Your assets are carried by National Financial Services LLC (NFS), not Paul Santucci or our broker/dealer, Commonwealth Financial Network. NFS is one of the largest clearing firms in the country and serves as the custodian of approximately $1.3 trillion of investor assets.NFS itself has two layers of investor protection:
- Securities in accounts carried by National Financial Services LLC (“NFS”, a Fidelity Investments company, are protected in accordance with the Securities Investor Protection Corporation (“SIPC” up to $500,000 (including cash claims up to $100,000).For details, please see www.sipc.org
- NFS has arranged for additional protection for cash and covered securities to supplement its SIPC coverage.This additional protection covers total account net equity in excess of the $500,000/$100,000 coverage provided by SIPC.Neither coverage protects against a decline in the market value of securities.
Commonwealth has institutional fidelity bond coverage for any losses that you incur as a result of fraudulent acts by Commonwealth Financial Network's executives or other employees. This policy also covers account shortfalls that may arise from lost securities certificates. The per-incident limit for coverage is $5 million, with a $10 million aggregate.
We take protecting your hard-earned money seriously. Not only is the securities industry heavily regulated, but Commonwealth have all purchased additional insurance policies to further protect you against non-market-related loss as well.
