No matter how confident an investor feels in their current portfolios, it’s impossible not to be shaken by certain headlines, reports Wall Street Alliance Group in Medical Economics. In the recent days physician clients of the firm have been concerned and reaching out for advice if they should move their money out of local banks to larger banks.
Their funds are currently insured and the firm advises them to deposit the additional funds in other insured banks within FDIC limits. Since last week, the news about Silicon Valley Bank and the drama that erupted in a short amount of time has been prominent in every news source, and it’s important to understand what happened and what impact SVB’s collapse could have.
While it was a favorite of tech start-ups and venture capitalists, Silicon Valley Bank (SVB) operated like any other bank, with deposits and withdrawals being made daily. As the 16th largest bank in the country, that amounts to a lot of money on the move. Read more.
