What Should I Do With My Money?

How do you financially plan for a child with special needs? Paige and Scott are navigating the emotionally complex and financially challenging landscape of raising their son who is considered to be level 3 on the autism spectrum. They have questions about being financially prepared to support their child throughout adulthood, while setting their second child up for success. Kim, a Morgan Stanley Financial Advisor, is a mother of a special needs child herself and offers tailored solutions for Paige and Scott. Hear their conversation on estate planning, ABLE accounts, special needs trusts and second-to-die insurance policies that can help secure their children's futures.For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor.  [DISCLOSURES]The conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley. Investing involves risk, including the potential loss of principal invested. Important considerations concerning ABLE Accounts: ABLE Accounts, which are tax-advantaged savings accounts for eligible individuals with disabilities and their families, were created as a result of the passage of the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 or better known as the ABLE Act. The beneficiary of the account is the account owner, and generally income earned by the accounts will not be taxed. Contributions to the account made by any person (the account beneficiary, family and friends) will be made using post-taxed dollars and will not be tax deductible, although some states may allow for state income tax deductions for contribution made to an ABLE account.The ABLE Act limits eligibility to individuals with significant disabilities with an age of onset of disability before turning 26 years of age. Starting in 2026, the eligibility age of onset of disability will be raised to 46 years of age. If you meet this age criteria and are also receiving benefits already under SSI and/or SSDI, you are likely eligible to establish an ABLE account. Generally, the total annual contributions by all participating individuals, including family and friends, for a single tax year is $19,000 (for 2025) plus, in certain cases, the lesser of the amount of the beneficiary’s compensation or the amount equal to the poverty line for a one-person household. The total limit over time that could be made to an ABLE account will be subject to the individual state and their limit for education-related 529 savings accounts. The first $100,000 in ABLE accounts would be exempted from the SSI $2,000 individual resource limit. If and when an ABLE account exceeds $100,000, the beneficiary’s SSI cash benefit would be suspended until such time as the account falls back below $100,000. It is important to note that while the beneficiary’s eligibility for the SSI cash benefit is suspended, this has no effect on their ability to receive or be eligible to receive medical assistance through Medicaid. The 2017 Tax Cuts and Jobs Act allows funds to be rolled over from a designated beneficiary’s 529 plan to an ABLE account for the same designated beneficiary or a family member of the designated beneficiary (including the beneficiary's spouse). But this does not apply to the extent the amount distributed when added to other amounts contributed to the ABLE account exceeds the annual contribution limit ($19,000 for 2025).A “qualified disability expense” means any expense related to the disability of the designated beneficiary and are for the benefit of that designated beneficiary in maintaining or improving his or her health, independence, or quality of life. These may include education, housing, transportation, employment training and support, assistive technology, personal support services, health care expenses, financial management and administrative services and other expenses. As of now ABLE accounts are not available through Morgan Stanley, but they can be purchased directly through a state offering an ABLE plan.Individuals who qualify for governmental benefits may use a combination of a supplemental needs trust, an ABLE account, and perhaps also an account at a website such as helphopelive.org, which is a non-profit that provides the ability to create a fundraising page to cover the costs of uncovered medical expenses. As it is a non-profit, donations to your fundraising page are tax deductible, and the non-profit as well as your lawyer can help guide you as to how to use your funds without impacting governmental benefits.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.If an account owner or the beneficiary resides in or pays income taxes to a state that offers its own 529 college savings or pre-paid tuition plan (an “In-State Plan”), that state may offer state or local tax benefits. These tax benefits may include deductible contributions, deferral of taxes on earnings and/or tax-free withdrawals. In addition, some states waive or discount fees or offer other benefits for state residents or taxpayers who participate in the In-State Plan. An account owner may be denied any or all state or local tax benefits or expense reductions by investing in another state’s plan (an “Out-of-State Plan”). In addition, an account owner’s state or locality may seek to recover the value of tax benefits (by assessing income or penalty taxes) should an account owner rollover or transfer assets from an In-State Plan to an Out-of-State Plan. While state and local tax consequences and plan expenses are not the only factors to consider when investing in a 529 Plan, they are important to an account owner’s investment return and should be taken into account when selecting a 529 plan. Tax laws are complex and are subject to change. This information is based upon current tax rules in effect at the time this was written. Morgan Stanley Smith Barney LLC and its Financial Advisors do not provide tax or legal advice. Individuals should always check with their tax or legal advisor before engaging in any transaction involving 529 Plans, Education Savings Accounts and other tax-advantaged investments. Investments in a 529 Plan are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so an individual may lose money. Investors should review a Program Disclosure Statement, which contains more information on investment options, investment objectives, risks factors, fees and expenses and possible tax consequences. Investors should read the Program Disclosure Statement carefully before investing.Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.CRC# 4776594 (10/2025)

