Tenancy by the Entirety for Brokerage Accounts

Most major brokerage firms offer tenancy by the entirety as an account ownership option for married couples in eligible states. This is a significant advantage over the banking industry, where TBE disclaimers are common and many institutions refuse to recognize entireties ownership at all.

The distinction matters for asset protection. A brokerage account titled as TBE is protected from the creditors of either individual spouse under Florida common law. An account titled as joint tenants with right of survivorship carries no such protection. Both ownership forms include survivorship rights, and both allow either spouse to manage the account day-to-day. The creditor protection difference is the only meaningful distinction for most couples, but it is an enormous one.

The challenge is that brokerage firms do not make this easy. Some list TBE as a standard checkbox. Others require a phone call, a paper form, or a written request. A few do not appear to offer it at all. Selecting the wrong joint account type during the application process can permanently disclaim TBE protection for that account.

Why Choosing Correctly Matters

Florida law presumes that jointly held property acquired by a married couple is owned as tenancy by the entirety. The Florida Supreme Court established this framework in Beal Bank, SSB v. Almand & Associates, 780 So. 2d 45 (Fla. 2001), and the legislature codified a version of it for deposit accounts in Florida Statutes Section 655.79.

That presumption, however, can be rebutted when the account application offers TBE as one of several ownership options and the couple selects something else. When a brokerage firm lists both “Joint Tenants with Right of Survivorship” and “Tenants by the Entirety” as separate checkboxes, choosing JTWROS is an affirmative rejection of TBE. The couple has been presented with the option and declined it.

This is the same principle that applies to bank accounts, but the consequences at a brokerage firm are often more severe because brokerage accounts typically hold larger balances than checking or savings accounts. A family with $50,000 in a checking account and $1.2 million in a brokerage account that checked the wrong box on the brokerage application has left the vast majority of their liquid wealth unprotected.

The Fourth District Court of Appeal extended the Beal Bank presumption to stock certificates and securities in Cacciatore v. Fisherman’s Wharf Realty Limited Partnership, 821 So. 2d 1251 (Fla. 4th DCA 2002). The court held that a stock certificate titled in the joint names of a husband and wife carried a presumption of TBE ownership, shifting the burden to the creditor to prove otherwise. This case confirmed that securities and investment accounts receive the same TBE treatment as bank accounts under Florida law.

Major Brokerages That Offer TBE

The following table summarizes the TBE availability, application method, and key limitations at each major brokerage firm, based on a review of account applications, customer agreements, and official documentation.

Brokerage	TBE Available	How to Open	Key Limitations
Charles Schwab	Yes	Checkbox on application form	No TOD beneficiary designations on TBE accounts. Recognizes TBE for residents of 16 states.
Interactive Brokers	Yes	Online dropdown during application	Listed alongside JTWROS, Community Property, and Tenants in Common as standard options.
Merrill Edge	Yes	“ATBE” designation code	Transfer on Death agreement references “JT/ATBE” as eligible account type.
Morgan Stanley / E*TRADE	Yes	Client agreement; requires request	Account holders must represent they are lawfully married and reside in a TBE state.
UBS	Yes	Checkbox on application form	One of five joint ownership options on the standard application.
Fidelity	Yes	Paper form; write in “Joint Tenants by Entirety”	Easiest conversion process for existing accounts. Allows TOD beneficiary designations on TBE accounts.
Vanguard	Yes	Phone call only	Cannot convert existing accounts to TBE. Must open new account and transfer assets. No TOD designations. Reported hold times of 45+ minutes. Possible loss of cost basis data during transfer.
Wells Fargo Advisors	Yes	“TEN” designation code; may require request	TBE may not appear as a standard checkbox on initial application.
Edward Jones	Yes	Account Authorization and Agreement Form	Transfer on Death agreement lists “tenancy by the entireties” as recognized joint ownership.
LPL Financial	Yes	Per policy documents	Policy confirms TBE as accepted ownership structure for transfers upon death.

