After the Recent Banking Crisis, What Can You Bank On?

Now would be a good time to take stock of how your nest egg may be exposed in a banking crisis. Here are five things you should know about.

A piggy bank sits in the rain under an umbrella.
(Image credit: Getty Images)

My Credit Suisse friend phoned me in a panic. His employer stock was tanking, and the money in his deferred compensation plan could be lost if the firm went bankrupt. A banking crisis can lead to a personal financial crisis very quickly. Given the recent turmoil in the banking world, investors should take time and review how their nest egg may be exposed in a banking crisis.

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Michael Aloi, CFP®
CFP®, Summit Financial, LLC

Michael Aloi is a CERTIFIED FINANCIAL PLANNER™ Practitioner and Accredited Wealth Management Advisor℠ with Summit Financial, LLC.  With 21 years of experience, Michael specializes in working with executives, professionals and retirees. Since he joined Summit Financial, LLC, Michael has built a process that emphasizes the integration of various facets of financial planning. Supported by a team of in-house estate and income tax specialists, Michael offers his clients coordinated solutions to scattered problems.