Growing your family is a very exciting time. Baby fever may have prepared you emotionally, but have you considered if you’re financially prepared? In this episode, our guests Nat and Kel are obsessed with this question. Though they are a financially savvy couple, they wonder what it’ll take to grow their family while saving for other goals. And it’s not just about preparing for a baby, but what comes next. As a content creator, Nat wonders how she can maintain her career momentum while raising a child. For Kel, he worries about upgrading to a larger home in a tough mortgage rate environment. Morgan Stanley Financial Advisor, Danelle, guides them through each question, helping them navigate the anxieties of impending parenthood. They confront these universal challenges and unpack what it takes to feel prepared, or if the solution lies within their evolving financial plan. For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor.  DISCLOSURESThe conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley.This material has been prepared for general reference and educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Please see our show notes for a full disclaimer on the information provided.When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or 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 legal matters.Investors should consider many factors before deciding which 529 plan is appropriate. Some of these factors include: the Plan’s investment options, investment objectives and the historical investment performance of these options, the Plan’s flexibility and features, the reputation and expertise of the Plan’s investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state’s own Qualified Tuition Program.Investors should determine their home state’s tax treatment of 529 plans when considering whether to choose an in-state or out-of-state plan. Investors should consult with their tax or legal advisor before investing in any 529 Plan or contact their state tax division for more information. Morgan Stanley Smith Barney LLC does not provide tax and/or legal advice. Investors should review a Program Disclosure Statement, which contains more information on investment options, investment objectives, risk factors, fees and expenses and possible tax consequences. Investors should read the Program Disclosure Statement carefully before investing.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, or review our “Understanding Your Brokerage and Investment Advisory Relationships” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.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.  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 AGENCYCRC: 4875425 (10/2025) 

Despite her aversion to discussing finances, real estate agent Kristin is determined to secure her children’s future and ensure a comfortable retirement. As she navigates the challenges of perimenopause, Kristin candidly discusses how these life changes intersect with her financial journey with Sarah, a Morgan Stanley Financial Advisor.For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor. DISCLOSURESMorgan 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, or review our “Understanding Your Brokerage and Investment Advisory Relationships” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates. Not all products and services discussed are available at Morgan Stanley.Morgan Stanley Smith Barney LLC, its affiliates, Wealth Management Head of Health and Wellness Education, Financial Advisors or Private Wealth Advisors (collectively, “MSSB”) at times may discuss strategies for navigating healthcare issues. In doing so, MSSB may rely on and provide you with health and medical news or information. MSSB makes no representation as to the accuracy of this information. MSSB is not providing medical advice to you in this regard. You are encouraged to consult with your health and medical professionals for any matters involving your personal health care issues or other medical matters. Nothing herein shall be construed as investment advice of any kind or a recommendation of a specific healthcare company or service provider, as applicable.© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.CRC: 4776382 (10/2025)

As a newly engaged couple, Jules and Shay have a lot to look forward to: a destination wedding, starting fertility treatments and the potential of buying a home. But their goals have a short horizon, are they able to save enough to accomplish three large milestones within a five-year period?In this episode, Jules and Shay sit down with Carolina, a Morgan Stanley Financial Advisor to discuss short- and long-term savings strategies, utilizing company benefits and how their families can help them save for a down payment.For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor. DISCLOSURESThe conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley.  Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdfYou have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.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, a 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. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.This material has been prepared for informational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Important Risk Information for Securities Based Lending : Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt 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") reserve 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 the 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. Morgan Stanley Smith Barney LLC, its affiliates and their employees are not in the business of providing tax or legal advice. These materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planningWith 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.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.Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC. Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.CRC# 4766848 (09/2025)

