Morgan Stanley

• A percentage of assets under your management
• Fixed fees (other than subscription fees)
• Commissions
• Performance-based fees
• Other

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

See the firm's brochure (dated August 7, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$1,961,887,313,229 as of October 2026, filing dated September 28, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Financial planning services
• Portfolio management for individuals and/or small businesses
• Portfolio management for investment companies (and business development companies)
• Portfolio management for businesses (other than small businesses) or institutional clients
• Pension consulting services
• Selection of other advisers (including private fund managers)
• Educational seminars/workshops
• Other

Legal name

Morgan Stanley Smith Barney LLC

Also doing business as

CONSULTING GROUP, GRAYSTONE CONSULTING, MORGAN STANLEY, MORGAN STANLEY CONSULTING GROUP, MORGAN STANLEY PRIVATE WEALTH MANAGEMENT, MORGAN STANLEY SMITH BARNEY, MORGAN STANLEY WEALTH MANAGEMENT

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2009 (17 years)

Employees

Total: 29,481. Performing investment advisory functions: 13,000.

Wrap fee program participation

Yes.

Custodians (Schedule D, Section 5.K(3))

Morgan Stanley · affiliated

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

Other offices (Schedule D, Section 1.F)

19 other offices, as of the October 2026 filing

Alpharetta, GAAtlanta, GABeverly Hills, CABoston, MAChicago, ILFort Lauderdale, FLGarden City, NYGilbert, AZMiami, FLNew York, NYOak Brook, ILPasadena, CAPurchase, NYSan Francisco, CASandy, UTScottsdale, AZSeattle, WATampa, FLWellesley, MA

States registered or notice-filed

51 states or jurisdictions

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SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

19 Reports 19 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Criminal matters Items 11.A and 11.B

• 11.A(1) In the past ten years, has the firm or an advisory affiliate been convicted of, or pleaded guilty or no contest to, a felony?
• 11.A(2) In the past ten years, has the firm or an advisory affiliate been charged with a felony?
• 11.B(1) In the past ten years, has the firm or an advisory affiliate been convicted of, or pleaded guilty or no contest to, a misdemeanor involving investments or an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these?
• 11.B(2) In the past ten years, has the firm or an advisory affiliate been charged with one of the misdemeanors listed in 11.B(1)?

Regulatory matters Items 11.C to 11.G

• 11.C(1) Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?
• 11.C(2) Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
• 11.C(4) Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.C(5) Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
• 11.D(2) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
• 11.D(4) In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.D(5) Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?
• 11.E(1) Has a self-regulatory organization (such as FINRA) or a commodities exchange ever found that the firm or an advisory affiliate made a false statement or omission?
• 11.E(2) Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?
• 11.E(4) Has a self-regulatory organization or a commodities exchange ever disciplined the firm or an advisory affiliate by expelling or suspending it from membership, barring or suspending it from association with other members, or otherwise restricting its activities?
• 11.F Has an authorization to act as an attorney, accountant, or federal contractor granted to the firm or an advisory affiliate ever been revoked or suspended?
• 11.G Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?

Civil court matters Item 11.H

• 11.H(1)(a) In the past ten years, has a domestic or foreign court issued an injunction against the firm or an advisory affiliate in connection with investment-related activity?
• 11.H(1)(b) Has a domestic or foreign court ever found that the firm or an advisory affiliate was involved in a violation of investment-related statutes or regulations?
• 11.H(1)(c) Has a domestic or foreign court ever dismissed, under a settlement agreement, an investment-related civil action brought against the firm or an advisory affiliate by a state or foreign financial regulator?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $1,075,993,037,672 in the October 2021 data and $1,961,887,313,229 in the October 2026 data, up 82%.

Total employees: 26,000 in October 2021 and 29,481 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. October 2026
   • Item 11 disclosure answers changed: 19 yes answers, previously 20 (now no: 11.H(2)).
   • Updated its list of owners and control persons (Schedule A).
2. May 2026
   • Item 11 disclosure answers changed: 20 yes answers, previously 21 (now no: 11.D(1)).
3. April 2026
   • Regulatory assets under management went from $1,650,015,946,338 to $1,961,887,313,229 (+19%).
   • Changed its office addresses in Chicago, IL.
   • Changed its office addresses in New York, NY.
   • Added an office in Oak Brook, IL.
   • Added an office in Scottsdale, AZ.
   • No longer lists an office in Morristown, NJ.
4. December 2025
   • Item 11 disclosure answers changed: 21 yes answers, previously 20 (now yes: 11.H(2)).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.