Transition of Assets to BNY Mellon | Pershing
Our Priority is You
As part of our ongoing commitment to exceptional customer service, we regularly evaluate our relationships with our third-party vendors and service providers. Firms like ours work with custodians to ensure the safekeeping of client assets, along with administrative services such as processing transactions. Because of the significance of custodial relationships, we believe working with the best custodians is paramount.
After a thorough and rigorous vetting process, we are excited to announce a new strategic relationship with BNY Mellon | Pershing. We are confident this will allow us to best serve you and your financial needs going forward.
As we continue to make progress with the transition, this resource page will help keep you up to date on:
- The latest information regarding the transition, including the transition timeline
- How the transition to BNY Mellon | Pershing will benefit you
- Guides and resources you can download to better understand different components of the transition
- Frequently asked questions
Please reach out to your Johnson Financial Group advisor should you have any questions or concerns.
Latest Update
Your Wealth Account(s) Will Transition on November 30, 2022
We continue to make progress with the transition of your wealth account(s) to BNY Mellon | Pershing, which includes finalizing your paperwork and setting up your new BNY Mellon | Pershing account(s). Thank you for your patience and diligence in working with us to complete the paperwork.
We will begin transitioning your wealth account(s) on November 30, 2022. We expect to complete all transfers the week of December 5, 2022. Please view key information regarding the transition below.
Transition Details
- Your account(s) will be frozen two business days before we initiate the transfer to BNY Mellon | Pershing. This means your account(s) will be frozen from trading at the end of business on November 28, 2022 until live at BNY Mellon | Pershing.
- If you have scheduled payments during this timeframe, we are working with your custodian to initiate those payments early. If you anticipate making any distributions or have other cash needs during this time period, please contact your advisor or service team to initiate those requests before end of business on November 28, 2022.
- You will know that your account(s) is/are live at BNY Mellon | Pershing once your account number(s) changes in Wealth Management & Trust to start with YAV. This should happen the week of December 5, barring any issues during the transition. Once live, trading will resume on your account(s) and cash needs can be processed. You will also see the new account number(s) reflected on your December statement.
- During this process, you can continue to view your account(s) via our website, Wealth Management & Trust. Please contact your advisor if you don’t have access.
- To view additional information on the transition, please visit our client resource page.
Our Commitment to You
Brian Andrew, EVP & Chief Investment Officer, recently recorded a short video discussing our ongoing commitment to providing you exceptional customer service. This is the foundation of why we entered into a strategic relationship with BNY Mellon | Pershing, whom we believe is a leading service provider qualified custodian for you – our valued client - going forward.
Required Minimum Distribution (RMD) Reminder!
Please make sure to take your RMD(s) from your IRA(s) or qualified plan(s) before December 31, 2022. If you fail to do so, there could be an IRS penalty. If you would like to review your current RMD figures, please contact your advisor. Please contact your tax preparer if you have any questions related to your RMD eligibility.
What This Means To You
Key benefits of this transition include:
Key Benefits
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The relationship with your Johnson Financial Group team will not change
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An improved digital experience empowering you to make informed financial decisions with real-time account information and analytics
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Greater ability to support complex planning needs with expanded investment options
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Award winning, easy to understand statements and transaction reports
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Streamlined proxy process
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Ability to move funds intraday between bank and wealth accounts
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No transaction fees
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Industry leading platform that safeguards your personal financial information
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View Complements Holdings
Description
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Please know that your relationship with Johnson Financial Group will not change. You will continue to work with the advisors you know and trust.
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With the transition to BNY Mellon | Pershing, we will be able to provide an improved digital experience that will help empower you to make informed financial decisions by:
- Enhancing the online experience for you, including access to real-time holdings and transaction information. You will be able to view various documents such as statements, trade confirms, tax documents and account notifications.
- Providing more consistent, modern reporting of our investment recommendations crafted based on your goals.
- Putting your money to work faster by simplifying the process to open your account(s) and quickly address any issues that may arise with your account(s) over time.
