SIPC
SIPP INDUSTRIES INC NEW
stock OTC

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I don't bother in terms of my investments but I do diversify for my banking. I do most of my billpaying from a Fidelity CMA account but I have my paycheck direct deposited to a local bank. This gives me access to brick & mortar services as well as in the highly unlikely event something happened with Fidelity I have some capital elsewhere to take care of business while it gets sorted out. Once a month I move the accumulated money from the local bank to Fidelity.
I'll also say that I'm pretty sure your invested money doesn't actually reside with the brokerage anyway. Even if you are invested in their branded mutual funds there is a third party that actually manages those investments. If Fidelity (or whomever) were to go down the money would be safe and end up transferred to some other custodian. And on top of that it's protected by SIPC. In the mentioned case of Lehman all their customers were made whole 100%.

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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*

There is *some* logic to splitting accounts at the SIPC limit of 500k.
Beyond that, I have two accounts so that I have a brokwrage bank and a cash handling bank because you dont want to stuck with a bad brokerage just so you can deposit some cash once a decade.

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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*

Splitting brokerages is mostly operational redundancy, not investment diversification. Fully paid customer assets are generally kept separate from the brokerage’s own assets, and SIPC can cover missing securities or cash if a member firm fails. The limit is $500k, including up to $250k for cash, per “separate capacity” not simply per account and it doesn’t cover market losses.
A second brokerage can still be useful if one account is frozen, compromised or temporarily unavailable, especially if you’re retired and rely on it for spending. If you’re still accumulating and already keep emergency cash at a separate bank, the extra complexity may not buy you much.
Roughly how much is at the brokerage, how is it divided among taxable, IRA and joint accounts, and would losing access for a few weeks create a real cash-flow problem?

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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 was removed for violating rule #10: **keep posts within the scope of customer care, market news, or general investing discussion**.
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 #10: **keep posts within the scope of customer care, market news, or general investing discussion**.
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 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*