book
runner for $5.65 billion
IPO of China Unicom
Limited, the largest
Chinese IPO to date
2009
Morgan Stanley and
Smith Barney join to
create a new leader in
wealth management
1935
Debuts with a $19
million bond offering
for Consumers Powers
Company
1961
Launches Morgan
Stanley Foundation
1975
Launches asset
management business
1986
Morgan Stanley is
publicly listed on the
New York Stock
Exchange
1998
Advises the Brazilian
government on the
$18.3 billion sale of
telecommunications
provider Telebra
2008
Enters into global
strategic alliance with
Mitsubishi UFJ Financial
Group
1952
Co-manages the World
Bank’s $50 million
triple bond offering to
help finance European
reconstruction
1973
Launches research
department
1980
Leads the Apple
Computer IPO
1995
Manages the
Netscape IPO,
sparking the rapid
growth of the
internet
2004
Co-manages $1.9 billion
auction for Google in
the largest Internet IPO
to date and largest
auction-based IPO in
U.S. history
2010
Co-leads the
General Motors
IPO, the largest in
U.S. history
Advises the U.S. Treasury
on crisis at Fannie Mae and
Freddie Mac
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M O R G A N S T A N L E Y G L O B A L F O O T P R I N T
NORTH AMERICA
SOUTH AMERICA
EUROPE
AFRICA
ASIA
AUSTRALIA
Mexico
Peru
United States
Argentina
Brazil
United Kingdom
Canada
Switzerland France
Spain
Poland
Hungary
Turkey
Israel
Germany
Netherlands
Ireland
Saudi Arabia
South Africa
China
United Arab Emirates
India
Japan
Taiwan Hong Kong
Singapore
Australia
Italy
South Korea
Sweden
• Over 349 Private Wealth Advisors in more than 52 regional
offices
• Over $185Bn in assets under management1
• Focus on families with $20MM+ in investable assets
MORGAN STANLEY PRIVATE WEALTH MANAGEMENT HIGHLIGHTS
• US PWM dedicated offices include: Atlanta,
Boston, Chicago, Dallas, Houston, Los
Angeles, Menlo Park, Miami, New York,
Philadelphia, San Francisco, and Washington
Global Footprint — MS Today Has Approximately 55,700 Employees in 31 Countries
1 As of June 2014
• Generally co-located in the same offices as other
Morgan Stanley businesses such as Investment Banking,
Equities, Fixed Income and Investment Management,
which provides strong linkage to other parts of the firm
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FINANCIAL PLANNING
• Goals-Based Planning
• Cash Flow Planning
• Retirement 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 BANKING 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
• Stock Option Analysis
INVESTMENT MANAGEMENT
• Assistance with your Investment
Policy Statement
• Tax Effective 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
• Financing of Aircraft, Sports Teams,
Yachts and Art available through
third party lenders
• Commercial Lending
• Pre-liquidity Planning
• Coordination with Outside
Legal and Tax Advisors
• Morgan Stanley Proprietary
Investment Opportunities
• Exclusive Co-investment
Opportunities
• Money Manager Due Diligence
Research
• Alternative Investments
CORPORATE SERVICES
• Directed Shares, Stock Plans,
10b5-(1) Programs
• Capital Markets and
Investment Banking
Interaction
• Cash Management Services
• Retirement and Pension Plans
FAMILY OFFICE SERVICES
• Family Governance and Dynamics
• Philanthropy Management
• Educational Programs
• Custody
• Performance Management
• Health Advisory1
• Lifestyle Advisory1
• Personal Security1
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®
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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 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 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
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A D I A L O G U E T O I D E N T I F Y Y O U R U N I Q U E F A M I L Y P O S I T I O N
S T E P 1 O F 6 : T H E D I S C OV E R Y P R O C E S S
Risk Appetite Liquidity
Needs
Multi- Generational Family Goals
Taxability
Long Term Goals Special
Situations Charitable
Giving Restrictions
Time Horizon
Anticipated Wealth
Transfers
Short Term Goals
Concentrated Positions
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A C O L L A B O R A T I V E A P P R O A C H
S T E P 2 O F 6 : F O R M U L AT I O N O F TA X , T R U S T, A N D E S TAT E S T R AT E G Y
Customized Tax, Trust &
Estate Strategy
Tax, Trust & Estate Legacy
Planning Professionals2
Your Current External Tax
Advisors
Your Current External Legal
Advisors
Your Morgan Stanley Private Wealth
Advisor
PROCESS FOR FORMULATING YOUR TAX, TRUST AND ESTATE STRATEGY
Conduct preliminary due diligence
(review of balance sheet and existing
documents)
Collaboratively discuss income tax and
estate planning needs with the client
Analyze available planning techniques
in relation to client’s financial goals
Assist clients and their tax and legal
advisors in the implementation of a
financially integrated estate plan
Integrate investment and estate plans
(combining “asset location” with “asset
allocation”1)
1 Asset allocation does not ensure a profit or protect against a loss. 2 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. .
