Episodes

  • Tech founder unlocks liquidity for her next big bet

    Tech founder unlocks liquidity for her next big bet
    Oct 7 2026
    Kelsey, an entrepreneur, faces the classic founder's trap: massive paper wealth but a liquidity crunch hindering her new AI startup, Mother.tech. Seeking a path forward, she consults her Morgan Stanley Financial Advisor, Ara. Together, they explore Morgan Stanley’s "HOPES" framework, using options strategies to unlock capital from her concentrated stock without triggering high taxes. They also lay the groundwork for a trust to secure her daughter's financial future, balancing high-stakes growth with long-term security.Explore how you can connect with a Morgan Stanley Financial Advisor. DISCLOSURESThis material has been prepared for general informational and educational purposes only. It does not constitute an offer to buy or sell, or a solicitation of any offer to buy or sell, any security, financial instrument, investment product or strategy. The information presented is not intended to provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances, objectives, risk tolerance or needs of any specific person.The guest speaker featured in this material is a client of Morgan Stanley and was not compensated for participating. The client’s statements reflect her own personal experiences and opinions. Her experiences are not representative of all client experiences, may not be duplicated, and are not a guarantee of future results or success. Morgan Stanley may or may not agree with the views expressed by the guest speaker.Any testimonials, endorsements, opinions or client experiences described herein should not be construed as a recommendation or solicitation by Morgan Stanley with respect to the purchase or sale of any security, investment product, strategy or service. Past experiences and outcomes are not indicative of future results. Results will vary based on each client’s particular circumstances.The views and opinions expressed by any speaker are those of the speaker as of the date of recording and are subject to change without notice. Morgan Stanley has no obligation to update this material or notify recipients if any information, opinion, forecast or estimate changes or becomes inaccurate.The transcript includes discussion of concentrated stock positions, diversification strategies, exchange funds, options strategies, securities-based lending, commodities, gold-related investments, helium-related investment themes, alternative investments, custodial accounts, 529 education savings plans, trusts and estate planning concepts. These topics involve important risks and considerations and may not be appropriate for all investors.Diversification does not guarantee a profit or protect against loss in a declining market. Strategies designed to manage concentrated stock positions, including holding, selling, hedging, options strategies, exchange funds, philanthropy and prepaid forward contracts, may involve significant risks, costs, tax consequences, restrictions and eligibility requirements. There can be no assurance that any such strategy will achieve its intended objective.Options are not appropriate for all investors. Options strategies may involve substantial risk and may result in losses, including the potential loss of the entire investment. Certain options strategies may also limit upside participation, generate taxable events, involve complex terms and require ongoing monitoring. Investors should understand the risks and characteristics of options before engaging in any options strategy.Securities-based lending, including Morgan Stanley’s Liquidity Access Line, may not be suitable for all clients. Borrowing against securities involves risks, including the potential for a collateral call, the need to deposit additional collateral or repay part or all of the loan, and the possibility that securities may be sold without prior notice to meet collateral requirements. Interest rates and collateral requirements may change, and a decline in the value of pledged securities could result in adverse consequences. Proceeds from securities-based loans generally may not be used to purchase, trade or carry margin stock or repay margin debt.Alternative investments, including private equity, private credit, real estate-related strategies, commodities-related strategies and other nontraditional investments, are speculative, involve a high degree of risk and are suitable only for qualified investors who can bear the risk of loss. Alternative investments may be illiquid, may have limited transparency, may involve leverage, may be subject to transfer restrictions, may have higher fees than traditional investments and may not be required to provide periodic pricing or valuation information.Commodity-related investments, including gold and helium-related investments, may be highly volatile and can be affected by changes in supply and demand, geopolitical events, interest rates, inflation expectations, currency movements, regulatory developments, ...
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    25 mins
  • What Should I Do With My Money? Season 4 Trailer

    What Should I Do With My Money? Season 4 Trailer
    Oct 2 2026

    This season, we’re taking things up a notch. We’re going deep on strategies for diversifying your concentrated stock, understanding private market investing, integrating cryptocurrency into your portfolio, and a lot more. But what hasn’t changed is that money is always emotional. Join us to hear how a conversation can turn concern into confidence, hosted by Morgan Stanley's Jamie Roô.