Camilla, a teacher in her late thirties, is ready to pull back from full-time work and travel the world. Despite paying off significant student debt by teaching overseas, she has deep-seated money anxiety stemming from a difficult childhood and fears running out of funds. With $800,000 saved, Camila’s wondering how to withdraw her retirement savings in a tax-efficient way while ensuring her portfolio’s continued growth.In this episode, Camilla sits down with Crystal, a Morgan Stanley Financial Advisor, and discusses her options, including tax-loss harvesting to offset capital gains taxes, Roth IRA conversions and a high-yield emergency savings fund.For more information about this episode and the topics covered, check out our episode page and explore how you can connect with a Morgan Stanley Financial Advisor. DISCLOSURESThe conversation in this podcast is solely intended as a case study between a client/prospective client with a Financial Advisor and is not intended to serve as individualized investment or financial advice. No portion should be construed as a recommendation to employ any of the guidance contained within this podcast. Each investor has their own unique facts and circumstances and must determine what is appropriate for their own situation. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley.Investing involves risk, including the potential loss of principal invested.Exchange-traded funds (ETFs) are subject to risks similar to those of other diversified portfolios. Although some ETFs are generally designed to provide investment results that generally correspond to the performance of their respective underlying indexes, they may not be able to exactly replicate the performance of the indexes because of expenses and other factors. There are also brokerage commissions associated with trading some ETFs. ETFs are required to distribute their portfolio gains to shareholders at year-end. These gains may be generated by portfolio rebalancing or other trading. ETF trading will also generate tax consequences. Actively managed ETFs are not guaranteed to accomplish their investment objectives and can lose money.Dividend yields provide an idea of the cash dividend expected from an investment in a stock. Dividend yields can change daily, as they are based on the prior day's closing stock price. There are risks involved with dividend-yield investing strategies, such as the company not paying a dividend or the dividend being less than what is anticipated. Furthermore, dividend yield should not be solely relied on when deciding to invest in a stock.Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally, the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate.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.Tax-loss harvesting: IRS rules stipulate that if a security is sold by an investor at a tax loss, the tax loss will not be currently usable if the investor has acquired (or has entered into a contract or option on) the same or substantially identical securities 30 days before or after the sale that generated the loss. This so-called "wash sale" rule is applied with respect to all of the investor's transactions across all accounts. There is no guarantee that tax-loss harvesting will achieve any particular tax result, or that it’s necessarily appropriate for your circumstances. Before implementing any tax strategy, check with your accountant or other U.S. tax advisor.Roth IRAs: A 10% penalty tax will apply on funds converted to a Roth if those funds are withdrawn before five years have elapsed unless the owner is age 59.5 or another exception applies. A Roth Conversion may not be right for everyone. There are a number of factors taxpayers should consider before converting, including (but not limited to) whether or not the cost of paying taxes today outweighs the benefit of income tax-free Qualified Distributions in the future. Before converting, taxpayers should consult their tax and legal advisors based on their specific facts and circumstances.IMPORTANT: The projections or other information generated by the Monte Carlo tool referenced within this podcast regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results.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, or review our “Understanding Your Brokerage and Investment Advisory Relationships” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates. Not all products and services discussed are available at Morgan Stanley.Morgan Stanley Smith Barney LLC, its affiliates, Wealth Management Head of Health and Wellness Education, Financial Advisors or Private Wealth Advisors (collectively, “MSSB”) at times may discuss strategies for navigating healthcare issues. In doing so, MSSB may rely on and provide you with health and medical news or information. MSSB makes no representation as to the accuracy of this information. MSSB is not providing medical advice to you in this regard. You are encouraged to consult with your health and medical professionals for any matters involving your personal health care issues or other medical matters. Nothing herein shall be construed as investment advice of any kind or a recommendation of a specific healthcare company or service provider, as applicable.© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.CRC# 4903026 (10/2025)