5
4
3
2
1
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T H E P W M A S S E T A L L O C A T I O N F R A M E W O R K 1
S T E P 3 O F 6 : C R E AT I O N O F A C U S TO M I Z E D, S T R AT E G I C A S S E T A L LO C AT I O N
Analysis of Strategic Asset Allocation
• Employs quantitative analysis to identify the most
appropriate customized solution for each client
compared to various asset allocations
• Utilizes Monte Carlo Analysis, Factor Analysis and
Time Period Analysis
Integrate Strategic Asset Allocation and Trust, Tax & Estate Planning
• Demonstrates how the integration of strategic asset
allocation and appropriate estate planning can lead to
a potentially more efficient transfer of wealth from an
individual to charitable and/or noncharitable
beneficiaries
• Utilizes Monte Carlo Analysis
Starting with the Morgan Stanley Wealth Management Global Investment
Committee’s strategic frameworks, PWM utilizes rigorous analytical tools and models
to customize based on the complex needs of each family, endowment or foundation.
Concentrated Stock Analysis Model
• Shows comparable performance and valuation metrics for
a stock over the past 10 years
• Shows the risk/return tradeoff of transitioning into a
diversified portfolio from a concentrated stock position
• Provides insight into potentially favorable liquidation and
diversification strategies
Options Analysis Model
• Shows the valuation of ISOs and NQSOs for an individual
stock and decomposes their total value into intrinsic value
and time value
• Calculates the estimated tax cost of diversification as well
as hurdle rates necessary for breakeven after exercising
• Provides insight into potentially favorable liquidation and
diversification strategies
Formulated Tax, Trust & Estate Strategy
Your Customized Strategic Asset Allocation and Investment Strategy
Asset allocation does not ensure a profit or protect against a loss
By creating an investment
policy statement, you will
have a formalized document
that specifies your investment
needs and considerations.
YOUR INDIVIDUAL INVESTMENT
POLICY STATEMENT WILL:
• Clearly and concisely define
your investment
considerations and goals
• Ensure that all of your
investment needs are fully
and appropriately considered
• Provide a foundation upon
which to build and implement
a customized wealth plan
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A C O M P R E H E N S I V E S U I T E O F S O L U T I O N S
S T E P 5 O F 6 : I M P L E M E N TAT I O N O F T H E C U S TO M I Z E D W E A LT H S T R AT E G Y
BALANCE SHEET & LIABILITY MANAGEMENT
CASH MANAGEMENT
FAMILY OFFICE SERVICES
1 Services may be provided by a third-party or through an affiliate of Morgan Stanley Smith Barney LLC
OPEN ARCHITECTURE INVESTMENT PLATFORM & ADVISORY SERVICES1
ADVISORY PLATFORM Asset-Based Fee
BROKERAGE PLATFORM Transaction-Based Fee
TRADITIONAL INVESTMENTS: Equity, Cash Alternatives, Fixed Income
Morgan Stanley Wealth Management Separate Account Managers
• Global Investment Solutions
• PWM Advisor Managed
• Morgan Stanley Investment Management
External Separate Account Managers
• Nationally recognized investment management firms
• Niche Strategies
ALTERNATIVE INVESTMENTS
Morgan Stanley/External Managers
• Hedge Funds
• Private Equity
Fund of Funds
• Managed Futures
EQUITY-RELATED
Research Calls
Syndicate Calendar
Derivatives
Strategic Equity
Portfolios (STEPs)
FIXED INCOME RELATED
Research and Credit Analyst Calls
Interest Rates
Corporate Credit Products
Municipal Bonds
Foreign Exchange
Commodities/Futures
ALTERNATIVES
• Private Equity
• Venture Capital
• Real Estate
• Real Assets
• Managed Futures
• Commodities
• Exchange Funds
• Fund of Funds
• Hedge Funds
• Hedging Strategies and Risk Management Solutions
• Structured Investments and Derivatives
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U T I L I Z I N G T H I R D - P A R T Y E Q U I T Y , A L T E R N A T I V E
