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Are my securities safe if a brokerage goes bankrupt?
September 01, 2009
As they watch the FDIC take over banks, and with the value of financial services stocks plummeting, many investors are wondering what happens to their securities if their brokerage firm fails. While most have heard of SIPC, few understand what is covered and are unaware that many brokerages purchase supplemental “excess SIPC” coverage that greatly increases the maximum limits. The bottom line is that for clients whose assets are mutual funds, money market mutual funds, stocks, bonds, and ETFs registered in the “street” name, the bankruptcy of a brokerage fund may be an inconvenience, but should not result in a loss of assets.
