THE VECTOR GROUP at MORGAN STANLEY

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1 THE VECTOR GROUP at MORGAN STANLEY Morgan Stanley Smith Barney LLC Member SIPC

2 Vec tor (VEK-ter) n. magnitude and direction Miriam Webster Dictionary

3 THE VECTOR GROUP at MORGAN STANLEY 1290 Avenue of Americas, 12th Floor, New York, NY WE MAKE YOUR MONEY WORK SO YOU CAN MAKE THE WORLD WORK

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5 Our Mission: Our clients work with us because we understand them. Most of us have been leaders in other related fields before coming together as The Vector Group. Between us in our former roles, we ve structured over $6 billion in complex financing for public entities, we ve created proprietary trading products such as one of the country s first stripped bond programs, and we ve made several different successful exits from closely held companies. Our clients know that we ve been in their shoes and that everything we do is tailored to meet their needs. It s our job to simplify our clients lives with sophisticated, highly personalized solutions. We deliver results to them by providing the best service with the most direct access to investment solutions. 1

6 Magnitude & Direction VECTORS REQUIRE BOTH A MAGNITUDE AND A DIRECTION. THE INVESTMENT SOLUTIONS WE CREATE FOR OUR CLIENTS REFLECT THE BROADEST SCOPE AND CLEAREST PATH TO THEIR GOALS. Portfolio Management, Investment Strategy Senior Portfolio Manager David Sherrill is credentialed to create bespoke investment portfolios for clients that are totally transparent. Fixed Income Strategies, Bond Asset Allocation Models, Credit Strategies Michael Belsky s approach to bond portfolio structure involves target-duration as well as yield-curve positioning. Alternative Investments, Managed Futures, Investment Analysis, Insurance Solutions Michael Pellman Rowland monitors and analyzes a number of asset classes - such as private equity and venture capital funds, property investment funds and hedge funds which increasingly have components of sustainable and responsible investing (SRI). Capital Markets, Access to Private Lending Solutions, Tax & Estate Planning Strategies, Multigenerational Asset Allocation, Individual & Corporate Retirement Planning David Cote facilitates transactions that can raise capital for a company s growth and expansion, or set them up for a potential liquidation event or IPO. 2

7 Our Advice FINANCIAL ADVICE THAT GROWS WITH YOU We pride ourselves on our ability to create strategies to help meet immediate needs while also investing for the long term. It s our job to adjust with the changing needs of our clients as they progress through different stages in their financial lives. This is true for individuals, families, and institutions. WEALTH ACCUMULATION STAGE FOCUSES ON: n Investment strategies n Financial Planning n Tax Efficiency n Access to Lending Services WEALTH TRANSITION STAGE FOCUSES ON: n Business liquidation n Retirement Plans n Access to Investment Banking Services n Intergenerational transfers WEALTH DISTRIBUTION STAGE FOCUSES ON: n Endowment management n Planned giving strategies 3

8 Our Practice YOUR INVESTMENT PLAN IT S COMPREHENSIVE Together, we begin by: n Analyzing your financial situation, life goals and priorities n Discussing your investment philosophy and expectations n Considering life events that may impact your investment strategy n Defining your tolerance for risk and your income requirements IT S UNIQUELY TAILORED Next, we: n Determine an appropriate blend of asset classes for your portfolio n Position your portfolio for what we believe will be the highest performance within your risk tolerance n Consider the benefits of alternative investments IT S ADJUSTABLE On an ongoing basis, we: n Monitor the performance and composition of your portfolio n Provide you with comprehensive performance reviews n Adjust your portfolio to fit life changes as they occur 4

9 Our Process AN INVESTMENT MANAGEMENT PROCESS BASED ON OPEN ARCHITECTURE Portfolio Management Industry Services International Strategies Client Financial Context M. David Sherrill Portfolio Management Debt Instruments Research Coordination U.S. Portfolio Michael J. Belsky Our Investment Approach Investment Banking Liaison Access to Lending Services Retirement Plans Corporate Services David Cote Michael Pellman Rowland Socially Responsible Investing LGBT Clients Alternative Investments Investment Analysis Insurance Solutions 5