I N V E S T M E N T S , A N D F I X E D I N C O M E A S S E T M A N A G E R S
Providing clients with access to both affiliated and third party actively managed investment solutions
1 As of March 2014
EQUITY AND FIXED INCOME ASSET MANAGEMENT PLATFORM
• Open architecture platform featuring both proprietary and third party capabilities
• Solutions across a variety of asset classes and strategies
Morgan Stanley Investment Management (“MSIM”)
• With over $382 Bn in assets under management1, MSIM offers individuals comprehensive, multi-asset class investment solutions
• Morgan Stanley Alternative Investment Partners (“AIP”) manages portfolios of proprietary hedge fund of funds, funds of private equity funds, and funds of real estate funds, targeted at meeting a range of client objectives
Morgan Stanley Wealth Management Proprietary Resources
• Global Investment Solutions Group
‐ Professional asset managers dedicated to constructing and managing discretionary portfolios across various fixed income and equity strategies
• Strategic Equity Portfolios (“STEP”)
‐ Highly flexible, investment model portfolios leveraging Morgan Stanley Equity Research
Third-Party Asset Managers
• Consulting Group Investment Advisor Research (“CG IAR”), uses a rigorous due diligence process to screen a vast universe of equity, fixed income and some alternative strategy managers
• AIP is responsible for performing due diligence on single manager hedge funds
• Morgan Stanley Wealth Management Alternative Investments Research sources and performs due diligence on affiliated and unaffiliated fund of hedge funds, single manager hedge funds, Private Equity and Real Estate Funds
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S T E P 5 O F 6 : I M P L E M E N TAT I O N O F T H E C U S TO M I Z E D W E A LT H S T R AT E G Y
A C C E S S T O I N D U S T R Y - L E A D I N G C A P I T A L
M A R K E T S C A P A B I L I T I E S
Fixed Income Extensive inventory including U.S. Treasury, agency and mortgage-backed securities; certificates of deposit; municipal, corporate and convertible bonds; and preferred securities.
Equities Leading edge equity trading strategies that attempt to maximize efficiency and enhance profitability.
Structured Investments An evolving asset class, structured investments can be designed to meet a range of risk-return objectives.
Intellectual Capital Access, through the Financial Advisor, to the intellectual capital of Morgan Stanley & Co. and Morgan Stanley Wealth Management’s research analysts and strategists, respectively.
Portfolio Review and Account Evaluator Fixed Income Portfolio Reviews provide a detailed analysis of taxable and tax-exempt fixed income holdings; subject to portfolio size minimums. Account evaluator, a Financial Advisor tool, analyzes current asset allocation broadly.
Through our multiproduct trading desks, we provide you with a robust fixed income offering, institutional level
equity trading, research and market intelligence and the opportunity to invest in newly issued debt and equity
securities.
Syndicate Morgan Stanley Wealth Management leverages Morgan Stanley & Co.’s position as a leading debt and equity underwriter to provide access to new-issue and secondary offerings.
Global Reach and Execution Execution in financial markets in more than 25 countries across the globe.
1 As of Jan 1 2014
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S E P A R A T E L Y M A N A G E D P O R T F O L I O S
S T E P 5 O F 6 : I M P L E M E N TAT I O N O F T H E C U S TO M I Z E D W E A LT H S T R AT E G Y
OBJECTIVE: Leverage the extensive resources, talent and reach of the Morgan Stanley Wealth Management
franchise to provide clients with professionally managed discretionary portfolios, reflecting each client’s
specific financial goals, income requirements and risk tolerances
For important disclosures, please see the end of this presentation.