The way we manage money looks different for everyone, but as our lives become more complex, we likely have more questions than answers on what we should do with our money. This season, our guests have concerns ranging from retiring early, to affording IVF and raising a child with special needs.No matter where you are with your finances, you don’t have to navigate them alone. Our Financial Advisors show once again that a little guidance can go a long way. Join us to hear how a conversation can turn concern into confidence, hosted by Morgan Stanley Wealth Management’s Jamie Roô.For more information visit morganstanley.com/mymoney   --This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.FCS Portfolio Awards 2025 – Gold Source: Financial Community Society Portfolio Awards (May 2025) 2025 FCS Portfolio Awards. The Portfolio Awards competition recognizes creative excellence in marketing communications work from financial companies, with Gold, Silver and Bronze trophies awarded for Branded Content. This year’s panel comprised 51 industry experts from financial firms and communications agencies. Morgan Stanley Smith Barney LLC is not affiliated with Financial Communications Society. For more information, see https://thefcs.org/portfolio-awards. ©2025 Morgan Stanley Smith Barney LLC. Member SIPC.FCS Portfolio Awards 2025 – Bronze Source: Financial Community Society Portfolio Awards (May 2024) 2024 FCS Portfolio Awards. The Portfolio Awards competition recognizes creative excellence in marketing communications work from financial companies, with Gold, Silver and Bronze trophies awarded for Branded Content. This year’s panel comprised 49 senior executives from financial firms and communications agencies. Morgan Stanley Smith Barney LLC is not affiliated with Financial Communications Society. Morgan Stanley Smith Barney LLC has not paid a fee for this listing. For more information, see https://thefcs.org/portfolio-awards. ©2025 Morgan Stanley Smith Barney LLC. Member SIPC.Shorty Awards Finalist 2024Source: Shorty Impact Awards (May 2025) 2025 Annual Shorty Impact Awards. The Shorty Awards winners and honorees, including Finalists, Gold, Silver, and Bronze Honorees; are chosen by the Real Time Academy. The decision is made based on three main criteria: purpose/impact, creativity, strategy & execution, and engagement. Morgan Stanley Smith Barney LLC is not affiliated with the Shorty Impact Awards. Morgan Stanley Smith Barney LLC has not paid a fee for this listing. For more information, see https://shortyawards.com/impact-awards/rules/. ©2025 Morgan Stanley Smith Barney LLC. Member SIPC.Webby Award Nominee 2024 Source: 2025 Webby Awards (May 2025) The Webby Awards is the Internet’s most respected symbol of success. The 28th Annual Webby Awards received nearly 13,000 entries from all 50 states and over 70 countries worldwide. Podcasts: News & Politics, Best Host, Best Series, Best Live Podcast Recording & more. Associate Academy members are former Webby winners and nominees and other invited industry professionals who are leaders in their peer groups because of their creative and technical accomplishments. Associate members are invited to take part in Round 1 Judging, the initial phase of the Webby evaluation process. Morgan Stanley Smith Barney LLC is not affiliated with The Webby Awards. Morgan Stanley Smith Barney LLC has not paid a fee for this listing.For more information, see https://www.webbyawards.com/. ©2025 Morgan Stanley Smith Barney LLC. Member SIPC.Signal Awards 2023 – Bronze WinnerSource: Signal Award Winners (October 2023) 2023 Signal Awards receive votes from the public voting stage, podcast fans cast over 130,000 votes for the Signal Listener’s Choice award. Signal Award Winners were selected by the Signal Academy. Morgan Stanley Smith Barney LLC is not affiliated with Signal Awards. Morgan Stanley Smith Barney LLC has not paid a fee for this listing. For more information, see www.signalawards.com. ©2025 Morgan Stanley Smith Barney LLC. Member SIPC.© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.CRC# (4728375) (08/2025)

Meet Genesis, a 27-year-old business analyst who is determined to elevate her financial status and provide stability for her family. Having grown up in challenging circumstances with a single mother, she’s achieved significant financial milestones including owning multiple properties and establishing a substantial net worth. But can she aspire to accomplish even more?In this episode of What Should I Do With My Money?, listen in as Ara, a Morgan Stanley Financial Advisor, breaks down for Genesis how to set realistic goals and put her money to work.For more information about this episode and the topics covered, check out our episode page www.morganstanley.com/mymoney. Connect with a Morgan Stanley Financial Advisor here. This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdfYou have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.© 2024 Morgan Stanley Smith Barney LLC. Member SIPC.CRC 3750351 (08/2024)