10 Our Credentials We have strategically built a deep bench of complementary advisory skills. Our professional investment credentials demonstrate a deep level of knowledge as well as the ability to coordinate efforts among other professionals. We have actively sought and achieved the following advanced credentials: CFA CHARTERED FINANCIAL ANALYST (M. David Sherrill and Matthew Preto) allows us to analyze investment opportunities for portfolio construction CFP CERTIFIED FINANCIAL PLANNER (Michael Pellman Rowland) allows us to contextualize the portfolio for individual clients CMT CHARTERED MARKET TECHNICIAN (M. David Sherrill) allows us to makes tactical moves in the market based on technical analysis. ADPA ACCREDITED DOMESTIC PARTNERSHIP ADVISOR (Michael Pellman Rowland) allows us an in-depth understanding of the financial needs of domestic partners Morgan Stanley has also designated us as Senior Portfolio Managers designations that are bestowed on a few select managers with the credentials and historical record of constructing portfolios to help meet client needs. 6

11 Our Service OUR CLIENTS COUNT ON US TO GO ABOVE AND BEYOND THEIR EXPECTATIONS TO ACCOMMODATE THEIR NEEDS. THE DEPTH OF OUR TEAM MEANS THAT OUR SERVICE IS SPECIFIC TO OUR CLIENT S ISSUES. 7

12 Building a Legacy Our Group understands that an inheritance has helped a significant share of high net worth investors achieve their wealth. We help our clients address how they want their wealth handled well into the future. This may include maximizing wealth transfer between generations; leaving a philanthropic legacy through a charitable annuity, charitable trust or foundation; or working to ensure their heirs have the resources they need. Our advice extends far beyond helping our clients and their families just manage financial assets. Many of our clients want to make a difference in their community and in our world. Beyond money management, we act as philanthropic advisors, working with our clients to prioritize their causes and create a philanthropic plan that supports their goals. Generational Wealth The Vector Group is a multi-generational team of financial professionals who understand how to serve our multi-generational client families. We know from experience that different generations have different approaches to investing: some clients through shorter-term desires, others by lasting impact from investment. Our long history of working with wealthy clients allows us to easily engage with and advise families about their plans for transitioning generational wealth. 8

13 Our Team: MEET OUR TEAM We are a team, which means we act in concert with each other, while drawing on our individual strengths and knowledge assets. The result is a cohesive and coherent effort that really proves that the whole we offer to our clients is greater than the sum of our parts. 9

14 Financial Advisor M. David Sherrill, CFA, CMT Executive Director Senior Portfolio Management Director Financial Advisor David Sherrill s Wall Street career started in 1984 at a predecessor firm to Morgan Stanley Smith, Barney, Harris, Upham and Co., Inc. His work in the investment banking world included structuring over $6 billion in complex financing for public entities in the airline and resource recovery industries. Specific projects included portfolio protection strategies for institutional investors during the infancy of this field. FOCUS: Portfolio Management Industry Services International Strategies Client Financial Context In 1988, Mr. Sherrill joined Shearson Lehman Brothers (another predecessor firm) to start a financial advisory business. Today his clientele includes individuals, family trusts, charitable institutions, corporate entities and foundations. As one of the founding members of The Vector Group, his focus includes financial planning, portfolio management, international investing, risk assessment and alternative investments. Mr. Sherrill is a CFA Charterholder and has the designation of Chartered Market Technician (CMT). With these advanced credentials, he analyzes investment opportunities for portfolio construction (CFA ) and makes tactical moves in the market based on technical analysis. His education includes a B.S. of mathematics from the University of California, Berkeley. His passions include his family, music, history, backgammon and wine. He is very active in philanthropic pursuits including those aiding children in need, journalism and the arts. David has been a guest speaker on Bloomberg Rewind and named to The Financial Times Top 400 Financial Advisors. tel: (212) M.David.Sherrill@morganstanley.com 10

15 Financial Advisor Michael J. Belsky Senior Vice President Senior Portfolio Management Director Financial Advisor For the past 30 years, Michael Belsky has aimed to limit volatility for his clients in the financial services industry. He has extensive experience in fixed income with a focus on bond asset allocation models and credit strategies. FOCUS: Portfolio Management Debt Instruments Research Coordination U.S. Portfolio Prior to joining Morgan Stanley in 2008, Mr. Belsky served as Associate Director with Bear, Stearns & Co. Inc. and Senior Vice President at PNC Bank, which he joined in Previously, he was a co-founder and senior partner at Atlantic Group Securities, where he worked from 1984 to 1999, and was responsible for the firm s government trading desk as well as the structuring, funding and placement of debt issues throughout the United States. Mr. Belsky helped structure proprietary trading products such as one of the country s first stripped bond programs as well as put features for local banks municipal portfolios. Additionally, his responsibilities included management and development of bond portfolios for the firm s clients. As a founding member of The Vector Group, Mr. Belsky s clients rely on his experience in the fixed income world to help unearth value in debt securities. Mr. Belsky has developed an approach to bond portfolio structure that involves target-duration as well as yield-curve positioning and is often called to speak about management and income strategies. Mr. Belsky received a B.S.B.A. from the University of Denver and actively mentors recent graduates on various business skills. He has a passion for children s causes and has three adult children. tel: (212) Michael.Belsky@morganstanley.com 11