    For more information visit morganstanley.com/mymoney

    --

    The guests appearing on this podcast are unpaid speakers and are not employees or agents of Morgan Stanley unless otherwise noted. Their views are their own and do not necessarily reflect the views of Morgan Stanley Wealth Management or its affiliates.

    This material has been prepared for general reference and educational purposes only. It does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

    The strategies and/or investments discussed may not be appropriate for all investors. Morgan Stanley Wealth Management recommends that investors independently evaluate particular investments and strategies and consult with a Financial Advisor, legal advisor and/or tax advisor.

    Investing involves risk, including the possible loss of principal. Diversification does not guarantee a profit or protect against loss in a declining financial market. Past performance is not a guarantee of future results.

    Digital assets, including cryptocurrency, are speculative and involve a high degree of risk, including potential loss of the entire investment.

    Private market investments may be highly illiquid, speculative and suitable only for qualified

    investors who can bear the risks associated with such investments.

    Please see the show notes for additional important information and disclosures.

    ©2026 Morgan Stanley Smith Barney LLC. Member SIPC.

    CRC#5951199 09/2026
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    2 mins
  • Solidcore Founder Anne Mahlum Doesn’t Want to Die Rich

    Solidcore Founder Anne Mahlum Doesn’t Want to Die Rich
    Nov 12 2025
    Anne Mahlum built and sold Solidcore, a national fitness empire — and now she’s asking what really matters. After achieving financial freedom following her $100M exit, she’s thinking deeply about what it means to live a rich life. From love and legacy to family, philanthropy and mentoring, she’s considering how to spend, give and structure her wealth to make an impact while she’s still alive. In this episode of What Should I Do with My Money?, host Jamie Roô brings Anne together with Victoria, a Morgan Stanley Financial Advisor, to explore values-based wealth planning, giving while living and how post-exit founders can reinvent their purpose for the next chapter of their life. 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. The views and opinions expressed in this material are those of the speaker, at the time of this writing and do not necessarily represent those of Morgan Stanley Smith Barney LLC, its affiliates or its other employees. Of course, these views may change without notice in response to changing circumstances and market conditions. Furthermore, this material may contain forward looking statements and there can be no guarantees that they will come to pass. The discussion of any securities in this material should not be construed as a solicitation to buy or sell such securities. Portfolio holdings are subject to change and there is no guarantee that any securities mentioned will be held in a client’s account. It should not be assumed that any securities transactions or holdings discussed were or will prove to be profitable. Historical data discussed represents past performance and does not guarantee comparable future results. The information and statistical data contained herein have been obtained from sources that are believed to be reliable but in no way are guaranteed by Morgan Stanley Smith Barney LLC as to accuracy or completeness. 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. 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. Technology stocks may be especially volatile.Artificial intelligence (AI) is subject to limitations, and you should be aware that any output from an IA-supported tool or service made available by the Firm for your use is subject to such limitations, including but not limited to inaccuracy, incompleteness, or embedded bias. You should always verify the results of any AI-generated output. Because this strategy expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the portfolio's overall value to decline to a greater degree than that of a less concentrated portfolio. Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Companies paying dividends can reduce or stop payouts at any time. Real estate investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. Private equity funds typically invest in securities, instruments, and assets that are not, and are not expected to become, publicly traded and therefore may require a substantial length of time to realize a return or fully liquidate. They typically have high management, performance and placement fees which can lower the returns achieved by investors. They are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid with significant lock-up periods and no ...
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    38 mins
  • Financial Strategies for Special Needs Families

    Financial Strategies for Special Needs Families
    Oct 29 2025
    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...
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    29 mins
  • The Price Tag of Parenthood

    The Price Tag of Parenthood
    Oct 15 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 ...
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    23 mins
  • Money, Motherhood and Menopause

    Money, Motherhood and Menopause
    Oct 1 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.


    DISCLOSURES

    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: 4776382 (10/2025)
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    29 mins
  • Can We Afford a Wedding, a Home and IVF?

    Can We Afford a Wedding, a Home and IVF?
    Sep 17 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...
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    26 mins
  • What Does it Take to Retire Before 40?

    What Does it Take to Retire Before 40?
    Sep 3 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. ...
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    32 mins