At a young age, Pradeep and his brother were sent to the United States by their parents to pursue a better life, leaving behind their family in India. His parents' sacrifice instilled a deep appreciation for financial responsibility. Now engaged and planning for a family, Pradeep desires financial security for his future children. But is he on the right path to be the provider he wants to be?In this episode of What Should I Do With My Money?, listen in as Pradeep learns the fundamentals from Ramiro, a Morgan Stanley Financial Advisor, to set him on course to provide for his future family, prepare for retirement and even start his own business one day. For more information about this episode and the topics covered, check out our episode page www.morganstanley.com/mymoney. Connect with a Morgan Stanley Financial Advisor here.  This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.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 mini® are trademarks of Apple Inc. App Store® is a service mark of Apple Inc.Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.© 2024 Morgan Stanley Smith Barney LLC. Member SIPC.CRC# 3715892 (07/2024) 

Claire built her career as an environmental engineer and raised two daughters with her husband. Then something happened, something game changing: Claire and her husband earned tens of millions of dollars from a company's IPO. While many people might fantasize about how they'd spend such a fortune, Claire believes this wealth gave her an opportunity to do something bold—give it away to help save the planet. How can she donate most of her fortune with confidence that her contributions will have the impact she wants with the causes she cares about most?In this episode of What Should I Do With My Money?, listen in as Claire learns how her money can make a difference with a holistic approach to philanthropy and impact investing from Mike, a Morgan Stanley Private Wealth Advisor.Visit our episode website for a deeper dive on topics covered in this episode like creating a Donor Advised Fund, climate philanthropy or to find a Morgan Stanley Financial Advisor to fit your needs. Also find important disclosures here.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. This material has been prepared for informational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.CRC: 3674098 (07/2024)© 2024 Morgan Stanley Smith Barney LLC. Member SIPC.

Jacob's upbringing instilled a strong savings ethic which led to substantial assets, including investments he’s been comfortable managing on his own. But Jacob’s life is about to get more complicated as his company eyes an IPO, which could lead to a million-dollar payday. Eager to know what his next move should be, Jacob sits down with Kathleen, a Morgan Stanley Financial Advisor, who plots out a plan to help him reach short- and long-term goals, including buying a home in a hot housing market and planning a transition to passive income.What Should I Do With My Money? is also available on Apple Podcasts, Spotify, Google Podcasts and other major podcast platforms. Visit our episode website for a deeper dive on topics covered in this episode like creating a financial plan and managing your company stock or to find a Morgan Stanley Financial Advisor to fit your needs. Also find important disclosures here. This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.Important Risk Information for Securities Based Lending: Clients must be aware that: (1) Sufficient collateral must be maintained to support the loan and to take future advances; (2) Clients may have to deposit additional cash or eligible securities on short notice; (3) Some or all of the pledged securities may be sold without prior notice in order to maintain account equity at required collateral maintenance levels. Clients will not be entitled to choose the securities that will be sold. These actions may interrupt 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”) reserve 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 the 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.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.Clients may be responsible for the fees of a third party law firm engaged to review complex transactions (e.g., review of trust agreements). Clients may also be charged a fee for the issuance of a letter of credit, for prepayment of principal on fixed rate advances, and upon a client’s request for certain cash management services (e.g., duplicate statement or check re-order). © 2024 Morgan Stanley Smith Barney LLC. Member SIPC.CRC# 3647368 (06/2024)

Growing up in a lower-middle-class family, Maxwell has a deep desire for financial stability and security. He's concerned about the risk of having too much of his wealth tied up in his employer's stock, which is more than $1 million. He needs help to diversify his investments in a tax-efficient way so he can build a legacy of generational wealth.In this episode of What Should I Do With My Money?, listen in as Maxwell gets advice on investing for future generations from Evan, a Morgan Stanley Financial Advisor.Visit our episode website for a deeper dive on topics covered in this episode like 529 Plans, tax-efficient investing and diversifying a concentrated position, or to find a Morgan Stanley Financial Advisor to fit your needs. Also find important disclosures here. More insights to help you go further: 529 Plans: A Powerful Took to Save for EducationHow Direct Indexing Can Offer Investors Potential Tax Savings and FlexibilityTax-Loss Harvesting Can Work Year-Round for Investors—Here’s How4 Tax-Smart Ways to Diversify Your PortfolioRational Investing in an Age of UncertaintyNext Generation Gifting ConsiderationsThis material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.Please add the following disclosures: 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 mini® are trademarks of Apple Inc. App Store® is a service mark of Apple Inc. Google Pay is a trademark of Google LLC.© 2024 Morgan Stanley Smith Barney LLC. Member SIPC.CRC# 3619836 (06/2024) 

