# Morgan Stanley

> Morgan Stanley is an SEC-registered investment advisory firm in Purchase, NY, registered since 2009, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 28, 2026.

- CRD: 149777
- Filed as: MORGAN STANLEY
- 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)
- Location: Purchase, NY
- Filing period: October 2026
- Form ADV filing dated: September 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/149777
- AdvisorCensus page: https://advisorcensus.com/firm/morgan-stanley-purchase-ny-149777

## Quick answers

**How is Morgan Stanley compensated?**
On its Form ADV (Item 5.E, October 2026), Morgan Stanley reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); commissions; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Morgan Stanley located?**
Morgan Stanley's principal office is in Purchase, NY, according to its Form ADV; the October 2026 filing also lists 19 other offices (Schedule D, Section 1.F).

**Is Morgan Stanley registered with the SEC or a state?**
Morgan Stanley is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 149777.

**How much does Morgan Stanley manage?**
Morgan Stanley reports $1,961,887,313,229 in regulatory assets under management in its Form ADV filing dated September 28, 2026 (73% discretionary).

**How have Morgan Stanley's assets and staff changed since 2021?**
In the Form ADV data for Morgan Stanley: 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. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Morgan Stanley serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (2,600,707); high net worth individuals (43,631); charitable organizations (39,751).

**Which custodians does Morgan Stanley use?**
Morgan Stanley's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Morgan Stanley (affiliated with the firm) as a custodian holding 10% or more of its separately managed account assets.

**Does Morgan Stanley report any disciplinary disclosures?**
Reports 19 disclosure items on Form ADV Item 11: yes answers to 4 questions about criminal matters, 12 questions about regulatory matters, and 3 questions about civil court matters (11.A(1), 11.A(2), 11.B(1), 11.B(2), 11.C(1), 11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.D(5), 11.E(1), 11.E(2), 11.E(4), 11.F, 11.G, 11.H(1)(a), 11.H(1)(b), 11.H(1)(c)). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/149777

**What changed in Morgan Stanley's recent Form ADV filings?**
In the October 2026 filing data: 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).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Commissions
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- Morgan Stanley (affiliated with the firm)

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.

### Regulatory assets under management (Item 5.F)
- Total: $1,961,887,313,229
- Discretionary: $1,434,514,399,680
- Non-discretionary: $527,372,913,549

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 2,600,707 | $1,245,388,422,212 |
| High net worth individuals | 43,631 | $527,589,564,614 |
| Banking or thrift institutions | 4,257 | $6,389,373,258 |
| Investment companies | 4 | $263,737,897 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 10,466 | $74,862,543,476 |
| Charitable organizations | 39,751 | $79,476,184,372 |
| State or municipal government entities (including government pension plans) | 1,423 | $8,108,465,859 |
| Insurance companies | 1,387 | $5,876,245,823 |
| Corporations or other businesses not listed above | 1,982 | $13,874,367,326 |
| Other | 112 | $58,408,392 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 2009 (17 years)
- Employees: 29,481 total, 13,000 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports 19 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 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)?
- 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?
- 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. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/149777

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Alpharetta, GA
- Atlanta, GA
- Beverly Hills, CA
- Boston, MA
- Chicago, IL
- Fort Lauderdale, FL
- Garden City, NY
- Gilbert, AZ
- Miami, FL
- New York, NY
- Oak Brook, IL
- Pasadena, CA
- Purchase, NY
- San Francisco, CA
- Sandy, UT
- Scottsdale, AZ
- Seattle, WA
- Tampa, FL
- Wellesley, MA

### Websites listed on Form ADV (Item 1.I)
- morganstanley.com
- morganstanleyclientserv.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,075,993,037,672 | 26,000 | September 30, 2021 |
| October 2022 | $1,311,934,806,306 | 26,500 | September 30, 2022 |
| October 2023 | $1,185,061,196,999 | 28,000 | September 7, 2023 |
| October 2024 | $1,402,425,838,334 | 29,300 | September 20, 2024 |
| October 2025 | $1,650,015,946,338 | 29,200 | July 21, 2025 |
| October 2026 | $1,961,887,313,229 | 29,481 | September 28, 2026 |

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.

## Changes in the filing (last 12 months)

### 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).

### May 2026
- Item 11 disclosure answers changed: 20 yes answers, previously 21 (now no: 11.D(1)).

### 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.

### December 2025
- Item 11 disclosure answers changed: 21 yes answers, previously 20 (now yes: 11.H(2)).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Morgan Stanley (CRD 149777): Form ADV filing data as of October 2026.