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Brokerage firm risks?

 
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Elaine48 Hillsboro, OR posts: 1
posted on September 02, 2009 at 02:38PM Inappropriate? Quote Reply
I have my retirement funds invested in Wells Fargo Brokerage- I own a couple of their money market funds and have about ten different individual stocks through them in my portfolio. My question is- if Wells Fargo Bank fails, what happens to my investments? I understand that FDIC does not insure brokerage accounts. Since I own individual stocks in that account, are they safe? And what about any Wells Fargo Mutual funds? If I am at risk, I would appreciate suggestions as to how to move my accounts without selling my stock funds. Thank you!
replies: 1 latest post: September 07, 2009 at 10:09PM by Lifemanager
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  • Lifemanager
  • Hauppauge, NY
  • posts: 6
posted on September 07, 2009 at 10:09PM
 
In response to Elaine48's post from September 02 2009 02:38PM

Your brokerage account should have it's own insurance check with Wells Fargo. They should have provided you with a written agreement when you opened the brokerage account. In that agreement there is usually a statment pertaining to how they insure your account.

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