For our Asset Management clients, we assist our clients in opening accounts at the brokerage firm TradePMR, who utilize First Clearing Corp. (FCC) as their custodian and clearing agent.
TradePMR and their clearing firm FCC are members of the Securities Investor Protection Corporation (SIPC). As such, their clients’ accounts are protected up to a maximum of $500,000 per client, including up to $100,000 in cash balances.
Above and beyond SIPC coverage, First Clearing maintains additional insurance coverage provided through London Underwriters (led by Lloyd’s of London Syndicate) (“Lloyd’s”). For clients who have received the full SIPC payout limits for any missing securities and cash in client investment accounts, up to a clearing-firm aggregate limit of $1 billion (including up to $1.9 million for cash per client). In other words, the aggregate amount of all client losses covered under this policy are subject to a limit of $1 billion, with each client covered up to $1.9 million for cash.
