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.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

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.