Folks with multimillion portfolios, are you worried about SIPC $500k insurance limit per brokerage account? Do you split your stocks across multiple brokerages? And what brokerages you recommend? I already have IBKR and Schwab, and running out of ideas where to stash my stuff safely further.. Non US resident so can’t use fidelity/vanguard.
They may actually declare each account as multiple accounts so you'll get multiple times the coverage. You should check with them.
Only if accounts are in different capacities - e.g. joint vs individual. For same capacity SIPC lumps them all as one
I think some brokerages offer supplemental insurance.
I’m with Fidelity and I think they have extra insurance on top of SIPC 500k limit.
How valuable is this insurance really? IBKR has lloyds insurance, $30M per customer. Sounds good but aggregate limit across all customers is $150M and the broker manages $200B+
Yes, a little worried about it. PAL spread is better the more you've got, but having maxed out spread for now, will likely split a mil per brokerage. ML is also a good option for brokerage.
Schwab has additional insurance on top of SIPC-covered by Loyds of London- to greater than $100million. If your still worried, send me a PM as we should chat.
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If it's all invested then it's not a risk, the money is in the market
.... that’s incorrect. If the brokerage holding the shares go belly up then insurance would protect you.
🙁 link?