I guess, if one wants to protect their security assets the best to their ability, would to keep all their security shares/records of ownership in a safe deposit box at a bank, if one doesn't feel confident enough with the brokerage they use. I suppose the bank can get robbed or burn down, so, duplicates would be wise if that worried.
I use Fidelity, all cash accounts waiting for security deployment are secured up to 1.9 million dollars (the lawful limit) under SIPC rules. No limit on actual security amounts. For FDIC covered accounts, 245k is placed in bank one, the next amount is kept in bank two, then bank three, bank four etc etc etc up to 1.25 million dollars. However, at one time it said 5 banks, but the last time I looked it said 10 banks so maybe the amount is now 2.5 million? A list of banks Fidelity partnerships with can be found on their website. Between FDIC/SIPC a client is well covered if something really really bad happens. We're talking about millions of dollars of coverage per client. These coverages are paid out assuming your brokerage cease to exists and is no longer in business, if the brokerage is still in business at some capacity, nothing is paid out to the client because it's still in business and you have access to your funds. Assets have to go missing for coverage to kick in.
Personally, I trust Fidelity more-so then myself...If I have that much money....well...then it's Gueten Morgen or Bonjour my Switzerland friends : )
I use Fidelity, all cash accounts waiting for security deployment are secured up to 1.9 million dollars (the lawful limit) under SIPC rules. No limit on actual security amounts. For FDIC covered accounts, 245k is placed in bank one, the next amount is kept in bank two, then bank three, bank four etc etc etc up to 1.25 million dollars. However, at one time it said 5 banks, but the last time I looked it said 10 banks so maybe the amount is now 2.5 million? A list of banks Fidelity partnerships with can be found on their website. Between FDIC/SIPC a client is well covered if something really really bad happens. We're talking about millions of dollars of coverage per client. These coverages are paid out assuming your brokerage cease to exists and is no longer in business, if the brokerage is still in business at some capacity, nothing is paid out to the client because it's still in business and you have access to your funds. Assets have to go missing for coverage to kick in.
Personally, I trust Fidelity more-so then myself...If I have that much money....well...then it's Gueten Morgen or Bonjour my Switzerland friends : )