Applied Equity Advisors Portfolio Strategies
• Global Concentrated Equity
• Global Core Equity
• U.S. Core Equity
• Tax Enhanced Customized Solutions
‐ MSCI World - Russell 3000
‐ Russell 1000
Benchmark Aware, Not Benchmark
Driven
Systematic Risk
Management
Tax Efficiency
Attention to Valuation
Extensive Quantitative &
Qualitative Inputs
Rigorous Investment
Process
Portfolio Diversification
GLOBAL INVESTMENT SOLUTIONS:
Fundamental Equity Advisors Portfolio Strategies
• Fundamental All-Cap Equity Portfolio
• Fundamental All-Cap Equity Portfolio ex-MLPs
• Small/Mid-Cap Equity
• Fundamental MLP Portfolio
Opportunistic Equity Strategy
• U.S. Opportunistic Equity Strategy
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P W M A S S I S T S W I T H M A N A G E R S E L E C T I O N A C R O S S A S S E T
C L A S S E S B Y L E V E R A G I N G I N V E S T M E N T A D V I S O R R E S E A R C H
S T E P 5 O F 6 : I M P L E M E N TAT I O N O F T H E C U S TO M I Z E D W E A LT H S T R AT E G Y
Third Party Asset Manager Research
Open architecture platform dedicated to offering
clients a wide variety of separate account and
mutual fund asset classes, including:
• Balanced
• Convertible
• Emerging Markets
• Equity
• Real Estate
CONSULTING GROUP INVESTMENT ADVISOR RESEARCH (“CG IAR”)
• Fixed Income
• Global Equity
• International Equity
• Municipals
• Socially Responsible
CG IAR Manager Research Team
• Team of 29 manager research professionals
• Analysts average over 10 years of investment
analysis
• Specialized knowledge and skills derived from
a diverse range of experiences
Mutual Funds 7,100
CG IAR Approved Strategies
1,100
CG IAR’s Rigorous Due Diligence Process
MORGAN STANLEY WEALTH MANAGEMENT APPROVED STRATEGIES
ANALYSIS OF THIRD-PARTY MANAGERS
Quantitative Analysis
• Portfolio Strategy
Performance
• Risk/Reward Profile
• Portfolio
Characteristics
• Risk Statistics
• Quartile Rankings
• Asset Growth Statistics
Quantitative Analysis
• Personnel Turnover
• Asset Manager History
• Organizational Credibility
• Sound Investment Process
• Adherence to
Investment Strategy
• On-site Interviews with
Portfolio Managers
These materials do not constitute an offer to either buy or sell securities or to participate in any trading strategy.
Strategies 7,700
22 The Myers Tremaine Group
HEDGE FUNDS PRIVATE EQUITY REAL ESTATE MANAGED FUTURES EXCHANGE FUNDS
Morgan Stanley Alternative Investments Group
Single Manager • HedgePremier (Feeder) • Direct (Third Party)
Single Manager • Feeder (Third Party) • Direct (Third Party)
Single Manager • Feeder (Third Party) • Direct (Third Party)
Single Manager • Managed Futures
Premier (Proprietary)
Single Manager • (Third Party)
Fund of Funds • Registered & LPs
(Third Party)
Fund of Funds • Third Party
Multi-Manager (Proprietary)
MSIM Alternative Investment Partners2
Single Manager • Direct (Third Party)
Fund of Funds • Registered & LPs
(Proprietary)
Fund of Funds (Proprietary) • Co-Investment • Secondaries
Fund of Funds (Proprietary) • Co-Investment • Secondaries
Custom Portfolios • Discretionary &
Non-Discretionary
MSIM Merchant Bank & Real Estate Investing2,3
Single Manager (Proprietary) • Global PE • Asia PE • Infrastructure • Mezzanine Lending
Single Manager (Proprietary) • MS Real Estate Funds
S T E P 5 O F 6 : I M P L E M E N TAT I O N O F T H E C U S TO M I Z E D W E A LT H S T R AT E G Y
S T R E N G T H O F T H E M O R G A N S T A N L E Y
A L T E R N A T I V E I N V E S T M E N T S P L A T F O R M 1
1 Alternative investments mentioned above refers to unregistered products as well as those products registered with the Securities Act of 1933 and Investment Company Act of 1940. 2 Alternative Investment Partners (AIP) and Merchant Bank are each a division of Morgan Stanley Investment Management. Morgan Stanley Investment Management also offers other, more traditional products
such as equity, fixed income and liquidity mutual funds which are not distributed by Morgan Stanley AIG. 3 MSIM also offers a global macro strategy hedge fund on the Morgan Stanley Alternative Investments Platform through their Long Only group. For illustrative purposes only. Not complete in depiction — MS AIG offers a wider range of alternative investments. For Qualified Investor and Financial Professional Use Only. May not be used with general public. Please see important disclosures at the end of this material.