Natalie and David are just weeks away from their wedding but still have some questions around how to merge finances after marriage. Coming from different backgrounds, they have their own unique fears around financial instability and setting goals together. Should they consider signing a prenup before walking down the aisle to help safeguard their future? In this episode of What Should I Do With My Money?, listen in as Natalie and David get advice on merging their marital finances from Stacey, a Morgan Stanley Financial Advisor.Visit our episode website for a deeper dive on topics covered in this episode like managing finances as a couple and a prenuptial agreement, or to find a Morgan Stanley Financial Advisor to fit your needs. Also find important disclosures here.This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf You have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.© 2024 Morgan Stanley Smith Barney LLC. Member SIPC. CRC# 3577348 (05/2024)

Victoria was first introduced to investing at a young age. Her mother would take her along to meetings with her broker. Victoria’s grandmother would give her stocks and bonds for Christmas. Smart investing is something that was passed down among the women in their family. But Victoria’s father had a harder time with money and she saw how this led to some difficult situations in the last few years of his life.Since then, Victoria has tried to make smart decisions in order to make sure she isn't a burden to her family.Add to that a recent divorce and Victoria is looking for some reassurance that she’s on the right track. She hopes she can afford to be financially independent and live comfortably as she approaches retirement.In this episode of What Should I Do With My Money, Stephen, Financial Advisor at Morgan Stanley, works with Victoria to set herself up for success for this next chapter of her life.For more information about this episode and the topics covered, check out our episode page https://www.morganstanley.com/ideas/financial-planning-after-divorce.What Should I Do With My Money? is also available on Apple Podcasts, Spotify, Google Podcasts and other major podcast platforms.Here's some important information about your relationship with your financial advisor and Morgan Stanley Smith Barney LLC when using a financial planning tool. When your financial advisor prepares a financial plan, they will be acting in an investment advisory capacity with respect to the delivery of your financial plan. To understand the difference between brokerage and advisory relationships, you should consult your financial advisor or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at morganstanley.com/mymoney. You have sole responsibility for making all investment decisions with respect to your implementation of a financial plan. You may implement the financial plan at Morgan Stanley Smith Barney LLC, or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it in writing to act as your investment advisor on any particular account. Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley financial advisors or private wealth advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.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 AGENCYCRC 5352232   1/2023 

Christine is approaching 30, with half a million dollars in potential value from the equity awards given to her by her company, a good income and the freedom to work from anywhere in the world. While spending most of her money on travel, food and life experiences is fulfilling, Christine is feeling pressure to plan more for the future.Her family and friends are pushing for her to buy a house, but she isn’t sure she’s ready to be tied down with that much responsibility. Talking about money and financial planning with her parents wasn't part of Christine’s upbringing, so she’s searching for guidance on how to plan for right now, and for the future. Should she trust advice she hears from social media influencers?That’s where Jason, a Morgan Stanley Financial Advisor, comes in. Listen in as he helps Christine figure out if she can continue to have adventures and still plan for her future.For more information about this episode and the topics covered, check out our episode page https://www.morganstanley.com/ideas/long-term-investment-plans-what-should-i-do-with-my-money-podcast.Here's some important information about your relationship with your financial advisor and Morgan Stanley Smith Barney LLC when using a financial planning tool. When your financial advisor prepares a financial plan, they will be acting in an investment advisory capacity with respect to the delivery of your financial plan. To understand the difference between brokerage and advisory relationships, you should consult your financial advisor or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at morganstanley.com/mymoney. You have sole responsibility for making all investment decisions with respect to your implementation of a financial plan. You may implement the financial plan at Morgan Stanley Smith Barney LLC, or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it in writing to act as your investment advisor on any particular account. Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley financial advisors or private wealth advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.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 AGENCYCRC 5398036  1/2023

