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Updated September 23, 2026. Quick answer: Morgan Stanley Access Investing is registered with the SEC as both a broker-dealer and an investment adviser. Per its own current fee brochure, a $500,000 account would run up to $1,500 a year (the published maximum) under its published fee schedule; the minimum to open an account is $5,000 for Morgan Stanley Access Investing Program. Is it a fiduciary? Yes, when it is acting as your investment adviser; when the same representative acts as your broker-dealer instead, the applicable standard is best-interest, not fiduciary, and its own Form CRS states representatives can earn commissions in that capacity.
Morgan Stanley Access Investing at a glance
| Fact | What Morgan Stanley Access Investing’s own pages say |
|---|---|
| Legal entity | Morgan Stanley Smith Barney LLC |
| Registration | Morgan Stanley Smith Barney LLC, which operates the Morgan Stanley Access Investing advisory program, is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser. |
| Fee on a $500,000 account | Up to $1,500 a year (the published maximum), per its own current brochure |
| Minimum to open an account | $5,000 for Morgan Stanley Access Investing Program |
| Cost to leave (exit fee) | No how-to-leave page published for this firm yet |
What Morgan Stanley Access Investing’s own fee schedule charges
“Advisory Fee – To participate in the Program, you will pay an annualized fee of up to 0.30% of assets under management (“Advisory Fee”)… a Financial Advisor may agree to charge a fee that is less than the maximum Advisory Fee of 0.30% of assets under management.”
Ceiling type (explicit ‘up to’ / ‘maximum Advisory Fee of 0.30%’ language, distinct from Core Portfolios’ flat, non-‘up-to’ 0.30% above): dollar_at = balance x 0.003 (the maximum) at each balance: 250000->750, 500000->1500, 1000000->3000, 2000000->6000. Minimum investment is $5,000 (not a minimum dollar fee). Access Investing is a distinct, separately-branded Morgan Stanley Smith Barney LLC program from Core Portfolios/E*TRADE, confirmed by its own dedicated brochure with its own cover page and Item 2 material-changes history dated relative to an August 1, 2024 prior version.
| Account balance | Annual fee |
|---|---|
| $250,000 | $750 |
| $500,000 | $1,500 |
| $1,000,000 | $3,000 |
| $2,000,000 | $6,000 |
See the full breakdown, including how the figure is calculated, on Morgan Stanley Access Investing’s own fee page.
Is Morgan Stanley Access Investing a fiduciary?
Morgan Stanley Smith Barney LLC, which operates the Morgan Stanley Access Investing advisory program, is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser.
“When we provide you with a recommendation as your broker-dealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
Full-Service Accounts: You generally pay a commission or markup/markdown (a fee added to or subtracted from the market price) each time you make a trade.
Full detail, including the exact registration type and source: Morgan Stanley Access Investing’s fiduciary status, explained.
The minimum to open an account
“To participate in the Program, you must maintain a minimum investment amount of $5,000 for the life of the account, except as may otherwise be agreed to by us in our sole discretion.”
$5,000 for Morgan Stanley Access Investing Program. See the full minimum-investment breakdown, including what that minimum would cost per year, on Morgan Stanley Access Investing’s minimum investment page.
What it costs to leave
Morgan Stanley Access Investing does not yet have a dedicated exit-fee page on this site. The general mechanics of switching financial advisors and a dated termination letter apply regardless of firm.
What we would compare it against
Before you decide, run the numbers against another firm using the financial advisor fee comparison, or price the dollar cost of any percentage fee over time with the Financial Advisor Fee Calculator and the Fee Drag Calculator.
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Source: WiserAdvisor’s service descriptionSources
- Form ADV Wrap Fee Program Brochure, Morgan Stanley Smith Barney LLC, Morgan Stanley Access Investing(R) Program (December 16, 2024): https://www.morganstanley.com/content/dam/msdotcom/en/wealth-investmentsolutions/pdfs/adv/msai_wrap_adv.pdf
- Morgan Stanley Client Relationship Summary (Form CRS), Morgan Stanley Smith Barney LLC (Effective January 1, 2023): https://reports.adviserinfo.sec.gov/crs/crs_149777.pdf
- SEC Investment Adviser Public Disclosure, Morgan Stanley Smith Barney LLC (CRD #149777): https://adviserinfo.sec.gov/firm/summary/149777
- Morgan Stanley Smith Barney LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/149777/PDF/149777.pdf
Methodology. This page was built September 23, 2026, drawing directly on Morgan Stanley Access Investing’s own current fee brochure and Form CRS, both linked above, plus this site’s own already-published fiduciary, minimum-investment, and (where one exists) how-to-leave pages for the same firm, each independently sourced when it was built. Any distinction we could not independently confirm this session is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading Morgan Stanley Access Investing’s own Form ADV Part 2A and Form CRS. We have not used Morgan Stanley Access Investing as a client. Morgan Stanley Access Investing did not pay for, review, or influence this content. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
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