SIPC
SIPP INDUSTRIES INC NEW
stock OTC

Securities Investor Protection Act of 1970 mandates that most U.S. registered broker-dealers must be members of SIPC. Schwab is also covered by SIPC.

This was removed for violating rule #11: “share account milestones on weekends only”.
Thanks for sharing your milestone. However, to more quickly assist our customers during business hours, we limit these types of posts to weekends only. Examples include maxing out contributions, hitting a certain dollar threshold, or opening a new account.
Milestones that are posted for the purpose of customer care are allowed anytime.
If you share your milestone on the weekend, please provide details like how long you’ve been saving, the types of investment strategy you used, your future plans for the funds, etc. Low effort posts will be removed.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This has been removed for violating rule #4: **do not use profanity**.
Remember that this is a community that's focused on investing education and Fidelity customer care. Please do not use profanity or obscene language.
If you remove the instance of profanity and let us know. We will re-approve, or you can repost it.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This was removed for violating rule #1: **do not post personally identifiable information (PII)**.
To protect our customers, we prohibit the posting of any private or confidential information, whether it’s yours or another individual’s. This includes names, account numbers, Social Security numbers, email addresses, phone numbers, or any other information considered PII.
Reposting the contents of information shared via private messages (PMs), modmail, and private subreddit chat is also prohibited.
Please make sure any posts (especially screenshots) don’t include visible PII before posting.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

Does he understand what SIPC coverage does? That seems to be a sticking point with a lot of people. Lots of people seem to think it's "if Fidelity suddenly folds, you'll only get $500k out of it", but it's actually more like "if Fidelity suddenly folds, you still retain ownership of the securities in your account and they'll be relatively seamlessly transferred to a new custodian surprisingly quickly". SIPC only gets involved when your account statement says you have 5000 shares of VTI or whatever but they didn't actually buy them. Also note that Fidelity funds are legally separate entities and again, if Fidelity Investments suddenly folded it doesn't mean your FZROX would suddenly be worth nothing either.
A lot to be said for the "not my circus, not my monkeys" outlook though. Maybe look at account beneficiaries and make sure they are as desired, those are often a mess when people have a huge number of accounts.

This was removed for violating rule #10: **keep posts within the scope of customer care, market news, or general investing discussion**.
We've addressed this previously. Please refer to the link below:
[Previous Reddit Post](https://www.reddit.com/r/fidelityinvestments/comments/1swcscr/ny_times_article_april_26_life_savings/)
The focus of this community is investing education and Fidelity customer care, including discussions about money movement, transfers, and trading. This sub is not intended to address inquiries that go beyond the scope of normal service.
Please consider if your question is one you’d ask to a Fidelity support representative. Off-topic posts may be removed.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This was removed for violating rule #11: “share account milestones on weekends only”.
Thanks for sharing your milestone. However, to more quickly assist our customers during business hours, we limit these types of posts to weekends only. Examples include maxing out contributions, hitting a certain dollar threshold, or opening a new account.
Milestones that are posted for the purpose of customer care are allowed anytime.
If you share your milestone on the weekend, please provide details like how long you’ve been saving, the types of investment strategy you used, your future plans for the funds, etc. Low effort posts will be removed.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

…oops. Left out the FDIC and SIPC limits that you should factor in. A lot to consider…a lot to manage!

Hello there, u/InbetweenWeekends. Mighty fine of you to learn more on behalf of your father-in-law.
To ensure you have the right details, SIPC protects each client up to $500,000, inclusive of up to $250,000 of protection for cash awaiting investment. Coverage is generally limited to securities held in brokerage accounts, including mutual funds and money market mutual funds if held in a brokerage account, securities held in book entry form, and cash awaiting investment.
As for some reassuring information you can pass along, in addition to SIPC protection, Fidelity provides its brokerage customers with additional "excess of SIPC" coverage through Lloyd’s of London. The excess coverage would only be used when SIPC coverage is exhausted. SIPC coverage protects assets held in brokerage accounts, including stocks, bonds, mutual funds, and money market funds. The total aggregate excess of SIPC coverage available through Fidelity's excess of SIPC policy is $1 billion. Within Fidelity's excess of SIPC coverage, there is no per customer dollar limit on coverage of securities, but there is a per customer limit of $1.9 million on coverage of cash awaiting investment. This is the maximum excess of SIPC protection currently available in the brokerage industry. Like SIPC, excess protection does not cover investment losses in customer accounts, including losses due to market fluctuation.
You can learn more about how we safeguard your accounts through SIPC coverage below:
[Safeguarding Your Accounts ](https://www.fidelity.com/why-fidelity/safeguarding-your-accounts)
If you have any additional questions, feel free to swing by the sub anytime!