Out of the major brokerage firms, eleven explicitly recognize or accommodate TBE accounts. The process for opening one ranges from a simple checkbox at Schwab and Interactive Brokers to a phone call at Vanguard or a paper form at Fidelity.

Brokerages Where TBE Is Unclear or Unavailable

Two major firms present problems for couples seeking TBE ownership.

Ameriprise Financial appears not to offer TBE. The Brokerage Client Agreement lists joint ownership options as “joint tenants or tenants-in-common” without mentioning TBE. The Change of Ownership Form provides checkboxes for JTWROS, Community Property, Single, and Other, but no TBE option. The Bank Deposit Account Agreement further states that all joint accounts are held as JTWROS and that the firm makes no representation about whether the account meets state law ownership requirements. Couples who use Ameriprise should contact the firm directly to explore whether the “Other” designation can accommodate TBE, or consider holding their TBE accounts elsewhere.

Raymond James lacks clear documentation. Publicly available account applications, client agreements, and disclosure documents do not mention TBE. The Client Agreement acknowledges that joint ownership laws vary by state and places the responsibility on clients to verify their chosen registration, but registration options appear limited to JTWROS by default. Couples considering Raymond James should confirm TBE availability directly with the firm before opening an account.

Fintech Platforms: Robinhood, Coinbase, and Webull

Newer fintech platforms have taken different approaches to joint account infrastructure. For married couples in Florida and other TBE states, the differences are significant.

Robinhood offers only one joint account type: JTWROS. The Customer Agreement states that JTWROS is the only joint ownership structure available and that customers are responsible for understanding how state laws affect their account ownership. Joint account types not available at Robinhood include TBE, tenants in common, and community property. The platform does not disclaim TBE explicitly; it simply does not offer it. For couples who need TBE protection, Robinhood is not suitable for joint accounts.

Coinbase does not offer joint accounts of any kind. The platform enforces a one-account-per-customer policy driven by KYC/AML compliance requirements. Users can link joint bank accounts as a funding source, but the Coinbase account itself is individually owned. This makes TBE ownership impossible. Estate transfers at Coinbase are handled through a fiduciary process rather than automatic survivorship.

Webull appears to support TBE through its clearing firm relationship with Apex Clearing Corporation. The Webull/Apex Customer Margin and Short Account Agreement explicitly references TBE accounts, stating that joint action is required for all matters concerning TBE accounts and that TBE designation is available where state law permits. Webull launched joint accounts in December 2025. TBE is not prominently marketed in Webull’s consumer-facing materials, so couples seeking TBE would likely need to contact Webull directly and request this designation during the application process.

The Apex Clearing connection is notable because Apex is a well-established clearing firm that services numerous brokerages with traditional account titling infrastructure. Fintech platforms that use Apex or similar traditional clearing firms may offer more flexible ownership options than platforms that built proprietary clearing systems from scratch.

Platform	Joint Accounts	TBE Available	Notes
Robinhood	Yes (JTWROS only)	No	Single joint account type. No TBE, TIC, or community property.
Coinbase	No	N/A	One account per customer. No joint ownership of any kind.
Webull	Yes (Dec 2025)	Likely yes	TBE referenced in Apex Clearing agreement. May require direct request.

Converting an Existing Account to TBE

If a married couple already has a joint brokerage account titled as JTWROS, converting to TBE varies by firm.

Fidelity has the simplest conversion process. A letter of instruction requesting a change to “Joint Tenants by Entirety” is typically sufficient. This makes Fidelity the most practical choice for couples who realize after the fact that their account was titled incorrectly.

Schwab requires a specific form submission along with a separate form deleting any existing beneficiary designations, since Schwab does not allow TOD designations on TBE accounts. The process typically completes within a week.

