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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
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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
Canada | United States | Mexico
AFRICA
South Africa
AUSTRALIA
Australia
1 As of June 30 2016
• Approximately 250 teams in more than 55 regional offices
in key metropolitan areas1
• Over $280Bn in assets under management
• Focus on families with $20MM+ in investable assets
• 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
MORGAN STANLEY PRIVATE WEALTH MANAGEMENT HIGHLIGHTS1
• PWM-dedicated offices include: Atlanta,
Boston, Chicago, Dallas, Houston, Los
Angeles, Menlo Park, Miami, New York,
Philadelphia, San Francisco and Washington,
D.C.
CENTRAL AND SOUTH AMERICA
Argentina | Brazil | Peru | Colombia| Chile | Costa Rica
EUROPE
France | Germany | Greece |
Hungary | Ireland | Italy |
Luxembourg | Netherlands |
Poland | Spain | Sweden |
Switzerland | United
Kingdom | Ukraine |
Bulgaria | Portugal
ASIA & MIDDLE EAST
China | India | Indonesia | Israel |
Japan | Malaysia | Philippines |
Qatar | Republic of Russian
Federation | Saudi Arabia |
Singapore | South Korea |
Taiwan | Thailand | Turkey |
United Arab Emirates
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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
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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 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.
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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.
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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.
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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™
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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.
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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
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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 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
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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
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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.
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D I S C L O S U R E S
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.
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D I S C L O S U R E S
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.
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D I S C L O S U R E S
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.
17 Neil Mitchell Team
D I S C L O S U R E S
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.
18 Neil Mitchell Team
D I S C L O S U R E S
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.