Unless Fidelity is fluffing numbers and doing some weird stuff in the background, the SIPC limit is usually not a problem. He should just leave the investments at one single brokerage (maybe a second one as a backup for minor investments?) and just leave it be. More accounts means more complexity, and more complexity means more prone to errors.

Securities Investor Protection Act of 1970 mandates that most U.S. registered broker-dealers must be members of SIPC. Schwab is also covered by SIPC.

This was removed for violating rule #11: “share account milestones on weekends only”.
Thanks for sharing your milestone. However, to more quickly assist our customers during business hours, we limit these types of posts to weekends only. Examples include maxing out contributions, hitting a certain dollar threshold, or opening a new account.
Milestones that are posted for the purpose of customer care are allowed anytime.
If you share your milestone on the weekend, please provide details like how long you’ve been saving, the types of investment strategy you used, your future plans for the funds, etc. Low effort posts will be removed.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This has been removed for violating rule #4: **do not use profanity**.
Remember that this is a community that's focused on investing education and Fidelity customer care. Please do not use profanity or obscene language.
If you remove the instance of profanity and let us know. We will re-approve, or you can repost it.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This was removed for violating rule #1: **do not post personally identifiable information (PII)**.
To protect our customers, we prohibit the posting of any private or confidential information, whether it’s yours or another individual’s. This includes names, account numbers, Social Security numbers, email addresses, phone numbers, or any other information considered PII.
Reposting the contents of information shared via private messages (PMs), modmail, and private subreddit chat is also prohibited.
Please make sure any posts (especially screenshots) don’t include visible PII before posting.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

Does he understand what SIPC coverage does? That seems to be a sticking point with a lot of people. Lots of people seem to think it's "if Fidelity suddenly folds, you'll only get $500k out of it", but it's actually more like "if Fidelity suddenly folds, you still retain ownership of the securities in your account and they'll be relatively seamlessly transferred to a new custodian surprisingly quickly". SIPC only gets involved when your account statement says you have 5000 shares of VTI or whatever but they didn't actually buy them. Also note that Fidelity funds are legally separate entities and again, if Fidelity Investments suddenly folded it doesn't mean your FZROX would suddenly be worth nothing either.
A lot to be said for the "not my circus, not my monkeys" outlook though. Maybe look at account beneficiaries and make sure they are as desired, those are often a mess when people have a huge number of accounts.

This was removed for violating rule #10: **keep posts within the scope of customer care, market news, or general investing discussion**.
We've addressed this previously. Please refer to the link below:
[Previous Reddit Post](https://www.reddit.com/r/fidelityinvestments/comments/1swcscr/ny_times_article_april_26_life_savings/)
The focus of this community is investing education and Fidelity customer care, including discussions about money movement, transfers, and trading. This sub is not intended to address inquiries that go beyond the scope of normal service.
Please consider if your question is one you’d ask to a Fidelity support representative. Off-topic posts may be removed.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This was removed for violating rule #11: “share account milestones on weekends only”.
Thanks for sharing your milestone. However, to more quickly assist our customers during business hours, we limit these types of posts to weekends only. Examples include maxing out contributions, hitting a certain dollar threshold, or opening a new account.
Milestones that are posted for the purpose of customer care are allowed anytime.
If you share your milestone on the weekend, please provide details like how long you’ve been saving, the types of investment strategy you used, your future plans for the funds, etc. Low effort posts will be removed.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*