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The SVB Collapse: Secure With Schwab

by Paul Lipcius, CPA | March 18, 2023

As you’ve probably heard, Silicon Valley Bank went into receivership with the FDIC on March 10, 2023. Effectively, the bank failed as it could not meet customer withdrawal demands. That following Sunday, a second institution, Signature Bank went under as well. These events have caused some panic as investors fear a widespread “contagion” event followed by some swift regulatory response.

We wanted to share - and ultimately reassure our clients with - a statement from Charles Schwab regarding these events. As you likely know, PracticeCFO partners with Schwab to be the independent custodian of our clients' assets. See an excerpt from their official statement below:

"Those of you who have worked with Schwab for any length of time know about the firm’s conservative approach to how we manage our business, including unrelenting discipline around risk management of every kind. There isn’t a time when that isn’t true. Our firm was founded on these principles, and to those of us who trust Schwab with our careers, it is one of the most treasured parts of who we are as a company."

In addition to their statement, Schwab's Co-Chairman and CEO Walt Bettinger addressed market conditions and Schwab's financial stability in an interview with CNBC's The Exchange on March 13.

To sum it all up: your money is safe with Schwab. We highly recommend our clients watch the interview here, and read the full statement here. For any questions, feel free to reach out to us directly. Thanks!


This commentary contains general information that is not suitable for everyone. The information contained herein should not be construed as personalized investment advice. Past performance is no guarantee of future results. There is no guarantee that the views and opinions expressed in this commentary will come to pass. Investing in the stock market involves gains and losses and may not be suitable for all investors. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security.

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