Not sure what the appropriate board would be for this, but a 'beginners' board sounds most appropriate.

I've asked this question from time to time and I always forget the answer.

With all this talk about banks and what accounts are secured by FDIC or SIPC, I'm still not sure how to handle it. I have my accounts with several brokers, Schwab, Fido and Wells Fargo. I have three different accounts at Wells, all under my name and part of my portfolio, with one of them edging over $500K, while Fido has one account that has been sailing near seven figures. I've been thinking I should divide up that account into at least two with a different broker (eTrade? and ???) Do people with multi-million brokerage accounts really divvy them up the second they hit 500K? That would lead to anyone with 10 mil needing at least 20 different brokers??

Please advise.

Thank you.

Dumbass named Smurfdogg