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.

RBC Clearing and Custody has provided custodial services to a majority of our client accounts, including yours, for a number of years. While RBC Clearing and Custody has served our clients well, we are excited to announce a new strategic relationship with BNY Mellon | Pershing whom we believe is the best qualified custodian for you going forward.

 

What This Means To You

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. Key benefits of this transition include:

Key Benefits

  • No transaction fees

  • Greater ability to support complex planning needs with expanded investment options

  • Ability to move funds intraday between bank and wealth accounts

  • Improved customer service

  • Easy to understand statements and transaction reports

  • Increased confidentiality and protection of your personal financial information

  • Johnson Financial Group will assume proxy voting on your behalf

  • The relationship with your Johnson Financial Group team will not change

Description

  • You will no longer be charged transaction fees.

  • 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.

  • You will have the ability to move funds intraday between your Johnson Bank accounts and wealth accounts.

  • We will be able to open new accounts and address issues more quickly in order improve your experience.

  • Our statements and transaction reports will look more consistent with our website and provide additional clarity on your account information.

  • BNY Mellon | Pershing is committed to investing in leading-edge technology that will help safeguard your personal financial information and stay ahead of cybercriminals.

  • Johnson Financial Group will assume voting on your behalf for all managed investments in your portfolio. Our team will take responsibility for managing shareholder materials and voting with your best interests in mind.

  • Your partnership with me and our Johnson Financial Group team will remain the same as we continue to work closely with you to help you achieve your short- and long-term financial goals.

Transition Timeline

The transition to BNY Mellon | Pershing is currently planned for April 2022. Below are several upcoming key milestones for the transition:

  • Week of January 21, 2022 
  • We will communicate instructions to sign new custody account agreements and transition paperwork.
  • Week of April 11, 2022
  •  We will begin transitioning assets to BNY Mellon | Pershing. More information on what that means for accessing your accounts during the transition will be forthcoming in future communications.

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.

RBC Clearing and Custody has provided custodial services to a majority of our client accounts, including yours, for a number of years. While RBC Clearing and Custody has served our clients well, 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:

  • No transaction fees
  • Greater ability to support complex planning needs with expanded investment options
  • Ability to move funds intraday between bank and wealth accounts
  • Integration with tax software
  • Improved customer service
  • Easy to understand statements and transaction reports 
  • Increased confidentiality and protection of your personal financial information 
  • JFG will assume proxy voting on your behalf 
  • The relationship with your Johnson Financial Group team will not change

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 are transitioning client assets from RBC Clearing and Custody to BNY Mellon | Pershing in April 2022.

We are transitioning client assets from RBC Clearing and Custody to BNY Mellon | Pershing in April 2022. More specific details around the timing of the transition of account assets will be made available in future communications.

Have Questions?

We encourage you to contact your Johnson Financial Group Advisor if you have any questions.

Contact Wealth Support