The last few months have been a real test of investor fortitude and preparation. While the market losses have not been particularly severe compared to past history, the media has declared a crisis. The problem is certainly not trivial. The financial system is severely strained. But, the end of the civilized world as we know it is not the only possible outcome.

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Understanding the Letters that Protect your Money (FDIC and SIPC)

by John Pitlosh, CFP®, MST

“And you can take it to the bank.” Most people would associate that statement as a guarantee or a solid promise that something will get done or something is safe. In my first month at Investor Solutions the question of concern on almost every client’s mind is “Can I take it to the Bank?” A once solid statement of guarantee has been flipped on its head and turned into a question. Never in a million years would I have guessed that the biggest cause for concern among our clients would be the safety of their bank and brokerage accounts, but in times like these it is both helpful and reassuring to review the backstops that are in place to protect our assets and analyze our own potential risks. When we see headline after headline about troubled financial companies it may seem like the only safe place for our money is under our mattress. In reality, it’s fear and ignorance that cause us to make the bad decisions that cost us money. Hopefully, this review of some of our systems financial safeguards will give you a better understanding of your own risks so that you protect your hard earned money and sleep a little better at night.

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