23 The Myers Tremaine Group
H E D G E F U N D S O L U T I O N S ( “ H F S ” ) 1
S T E P 5 O F 6 : I M P L E M E N TAT I O N O F T H E C U S TO M I Z E D W E A LT H S T R AT E G Y
Hedge Fund Solutions focuses on offering clients a single source for hedge fund portfolio management,
research, advice, education, execution and risk monitoring. HFS is structured as a full-service hedge fund
provider with a range of solutions to meet clients’ investment objectives and profiles.
Approval by Investment Committee
IDENTIFICATION, SELECTION & MONITORING PROCESS HFS PLATFORM DESCRIPTION:
• The HFS Platform focuses on offering clients a
single source for hedge fund portfolio
management, research, advice, education,
execution and risk monitoring
• Currently has over $8.7 billion in assets under
management and assets under advisement1
• Offers access to 80+ non-proprietary hedge fund
managers2
• Implements single fund investments and
customized portfolios on an advisory and
discretionary basis
ELIGIBILITY
Single Fund Investments: Accredited Investor and
Qualified Purchaser (generally $5M net investment
assets for an individual, $25M for an entity; net
worth must be at least 20x investment)
Custom Hedge Fund Portfolios: Accredited Investor
and Qualified Purchaser
Identification and Sourcing of Prospective Funds
Ongoing Due Diligence
Quantitative Analysis
Qualitative Analysis
Operational & Business Risk Assessment
MINIMUM INVESTMENT
• Single Fund Investments: $1M+
• Custom Hedge Fund Portfolios:
$25M+
CUSTOMIZED PORTFOLIOS
• Custom hedge funds portfolios are
created to meet client-specific
investment goals as a stand alone
portfolio or as a complement to a
broader portfolio of assets
• Construction of the portfolio
includes:
‐ Identifying client’s investment
objectives
‐ Selecting managers from HFS
approved hedge funds
‐ Monitoring portfolio’s
performance on an ongoing basis
1 As of March 31, 2014. 2 Morgan Stanley AIP is not responsible for sourcing and performing due diligence on single manager hedge funds that are affiliated with Morgan Stanley and its affiliates. For Qualified Investor and Financial Professional Use Only. May not be used with general public. Please see important disclosures at the end of this material.
24 The Myers Tremaine Group
Collateral
• U.S. and International
Eligible securities
• Commercial Real
Estate
• Certain Hedge Fund
Interests
• REIT Operating Units
• Fine Art
A C C E S S T O B A N K I N G & L E N D I N G P R O D U C T S & S E R V I C E S
S T E P 5 O F 6 : I M P L E M E N TAT I O N O F T H E C U S TO M I Z E D W E A LT H S T R AT E G Y
Securities Based Lending
Purpose (Margin)
and Non-Purpose
Morgan Stanley Residential Mortgage
Loans
Tailored Lending 3rd Party Lenders1
• Commercial Lending
• Aviation
• Yacht/RV
Cash Management
Access to Cash
Management Services
Products
• Conforming,
Non-Conforming
• ARMs
• HELOCs
25 The Myers Tremaine Group
F A M I L Y O F F I C E S E R V I C E S
S T E P 5 O F 6 : I M P L E M E N TAT I O N O F T H E C U S TO M I Z E D W E A LT H S T R AT E G Y
FAMILY OFFICE OVERVIEW
An integrated approach to planning that
includes family issues, wealth transfer, 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 preserve and maximize what
you will transfer to the next generation—
your values as well as financial assets
Access to a range of resources and
solutions tailored specifically to you and
your family
WEALTH STRATEGIES
GROUP
1 TAX, TRUST & ESTATE
PLANNING
2
ACCESS TO BANKING &
LENDING PRODUCTS & SOLUTIONS
3 FAMILY GOVERNANCE & DYNAMICS
4
PHILANTHROPY MANAGEMENT
5
LIFESTYLE ADVISORY1
6
EDUCATIONAL PROGRAMS
7
PRIVATE HEALTH CARE
ADVISORY1
8
1 Services may be provided by a third-party or through an affiliate of Morgan Stanley Smith Barney LLC. 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.
