Are Your Investment Accounts Safe?
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 20 March 2023
⏱️ 44 minutes
🧾️ Download transcript
Summary
The big news lately has been about bank failures. Since the banking industry is closely tied to the investment business, this has raised the question, "Are my investments safe? What happens if my brokerage company or asset custodian goes out of business?"
In today's episode we'll dive in and tell you what is, and what is not, covered.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.4 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.1 | I'm your host, Devin. |
| 0:14.0 | Join today by my co-host, John Ross. |
| 0:17.7 | Howdy. |
| 0:26.6 | John, the big news lately, failures of banks. Yeah. |
| 0:27.6 | So it reminds us of the scene and it's a wonderful life, right? |
| 0:32.6 | Where they're looking and there's this classic bank run. |
| 0:35.6 | Okay, yeah, yeah, yeah. |
| 0:36.6 | Great Depression era. |
| 0:38.1 | But then even as recent as 2008 when we saw some of the banks start failing, this is starting |
| 0:42.8 | to bring back a lot of memories. |
| 0:44.2 | A lot of people are starting to remember financial crisis and contagion and how it can start |
| 0:49.6 | to work its way across. |
| 0:51.3 | And especially in bank runs like we've seen, those can be contagious because people can start hearing, oh, I better get my money out of the bank. |
| 1:00.0 | And when they do, and large numbers start to show up to do that, it does cause some very real issues. |
| 1:06.4 | Absolutely. Yeah. And, you know, I don't think people really think about, they don't think about bank collapses, you know, all the time, right? I mean, you just, well, that's why I put my money. And it just doesn't really cross, cross their mind. And but then, yeah, you get these big media stories, right? Like this one, you know, oh, banks collapsed and there's, you know, |
| 1:28.6 | billions of dollars disappeared overnight. And yeah, all of a sudden people start to panic. |
| 1:32.3 | So here's the thing, the gym that you go to, I don't know how many members there are, but |
| 1:37.1 | how many people are usually there working out when you are there? |
| 1:40.9 | Well, you know, there's probably, oh, maybe a couple of three dozen. And it's a pretty good |
... |
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