Vanguard does not allow conversion of existing accounts. Couples must open a new account specifically titled as TBE, then transfer all assets from the old account to the new one. This process requires a phone call to initiate, a mailed form to complete the transfer, and may result in temporary loss of cost basis data. Couples should keep independent records of their cost basis before initiating the transfer.

For all other brokerages, couples should contact the firm directly to determine the conversion process. Some may accommodate the change through a title amendment, while others may require opening a new account entirely.

The Common Mistakes When Opening TBE Accounts article discusses the legal implications of selecting the wrong ownership type and the circumstances under which the error can and cannot be corrected.

Creating Valid TBE Ownership in Brokerage Accounts

Valid TBE ownership requires satisfying the six unities recognized under Florida common law: possession, interest, title, time, marriage, and survivorship. For brokerage accounts, the critical requirements are unity of time and unity of title.

Both spouses must be original account holders who opened the account simultaneously. If one spouse opens an individual brokerage account and later adds the other spouse, the unity of time may not be satisfied. The Fifth District Court of Appeal addressed this issue in the Beal Bank litigation itself, where a Merrill Lynch account originally opened by one spouse and later amended to add the other was held subject to garnishment because it lacked the unities of time and title.

The safest approach is to open a new joint account with both spouses listed from the outset. For an existing individually owned account, the couple should open a new TBE-designated joint account and transfer the assets rather than simply adding a spouse to the existing account.

When the brokerage application offers TBE as a specific option, select it. When TBE is not listed but the brokerage recognizes it through a write-in or phone request, use that process. When the application offers only JTWROS, do not assume TBE will be presumed. Contact the brokerage and ask whether TBE can be designated before completing the application. Selecting JTWROS when TBE is available as an alternative may permanently disclaim TBE protection for that account under the Beal Bank framework.

Transfer on Death Restrictions

Several major brokerages do not allow Transfer on Death beneficiary designations on TBE accounts. Schwab and Vanguard both prohibit TOD designations for TBE-titled accounts. Fidelity is a notable exception, permitting TOD designations on TBE accounts.

This limitation is less problematic than it might appear. TBE ownership includes an automatic right of survivorship, meaning the surviving spouse inherits the full account regardless of any beneficiary designation. The TOD designation only becomes relevant after the surviving spouse’s death, at which point the account is no longer TBE and can be distributed according to the surviving spouse’s estate plan.

Couples who want both TBE protection during their lifetimes and a TOD beneficiary for the surviving spouse’s eventual estate should consider Fidelity or Merrill Edge, both of which accommodate this combination. Couples who use Schwab or Vanguard can achieve a similar result by updating their wills or establishing a revocable trust to control the disposition of the account after the surviving spouse’s death. The TBE and Trusts article discusses how TBE interacts with trust-based estate planning.

Practical Recommendations

For married couples in Florida seeking to maximize asset protection for their investment accounts, a few principles apply.

Open all joint brokerage accounts as TBE from the start. Correcting the title later is possible at some firms but creates unnecessary complexity and risk. Schwab, Interactive Brokers, and Merrill Edge offer the most straightforward TBE application processes.

Review existing joint accounts. If the account application offered both TBE and JTWROS and the couple selected JTWROS, the account is not protected from individual creditors. Contact the brokerage to determine whether conversion is possible, or open a new TBE account and transfer the assets.

Keep a copy of the account application and customer agreement. If a creditor ever challenges TBE status, the account documentation will be the primary evidence. The brokerage’s records of the account title designation should match the couple’s intent.

Avoid Robinhood and Coinbase for joint investment accounts if TBE protection is a priority. Neither platform supports TBE ownership. Webull may offer TBE through its Apex Clearing relationship, but couples should confirm this directly before relying on it.

For a broader discussion of tenancy by the entirety as an asset protection strategy in Florida, see the Tenancy by the Entirety in Florida overview. The How to Open a TBE Account article provides step-by-step guidance for establishing TBE ownership at financial institutions that do not prominently feature TBE on their applications.