Dennis is in his 60s and freshly divorced, with two kids yet to enter college. His devastating experience with investing in the 90’s left Dennis afraid to get back in the market. But as he nears retirement, Dennis wonders how he can do so comfortably while paying for his two children’s education. Of particular concern: Will he have to sell his beloved family apartment in New York City to cover future financial needs? Or will the cash proceeds from the sale of the house he shared with his former wife buy him some time?Listen in as Cathy, a Financial Advisor at Morgan Stanley, walks Dennis through his options and helps him learn to trust again.For more information about this episode and the topics covered, check out our episode page https://www.morganstanley.com/ideas/long-term-financial-planning-what-should-i-do-with-my-money-podcastHere's some important information about your relationship with your financial advisor and Morgan Stanley Smith Barney LLC when using a financial planning tool. When your financial advisor prepares a financial plan, they will be acting in an investment advisory capacity with respect to the delivery of your financial plan. To understand the difference between brokerage and advisory relationships, you should consult your financial advisor or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at morganstanley.com/mymoney. You have sole responsibility for making all investment decisions with respect to your implementation of a financial plan. You may implement the financial plan at Morgan Stanley Smith Barney LLC, or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it in writing to act as your investment advisor on any particular account. Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley financial advisors or private wealth advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.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 AGENCYCRC  5352232    12/2022

Brad is a New Yorker in his 40s who dropped everything to pursue a passion project. But the business failed, leaving him loaded with debt. Now he has to figure out how to get back on track after losing most of his—and his wife’s—savings. With an empty investment account, and living in an expensive city, Brad​​ has to decide what should come first: paying off past debts or investing for the future.In this episode of What Should I Do With My Money, Sallie, a Financial Advisor at Morgan Stanley, works with Brad to figure out how to get back to the level of comfort and financial freedom he’s looking for.For more information about this episode and the topics covered, check out our episode page https://www.morganstanley.com/ideas/closing-small-business-what-should-i-do-with-my-money-podcast. [DISCLOSURES]Here's some important information about your relationship with your financial advisor and Morgan Stanley Smith Barney LLC when using a financial planning tool. When your financial advisor prepares a financial plan, they will be acting in an investment advisory capacity with respect to the delivery of your financial plan. To understand the difference between brokerage and advisory relationships, you should consult your financial advisor or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at morganstanley.com/mymoney. You have sole responsibility for making all investment decisions with respect to your implementation of a financial plan. You may implement the financial plan at Morgan Stanley Smith Barney LLC, or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it in writing to act as your investment advisor on any particular account. Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley financial advisors or private wealth advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.The returns on a portfolio consisting primarily of Environmental, Social and Governance – “ESG” – aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.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 ©2022 Morgan Stanley Smith Barney LLC. Member SIPC.     CRC 5352347          12/2022

This episode’s guests Amanda and Gavin are working professionals with their first baby on the way. The couple know how to stick to a budget, but that’s where their financial smarts come to a screeching halt.A new baby brings joy and excitement but also uncertainty and change. But Amanda and Gavin aren’t sure how to plan for new expenses like childcare costs. Can they manage three people and working from home in their two-bedroom apartment? Can they afford to buy a house or will it leave them stretched too thin?In this episode of What Should I Do With My Money?, listen in as Eric, a Financial Advisor at Morgan Stanley, offers a framework to plan for the future and helps the couple figure out what to expect – about money – when they’re expecting.For more information about this episode and the topics covered, check out our episode page https://www.morganstanley.com/ideas/planning-for-a-baby-financially-what-should-i-do-with-my-money-podcast.Here's some important information about your relationship with your financial advisor and Morgan Stanley Smith Barney LLC when using a financial planning tool. When your financial advisor prepares a financial plan, they will be acting in an investment advisory capacity with respect to the delivery of your financial plan. To understand the difference between brokerage and advisory relationships, you should consult your financial advisor or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at morganstanley.com/mymoney. You have sole responsibility for making all investment decisions with respect to your implementation of a financial plan. You may implement the financial plan at Morgan Stanley Smith Barney LLC, or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it in writing to act as your investment advisor on any particular account. Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley financial advisors or private wealth advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.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©2022 Morgan Stanley Smith Barney LLC. Member SIPC.    CRC 5347493                     12/2022