26 The Myers Tremaine Group
S T E P 6 O F 6 : O N G O I N G A S S E S S M E N T O F M A N AG E M E N T N E E D S
O N G O I N G A S S E S S M E N T T O H E L P M E E T Y O U R C H A N G I N G
F I N A N C I A L & F A M I L Y N E E D S
Review of Investment
Policy
Review of Strategic Asset
Allocation1
Review of Portfolio
Performance
Execution or Tactical
Adjustments
Breadth of Experience to Adapt to
Changing Client Needs
1 Asset allocation does not ensure a profit or protect against a loss.
Your individualized
investment policy
statement is reviewed
to ensure that your
investment objectives
evolve with your
current personal and
financial needs
Your strategic asset
allocation is analyzed
quantitatively and
qualitatively in relation to
your investment policy
statement to confirm that
your specific needs are
being addressed
The appropriateness of
each holding, based
upon performance and
your investment
objectives, is assessed
Leverage the Firm’s
intellectual capital and
investment platform to
integrate tactical
changes to your asset
allocation framework
27 The Myers Tremaine Group
D E F I N I N G Y O U R L E G A C Y
Tax Entity
Private Wealth Advisor
Family Name
Family Attorney / CPA
Working in conjunction with your
external advisors, we will help
develop a framework for integrated
planning and strategic decision
making across your entire family. • 5 investment accounts • Private equity • Private business
• Real estate • Executive stock options • Deferred compensation
• Life insurance
Advisor
Family Attorney And CPA
Household
Family Entity
Tax Entity
Family Entity
1 Family Entity
3 Family Entity
2
Tax Entity
Tax Entity
Tax Entity
• 5 investment accounts • Private equity • Private business
• Real estate
• 2 IRAs • 401(k) • Pension plan
• 1 investment account • 96% family LP • Artwork
• Primary home • Vacation home • 1 IRA
• 401(k)
Tax Entity
Tax Entity
Tax Entity
Tax Entity
Tax Entity
Tax Entity
Tax Entity
Tax Entity
• 5 investment accounts • Private equity • Private business
• Real estate
• 2 IRAs • 401(k) • Pension plan
• Family controlled non-profit
• 1 investment account • 96% family LP • Artwork
• Primary home • Vacation home • 1 IRA
• 401(k)
• 2 IRAs • 401(k) • Pension plan
• Family controlled non-profit
• Family controlled non-profit
• 1 investment account • 96% family LP • Artwork
• Primary home • Vacation home • 1 IRA
• 401(k)
Tax Entity
• Family controlled non-profit
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.
28 The Myers Tremaine Group
M O R G A N S T A N L E Y O N L I N E C A P A B I L I T I E S
View and Manage Your Accounts Online
• Easily navigate between your
Account Summary, Activity,
Holdings, Gain/Loss, and Account
Documents
• Customize your Account Summary
Home Page and online experience
based on your priorities,
preferences and interests
Stay Current with the Latest Research and News
• View and download research reports
from Morgan Stanley and Standard
& Poor’s
• Get quotes, charts, SEC filing
documents, mutual fund
prospectuses, and investment
reports for most publicly traded
companies
• Use Watchlists to track up to 250
securities you own or want to watch
Morgan Stanley Online delivers secure, convenient, online access to your Morgan Stanley accounts. It helps
you stay informed so you and your Private Wealth Advisor can work together to make decisions.
Morgan Stanley
Online Features
Trade Securities, Transfer Funds, and Pay Bills Online (For Eligible Accounts)
• Trade stocks, ETFs and options online,
manage your orders, and collaborate
with your Private Wealth Advisor on
your investment goals
• Transfer money online between your
Morgan Stanley accounts and your
accounts at other financial institutions
Get eDelivery of Account Documents Instead of Paper Documents by Mail
• Get your statements, tax forms, trade
confirmations, and other important
account documents online from one
convenient place
• Receive an email notification when
your online documents are available
for viewing
• Reduce waste and clutter by no longer
receiving paper documents by mail
MOBILE APPLICATION
The Morgan Stanley Mobile App,
currently available for iPhone® ,
is the only mobile solution
designed exclusively for the needs
of Morgan Stanley Wealth
Management clients and:
• Connects you to a full suite of
cash management functions
• Allows you to scan and deposit
checks drawn on a U.S. bank 1
with some of the highest
deposit limits in the industry 2
• Provides secure access to your
investment portfolio, allowing
you to check asset allocations
and holdings
• Gives you access to up-to-date
news, company profiles and
quotes
Available for download from the
App Store sm for iPhone®
Simplify Your Financial Life with OneView
• Organize all of your account
information in one location,
regardless of where your accounts
are held
• Get a current, comprehensive
understanding of your overall
financial situation
• Automatically share your account
data with your Private Wealth
Advisor
Give Family Members and Personal Advisor Access to Your Account
• Securely grant family members and
trusted professionals access to view
your accounts
• Access your accounts held at
different branches with a single user
name and password
1 Subject to certain terms and conditions. 2 Up to a daily limit of $100,000 for existing Reserved customers. Morgan Stanley Smith Barney LLC, member SIPC reserves the right to change or terminate the Reserved program at any time and without notice.
