Your deposits are held at Pershing®, a subsidiary of The Bank of New York Mellon (BNY Mellon). These financial organizations have a rich history in our country; in 1784 Alexander Hamilton founded and wrote The Bank of New York’s constitution; in 1939 Pershing & Company was founded and had founding partners who proudly served in WWII. Today, BNY Mellon is the Investments Company for the World, providing Pershing® and all its clients the backing and resources of a global leader.
BNY Mellon is recognized as one of 30 globally systemically important banks (G-SIB) in the world. This means it adheres to a higher level of liquidity and capitalization requirements along with stricter regulation. Its G-SIB status ensures that clients’ assets are backed by much more than just words.
Under SIPC, your securities account is insured up to $500,000 ($100,000 for cash). NFS & Pershing® have both purchased an additional policy that provides coverage in excess of SIPC protection. Clients receive excess coverage at various levels, depending on the type of asset, up to $150 million. Additional protection is offered through NFS at the $35 million limit and Pershing® is currently unlimited. Financial Institutional Bond, which covers clients’ securities losses, is subject to the terms, conditions and limits of the bond. SIPC coverage is not the same as the insurance on bank accounts provided by the Federal Deposit Insurance Corporation (FDIC). It does not protect investors against a decline in the market value of securities. SIPC generally protects customers against the physical loss of securities if the broker/dealer holding the securities for the customer fails.
We are partnered with Kovack Securities, one of the top Brokerage firms in the country. Kovack Securities is a member of the Financial Industry Regulatory Authority (FINRA), Securities Investors Protection Corporation (SIPC), Florida Securities Dealers Association (FSDA), and the Securities Industry Association (SIA).