16 Financial Advisor Michael Pellman Rowland, CFP, ADPA Senior Vice President Portfolio Management Director Financial Advisor FOCUS: Socially Responsible Investing LGBT Clients Alternative Investments Investment Analysis Insurance Solutions Michael Pellman Rowland has been advising clients at Morgan Stanley for over 12 years. His focus areas include financial planning, portfolio management and investment analysis. In addition to a great deal of experience in designing investment strategies, Michael has spent time developing a process of education for the lay investor. His clients have benefited from his ability to describe the many pros and cons of different investment approaches. His clientele include individuals, LGBT clients, family trusts, millennials, and clients interested in socially responsible investing (SRI). Michael often works closely with his clients accountants and legal counsel to help provide in depth financial planning and advice. Michael joined Morgan Stanley shortly after earning his economics degree from Hamilton College. He holds the designations of CERTIFIED FINANCIAL PLANNER and Accredited Domestic Partnership Advisor. He loves traveling and is an avid golfer. In addition, he and his wife spend time in charitable pursuits, including medical devices and water wells to impoverished areas around the world. Michael also serves as a board member of Housing Works, Inc. Michael is a frequent guest lecturer, and has been featured in the The Wall Street Journal, Financial Times, Investment News, and Green is Good Radio. tel: (212) Michael.Pellman@morganstanley.com 12

17 Financial Advisor David J. Cote Vice President Financial Advisor FOCUS: Capital Markets Access to Private Lending Solutions Tax & Estate Planning Strategies Corporate Services David Cote joined Morgan Stanley in 2013, having worked in the financial services industry since In this role he is responsible for providing investment and wealth planning advice to individuals and families and their trusts, estates, foundations, endowments and pension plans. Mr. Cote also has a focus working with entrepreneurs and owners of privately held businesses to assist with planning for an exit (Strategic Buyer, Private Equity Investment, IPO) and dealing with concentrated stock positions post exit. As a Partner with the Vector Group at Morgan Stanley, he provides counsel to clients and their professional advisors on a variety of matters, including tax and estate planning strategies, multigenerational asset allocation, individual and corporate retirement planning, and the sale of closely held businesses. For entrepreneurs and business owners, he also is the Vector Group lead for Morgan Stanley s suite of stock plan services, 10b5-1 plans and Cash Management. Prior to joining Morgan Stanley, Mr. Cote was a Vice President and Financial Advisor with Bernstein Global Wealth Management which he joined in Previously, he was a global sales executive for several firms that provided strategy and technology solutions to the financial services industry. Mr. Cote has vast experience in entrepreneurship and the sale of closely held businesses and he is a frequent guest lecturer at NYU and FIT on both of these topics. In 2012 he founded the Big Apple Entrepreneur Network which is a 700+ member group comprised of some of NYC s top entrepreneurs and related professionals. He is also the founder of Champagne & Song, an annual holiday fund raising event for the financial services industry to raise money for educational charities. Mr. Cote is a member of the Board of Directors for Empowered by You, a privately held fashion company that raises funds for women s microfinance through the sale of apparel. He received a Bachelor of Arts from Dartmouth College and was awarded a Citation for Academic excellence. Mr. Cote is an avid marathon runner and is a member of several annual charity events for education for education and cancer research that have raised over $1 Million to date. tel: (212) David.Cote@morganstanley.com 13