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We will be able to better support more complex planning needs with an expanded offering of Mutual Funds, ETFs and Donor Advised Funds (DAFs). A DAF is a simple, tax-smart solution for charitable giving.
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BNY Mellon | Pershing's award-winning statements and transaction reports will assist you in better understanding and managing investments. Key benefits, include:
- The ability to access all your statements and reports through our Wealth Management & Trust portal
- Statements will more clearly define taxable and non-taxable investments to assist with annual tax planning
- An enhanced, modern design to make it easy to understand and manage your investments.
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Johnson Financial Group will assume voting on your behalf for all managed investments effective with the transition of your assets to BNY Mellon | Pershing. Our team of professionals will thoroughly review shareholder materials and vote with your best interests in mind. This will enable you to concentrate on what's most important to you.
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With the transition to Pershing, you will have the ability to move funds intraday between your Johnson Financial Group bank accounts and wealth checking accounts.
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You will no longer be charged transaction fees.
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Access to BNY Mellon | Pershing’s leading-edge technology will help safeguard your personal financial information by staying ahead of latest cybercriminals.
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If you have complements (alternative investments) with one of our partners as part of your portfolio, you will now be able to view these positions on monthly investment statements. You will also be able to access these statements online through our Wealth Management & Trust portal.
Online Portal
With the transition to BNY Mellon | Pershing, we will be able to provide an enhanced digital experience through our Wealth Management & Trust portal.
Through our portal, you will be able to access:
- real-time holdings and account activity
- statements and tax documents
- performance of your assets
- and more!
If you don’t have access to our portal or you’d like to review the benefits of online access, please contact your Johnson Financial Group Advisor.
Automated Communications
Once your paperwork is finalized and processed, we will open your account(s) at BNY Mellon | Pershing. As your account(s) is/are opened, you may begin to receive automated communications under the email address: donotreply@digital.johnsonfinancialgroup.com or by mail.
Click here to view examples of these automated communications.
No action is required with these emails. We strongly encourage you to access our Wealth Management & Trust portal for real-time holdings, account information and all your documents. If you have questions on these communications, please contact your Johnson Financial Group Advisor.
Frequently Asked Questions
Please know that your relationship with Johnson Financial Group will not change. You will continue to work with the advisors you know and trust.
As part of our ongoing commitment to exceptional customer service, we regularly evaluate our relationships with our third-party vendors and service providers. Firms like ours work with custodians to ensure the safekeeping of client assets, along with administrative services such as processing transactions. Because of the significance of custodial relationships, we believe working with the best custodians is paramount.
We are excited to announce a new partnership with BNY Mellon | Pershing whom we believe is the best qualified custodian for you going forward.
After a thorough and rigorous vetting process, we are confident BNY Mellon | Pershing will help us continue delivering the highest level of service and expertise to you.
BNY Mellon | Pershing will help us transform our business, maximize efficiency, and manage risk and regulation. They will provide our firm with the scale needed to grow our business through innovative solutions and technology as well as provide more efficient, high-touch customer service.
Key benefits of this transition for you, include:
- The relationship with your Johnson Financial Group team will not change
- A more personalized experience that will help empower you to make informed financial decisions
- Greater ability to support complex planning needs with expanded investment options
- Award winning, easy to understand statements and transaction reports
- Streamlined proxy process
- Ability to move funds intraday between bank and wealth accounts o No transaction fees
- Industry leading platform that safeguards your personal financial information
- iCapital Holdings
See the What This Means To You section to learn more about the above benefits.
For most of our clients there will not be any tax consequences associated with the transition. There may be certain instances that we need to adjust some aspects of client portfolios due to the transition that may result in tax consequences. For those clients, our team will work to minimize those consequences as best we can.
Yes. We will begin transitioning all client assets to BNY Mellon | Pershing on November 30, 2022.
We will begin transitioning your wealth account(s) on November 30, 2022. We expect to complete all transfers the week of December 5, 2022.
Johnson Financial Group Communications
November 23, 2022 - Important Transition Reminder Regarding Your Wealth Account(s)
Have Questions?
We encourage you to contact your Johnson Financial Group Advisor if you have any questions.
Contact Wealth Support