Reserved program participants’ accounts and activity are reviewed periodically to confirm that they continue to qualify for Reserved.
29 The Myers Tremaine Group
D I S C L O S U R E S :
S E C U R I T Y T Y P E I N V E S T I N G R I S K S
SMALL/MID CAPS U.S. EQUITY Investing in smaller companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations
and illiquidity. INTERNATIONAL/EMERGING MARKETS
International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include potential and economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economics.
FIXED INCOME Fixed Income Securities are subject to interest rate risk, credit risk, prepayment risk, market risk, and reinvestment risk. Fixed Income Securities, if held to maturity, may
provide a fixed rate of return and a fixed principal value. Fixed Income Securities prices fluctuate and when redeemed, may be worth more or less than their original cost.
REITS REITs investing risks are similar to these associated with direct investments in real estate; lack of liquidity, limited diversification, and sensitivity to economic factors such
as interest rate charges and market recessions. PRIVATE EQUITY
Private equity interests may be highly illiquid, involve a high degree of risk and be subject to transfer restrictions.
MANAGED FUTURES Managed futures investments are speculative, involve a high degree of risk, use significant leverage, are generally illiquid, have substantial charges, subject investors to
conflicts of interest, and are suitable only for the risk capital portion of an investor’s portfolio. Before investing in any partnership and in order to make an informed decision, investors should read the applicable prospectus and/or offering documents
carefully for additional information, including charges, expenses and risks. Investors should read the prospectus and/or offering documents carefully for additional information, including charges, expenses and risks. Managed futures investments do not replace equities or bonds but rather may act as a complement in a well diversified portfolio.
REAL ASSETS The prices of real assets – precious metals tend to fluctuate widely and in a unpredictable manner, and have historically experienced periods of flat or declining
prices. Their prices are affected by several factors, including global supply and demand, investors expectations with respect to the rate of inflation, currency exchange rates, interest rates, investment and trading activities of hedge funds and commodity funds,
and global or regional political, economic or financial events and situations. COMMODITIES
Investing in commodities entails significant risks. Commodity prices may be affected by a variety of factors at any time, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and
international political and economic events, war and terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility of a
commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention. I. MASTER LIMITED PARTNERSHIPS Master Limited Partnerships (MLPs) are (rolled-up) limited partnerships or limited
liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock.
30 The Myers Tremaine Group
D I S C L O S U R E S :
S E C U R I T Y T Y P E I N V E S T I N G R I S K S C O N T ’ D
STRUCTURED PRODUCTS 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 instruments,
interest rates, currency values and credit quality; substantial loss of principal; limits on participation in appreciation of underlying instrument; limited liquidity; credit risk of the issuer; and, conflicts of interest.
These materials are provided for general informational and educational purposes based upon publically available information from sources believed to be reliable. These materials do not take into account your personal circumstances and we do not represent that this material is complete or applicable to your situation. These materials do not constitute an offer to either buy or sell securities or to participate in any trading
strategy. These materials may change at any time without notice to you. Indices are unmanaged. An investor cannot invest directly in an index.
Global Investment Solutions is an initiative dedicated to transforming compelling ideas — from wherever they arise — into innovative investments for the firm’s clients.. The
Global Investment Solutions initiative includes an investment management business within the global Morgan Stanley Smith Barney LLC (Morgan Stanley Wealth Management) group of companies that draws on the collective thinking of four
experienced portfolio management teams. These teams share a singular vision: to deliver professional investment advice centered on a culture of investment excellence. Each portfolio team within Global Investment Solutions specializes in particular asset
classes and investment styles. Possessing extensive knowledge within their respective disciplines, the teams also have the ability to draw on the capital markets analytics and world-wide investment expertise of the Morgan Stanley family of companies and
extensive non-proprietary resources. All services of Global Investment Solutions are delivered to clients in the United States only by Morgan Stanley Wealth Management. These materials are intended only for clients and prospective clients in the United States.