Willow was a debt-burdened single mother when she finished grad school. As a consultant, she was able to climb out of debt and build her business and earn a considerable wage. She isn’t a big spender but she grew up in a household with strict budget limitations, so she doesn’t know how to approach wealth.Willow feels she is playing catch up compared to other people her age when it comes to wealth management. Yet, Willow’s reality of being in her forties and only now being able to think seriously about things like savings and retirement is very common. It can take years of building a career and raising kids before there's money available to start thinking about finances beyond everyday expenses. And the longer the wait, the more urgent the questions become.In this episode, listen in as Sarah, a Financial Advisor at Morgan Stanley, gives Willow actionable steps towards managing her finances and the reassurance she’s on the right track.For more information about this episode and the topics covered, check out our episode page. -----Here's some important information about your relationship with your financial advisor and Morgan Stanley Smith Barney LLC when using a financial planning tool. When your financial advisor prepares a financial plan, they will be acting in an investment advisory capacity with respect to the delivery of your financial plan. To understand the difference between brokerage and advisory relationships, you should consult your financial advisor or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at morganstanley.com/mymoney. You have sole responsibility for making all investment decisions with respect to your implementation of a financial plan. You may implement the financial plan at Morgan Stanley Smith Barney LLC, or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it in writing to act as your investment advisor on any particular account. Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley financial advisors or private wealth advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.The returns on a portfolio consisting primarily of Environmental, Social and Governance – “ESG” – aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.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 AGENCYCRC 5189018 (01/2023)

After growing up on a tight budget, Louisa was shocked to find that her mother was sitting on an estate worth millions in cash, property and investments. Now Louisa is left with all kinds of questions about what to do with it.This complete financial surprise means Louisa needs a crash course on mortgages, ethical investments, distant properties, trusts, wills – all things she’s never had to deal with before. And Louisa realizes that she wants her children to be more in the know than she was about the family’s money. In this episode, listen in as Louisa gets eye-opening and reassuring guidance from Seth, a Morgan Stanley Financial Advisor.For more information about this episode and the topics covered, check out our episode page.Disclaimer:Here's some important information about your relationship with your financial advisor and Morgan Stanley Smith Barney LLC when using a financial planning tool. When your financial advisor prepares a financial plan, they will be acting in an investment advisory capacity with respect to the delivery of your financial plan. To understand the difference between brokerage and advisory relationships, you should consult your financial advisor or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at morganstanley.com/mymoney. You have sole responsibility for making all investment decisions with respect to your implementation of a financial plan. You may implement the financial plan at Morgan Stanley Smith Barney LLC, or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it in writing to act as your investment advisor on any particular account. Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley financial advisors or private wealth advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters. This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.The returns on a portfolio consisting primarily of Environmental, Social and Governance – “ESG” – aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. 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 CRC 4946975 (12/2022)

What would you like to hear in our upcoming season? Do you have any financial questions you’ve always wanted to ask? Our Financial Advisors at Morgan Stanley are ready to help. Send your thoughts to mymoney@morganstanley.com.DISCLOSURES:Signal Award Winners are selected by members of the Signal Jurors from the best work entered through the Call for Entries. Evaluated against a number of criteria, the work undergoes a rigorous process to win a Signal Award. Signal Jurors independently inspect each entry submitted during the Call for Entries, rating each one based on its respective judging criteria. Every entry is evaluated by multiple experts. The top entries are then included on category-specific shortlists and further evaluated. Jurors may not vote in any category in which they have a conflict of interest. The Signal Judging Academy is made up of esteemed podcasting professionals who have been making waves in the industry.The Signal Academy selects finalists for each category and then the general public can cast a vote during the open voting period for their pick for the Listener’s Choice award in each category.Morgan Stanley Smith Barney LLC is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley Smith Barney LLC (“Morgan Stanley”) of any information contained within the website. Morgan Stanley is not responsible for the information contained on the third party website or the use of or inability to use such site. Nor do we guarantee their accuracy or completeness. Here's some important information about your relationship with your financial advisor and Morgan Stanley Smith Barney LLC when using a financial planning tool. When your financial advisor prepares a financial plan, they will be acting in an investment advisory capacity with respect to the delivery of your financial plan. To understand the difference between brokerage and advisory relationships, you should consult your financial advisor or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at morganstanley.com/mymoney. You have sole responsibility for making all investment decisions with respect to your implementation of a financial plan. You may implement the financial plan at Morgan Stanley Smith Barney LLC, or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it in writing to act as your investment advisor on any particular account. Morgan Stanley Smith Barney LLC, its affiliates, and Morgan Stanley financial advisors or private wealth advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.The returns on a portfolio consisting primarily of Environmental, Social and Governance – “ESG” – aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.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© 2023 Morgan Stanley Smith Barney LLC, Member SIPC. CRC 6109579 (11/2023)