FIRST CLEARING IS A MEMBER OF SIPC.
Securities and cash in client accounts held at First Clearing have two sources of protection that are separate and distinct from the SIPC coverage of Summit Financial Networks. SIPC coverage insures each client up to a maximum of $500,000 (including up to $250,000 for claims for cash). For more information about SIPC, please visit sipc.org. In addition, First Clearing maintains a program of additional protection provided through Lexington Insurance Company, (“Lexington”) an AIG Company. For clients who have received the full SIPC payout limit, First Clearing’s policy with Lexington provides additional coverage above the SIPC limits for any missing securities and cash in client brokerage accounts up to a clearing-firm aggregate limit of $1 billion (including up to $1.9 million for cash per client).
SIPC and the additional protection from Lexington do not protect against losses from the failure of a security, nor do they insure the quality of investments or protect against losses from fluctuating market value. All coverage is subject to the specific policy terms and conditions. First Clearing’s SIPC and additional coverages only apply in the event of First Clearing’s insolvency, and do not apply in the event of Summit’s insolvency.
*FIRST CLEARING IS A TRADE NAME USED BY WELLS FARGO CLEARING SERVICES, LLC, MEMBER SIPC, A REGISTERED BROKER-DEALER AND NON-BANK AFFILIATE OF WELLS FARGO & COMPANY