Any allocation containing alternative investments should note that they are highly illiquid and are only suitable for investors willing to put capital at risk for an indefinite period of time. Alternative investments often engage in leverage and other speculative
investment practices, may involve complex tax structures, typically have higher fees, and generally are not subject to the same regulatory requirements as traditional asset classes.
An investment in alternative investments can be highly illiquid, is speculative and not
suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should carefully review and consider
potential risks before investing. Some of these risks may include:
• loss of all or a substantial portion of the investment due to leveraging, short-selling,
or other speculative practices;
• lack of liquidity in that there may be no secondary market for the fund and none is
expected to develop;
• volatility of returns;
• restrictions on transferring interests in a fund;
• potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized;
• absence of information regarding valuations and pricing;
• complex tax structures and delays in tax reporting;
• less regulation and higher fees than mutual funds; and
• Risks associated with the operations, personnel, and processes of the manager.
Consulting Group is a business of Morgan Stanley Smith Barney LLC.
31 The Myers Tremaine Group
D I S C L O S U R E S
Borrowing against securities may not be suitable for everyone. You should be aware that securities-based loans involve a high degree of risk and that market conditions can magnify any potential for loss. Most importantly, 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;
4. 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.
The proceeds from certain 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.
Residential mortgage loans 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 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 may not be available in all states; not available in Guam, Puerto Rico and the U.S. Virgin Islands. Other restrictions may apply. This document 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.
Morgan Stanley Smith Barney LLC. 2000 Westchester Avenue, Purchase, NY 10577. Tel: 800‐869‐3326. Nationwide Mortgage Licensing System Unique Identifier No. 171760.
Arizona Mortgage Broker License No. 0910887. California Department of Corporations Finance Lenders Law License No. 603H431. Georgia Residential Mortgage Licensee No. 23976. Kansas Licensed Mortgage Company No. MC.0025024. Massachusetts
Mortgage Broker License No. MB5439. Montana Mortgage Broker License No. 171760. Licensed by the New Hampshire Banking
Department. Licensed by the New Jersey Department of Banking and Insurance.
Registered Mortgage Broker—NYS Banking Department. Mortgage brokers may not make loans. Ohio Mortgage Broker Act Certificate of Registration No. MB.804039.000. Rhode Island Licensed Loan Broker.
32 The Myers Tremaine Group
D I S C L O S U R E S C O N T ’ D
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 loan/line of 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. The ongoing availability of a secured Tailored Lending loan/line of credit is contingent, among other things, on the client maintaining sufficient eligible collateral. Other restrictions may apply. This document 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.
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 estates planning.
Morgan Stanley Smith Barney LLC does business as Morgan Stanley Private Wealth Management. 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 services are offered through Morgan Stanley Smith Barney LLC. Unless specifically disclosed in writing,
investments and services offered through Morgan Stanley Smith Barney LLC are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, a bank and involve investment risks, including possible loss of principal amount
invested.
Investment and services offered through Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC. Member SIPC.
Forex transactions have inherent risk, including the potential loss of principal, and are
not suitable for all investors. Forex transactions may be subject to exchange (or currency) risk or, the risk that an investor will have to close out a long or short position in a foreign currency at a loss due to an adverse movement in exchange rate. Before
undertaking Forex transactions, you 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. Cash or forward positions in foreign currencies are volatile and involve inherent risks including the effect of leverage. The potential of loss is a significant consideration. Because of the effect of leverage, a relatively small
market movement will have a proportionately large impact on the funds deposited. This loss can be equal to or, in some instances, greater than the full amount of the initial investment. Certain Forex transactions may only be entered into by clients who qualify
as Eligible Contract Participants (ECP) as defined by the Commodity Exchange Act. Over-the-counter transactions require investors to be classified as an Eligible Contract Participant, and in certain instances transactions may be executed with a counterparty
that is an affiliate of Morgan Stanley Wealth Management.
Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
CRC 988775 10/2014