18 Support Staff Giselle Gigi B. Cantada Senior Registered Associate Gigi is the Senior Registered Associate with The Vector Group at Morgan Stanley. Her primary focus is on providing first-class client service and strategic operational and administrative support to the Group s clients. She is the first point of contact for many client questions, and on a daily basis she opens and monitors new and managed accounts, handles administrative and operational matters, and executes buy and sell orders. Gigi began as a compliance analyst with Marisco Fidelity in After five years, she moved to the institutional trading desk of Knight Capital Markets, where she provided settlement and liaison support for large fund companies. Gigi began working with David Sherrill in 2005 and became a key member of The Vector Group when it was established in March, Gigi is married and is the mother of four children. She lives in Bridgewater, NJ. tel: (212) Giselle.Cantada@morganstanley.com Support Staff Jack Beattie Client Service Associate Jack joined The Vector Group at Morgan Stanley after graduating from Miami University of Ohio with a B.A. degree in History. As a Client Service Associate, Jack helps clients with wire transfers, preparing checks, updating account info and facilitating myriad operational and support requests. A native of Chatham, NJ, Jack is a big sports fan and enjoys traveling abroad. tel: (212) Jack.Beattie@morganstanley.com 14

19 Support Staff Lindsey A. Paesano Business Development Associate Financial Planning Associate Lindsey Paesano joined Morgan Stanley in 2011, having worked in the financial services industry since 2009 and now functions as the Vector Group s Business Development Associate. Her responsibilities include developing strategies to further enhance client relationships and implementing new policies to help the team gain exposure and expand business capabilities. She participates in the team s overall marketing strategies, and manages the team s client communication efforts. Lindsey is also responsible for maintaining the team s website and social media presence. Instrumental in the daily operations and management of The Vector Group, the directorial duties of Lindsey include developing and executing business plans, relationship management, strengthening firm relationships, and newsletter implementation. Prior to joining The Vector Group, Lindsey helped run a nine member wealth management team at Morgan Stanley. She worked collaboratively with the team s financial advisors to provide the highest quality of individualized service to key clients. Her responsibilities included managing trading platforms across a broad range of securities products, market research, portfolio analysis, and asset allocation. Lindsey holds a B.S. degree in Business Administration with a major in Marketing from the Smeal College of Business at The Pennsylvania State University class of She is registered with FINRA and SEC with Series 7 and 66 registrations. tel: (212) lindsey.paesano@morganstanley.com Support Staff Matthew Preto, CFA Consulting Group Analyst Matthew joined Morgan Stanley in the summer of 2010 as a sales associate. He graduated from Rutgers University with a major in Economics in He is a CFA Charterholder and holds his series 7, 66, and 3 licenses. He focuses on research, asset allocation and portfolio analytics. He assists the team in designing and managing its portfolios and prepares analyses for the team and clients. Reviews include performance analysis and attribution. He researches various products including equity, fixed income, REIT s, structured products, mutual funds, commodities and fund of funds to determine investment opportunities. He executes equity, derivatives and fixed income orders for institutional and retail clients based upon thorough research, financial model analysis and portfolio fit. Additionally he analyzes new and secondary syndicate issues to determine inherent risks and suitability for individual and institutional clients including managing a large portion of the capital markets business for the team. Tel: (212) Matthew.Preto@morganstanley.com 15

20 THE VECTOR GROUP at MORGAN STANLEY 1290 Avenue of Americas, 12th Floor New York, NY tel: (212) toll-free: (800) fax: (212) DISCLOSURES: The investments listed may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor s individual circumstances and objectives. An investment in alternative investments can be highly illiquid, is speculative and not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Some of these risks may include: loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices; lack of liquidity in that there may be no secondary market for the fund and none is expected to develop; volatility of returns; restrictions on transferring interests; potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; absence of information regarding valuations and pricing; complex tax structures and delays in tax reporting; less regulation and higher fees than mutual funds; and manager risk. Individual funds will have specific risks related to their investment programs that will vary from fund to fund. Actual results may vary and past performance is no guarantee of future results. 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 matters involving trust and estate planning and other legal matters. Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates. Source: The Financial Times Top 400 Financial Advisors is an independent listing produced by the Financial Times (March, 2014). The FT 400 is based in large part on data gathered from and verified by broker-dealer home offices, and, as identified by the FT, reflected each advisor s performance in six primary areas, including assets under management, asset growth, compliance record, experience, credentials and accessibility. The rating may not be representative of any one client s experience and is not indicative of the Financial Advisor s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to The Financial Times in exchange for the rating. Morgan Stanley Smith Barney LLC. Member SIPC. 16

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24 THE VECTOR GROUP at MORGAN STANLEY 1290 Avenue of Americas, 12th Floor New York, NY