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Wealth Management Client Disclosure

Belmont Savings has entered into an alliance with Morgan Stanley Wealth Management to provide our customers with access to professional investment, wealth management and financial planning services.  To understand our professional alliance, please read the Client Disclosure Document below and then click the continue button at the bottom of this page to learn more about your wealth management opportunity.

Client Disclosure Document

Morgan Stanley Smith Barney LLC (“Morgan Stanley”) has entered into a Professional Alliance Agreement on November 7, 2014 with Belmont Savings Bank, a “Professional Alliance”.

For so long as you maintain an investment advisory account or receive investment advisory services from Morgan Stanley, Morgan Stanley has agreed to pay Professional Alliance a referral fee for referring you to us. Morgan Stanley will pay this referral fee out of the investment advisory fee you pay Morgan Stanley for managing your investment advisory account. The amount of Professional Alliance’s compensation is equal to 20% of the portion of the investment advisory fee that Morgan Stanley credits to your Financial Advisor (the amount equal to the investment advisory fee less (i) any fees paid to third party investment manager(s); and (ii) amounts retained by Morgan Stanley for internal management expenses), which will vary from program to program. Morgan Stanley will make these payments to Professional Alliance after you pay the investment advisory fee to Morgan Stanley. The percentage compensation paid to the Professional Alliance may be amended by Morgan Stanley and the Professional Alliance upon written notice to you. In the event the Professional Alliance changes it name or its business form changes as a result of a merger, acquisition, sale of assets, or other reason, Morgan Stanley may continue to pay the referral fees to the Professional Alliance under its new name or business form upon written notice to you. Morgan Stanley will use this Client Disclosure Document (“CDD”) and pay a referral fee to the Professional Alliance on all investment advisory accounts opened by you unless you advise Morgan Stanley in writing that this CDD should be limited to a specific account(s).

Morgan Stanley maintains a standard investment management/advisory fee schedule for each investment advisory program (as disclosed in the program’s disclosure document) which is applicable to all clients whether such client is referred to us or not. The presence of this referral arrangement may affect your Financial Advisor’s willingness to negotiate below Morgan Stanley’s standard investment management/advisory fee schedules. In addition, if you decide to open an account with Morgan Stanley that is not an investment advisory account, i.e. a brokerage account, no payment will be made to Professional Alliance. As such, this referral arrangement may create an incentive for the Professional Alliance and/or your Financial Advisor to suggest an investment advisory program or service.

Professional Alliance is not an affiliated person of Morgan Stanley but is a participant in the Morgan Stanley Professional Alliance Group referral program. Therefore, any advice (including investment advice), opinion, or service provided by Professional Alliance is independent of Morgan Stanley and is wholly the responsibility of the Professional Alliance. Professional Alliance is not authorized by Morgan Stanley to provide investment advice or to act in any other capacity on behalf of Morgan Stanley.

If you are a qualified retirement plan, including without limitation a plan subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or other retirement account (collectively, a “Plan”), you acknowledge that neither the Professional Alliance, its affiliates, or their respective employees, agents or representatives (i) exercise any discretionary authority or discretionary control respecting management of your Plan or exercises any authority or control respecting management or disposition of its assets; (ii) render investment advice for a fee or other compensation, direct or indirect, with respect to any assets of your Plan, or has any authority or responsibility to do so; or (iii) has any discretionary authority or discretionary responsibility in the administration of your Plan. Accordingly, neither the Professional Alliance, its affiliates, or their respective employees, agents or representatives is or will be at any time a fiduciary, as that term is defined in section 3(21) of ERISA and/or in Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to your Plan.

If you are a Plan, you further acknowledge that (i) neither you nor any fiduciary with respect to your Plan will receive any benefit, directly or indirectly, in connection with the referral arrangement discussed herein (other than Professional Alliance); (ii) your retention of Morgan Stanley to provide you investment advisory services was not, directly or indirectly, for the purpose of allowing Professional Alliance to obtain a referral fee under the Professional Alliance Agreement; and (iii) the fees payable by Morgan Stanley to Professional Alliance are reasonable and Professional Alliance’s services with respect to your Plan for which such fees are payable are necessary for the establishment or operation of your Plan.

Morgan Stanley advisory accounts are not insured by the Federal Deposit Insurance Corporation (“FDIC”), are not deposits or other obligations of, or guaranteed by any bank and are subject to investment risks, including the possible loss of the principal amount invested. Investment, insurance and annuity products and services (Non-Deposit Products) offered through Morgan Stanley and its affiliates are:

  • Not insured by the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Association (“NCAU”) or the National Credit Union Share Insurance Fund (“NCUSIF”);
  • Not insured by the Federal Government or any other Federal Government Agency, by Professional Alliance or by Morgan Stanley or any of its affiliates;
  • Not deposits or other obligations of, or guaranteed by, Professional Alliance or by Morgan Stanley or any of its affiliates; and
  • Subject to investment risk, including possible loss of the principal amount invested.

The value of investments (including variable insurance products and annuities) may fluctuate so when you sell your investments, you may receive more or less than you originally invested.

You are under no obligation to purchase insurance products or annuities from Morgan Stanley and its affiliates. Professional Alliance may not condition an extension of credit on the purchase of an insurance product or annuity from Professional Alliance or any of its affiliates. You may obtain insurance products or annuities from an insurance agent or carrier of your choice.

Because you opened your account as a referral from Professional Alliance, for which it is compensated as described above, the records of your Morgan Stanley account are available for inspection by Professional Alliance’s regulators and, in some cases, Professional Alliance itself.

Please acknowledge your receipt of this Client Disclosure Document and a disclosure document(s) describing Morgan Stanley’s investment advisory programs  by clicking the button below to continue.

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Morgan Stanley Wealth Management is a securities brokerage firm and not legally affiliated with the bank. Morgan Stanley Wealth Management LLC. Member SIPC.  Morgan Stanley Wealth Management offers insurance products in conjunction with SBHU Life Agency, Inc.

 

*Investments and Insurance

Not FDIC Insured Not a Bank Deposit May Lose Value
No Bank Guarantee
Not Insured by Any Federal Government Agency

Morgan Stanley Smith Barney LLC Member SIPC

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