Insured accounts have nothing to do with factors like western, or bigger, or whatever…They are a function of cash accounts. For instance checking, savings, money markets, because the central government are willing to back them with the central bank.
Investment accounts that deal with mutual funds, stocks, futures, bonds, and commondities are not automatically insured by the central government.
Not all banks and insurance companies sell all the mutual funds on the market. They are usually limited to the ones that their institutions represents. A full brokerage will carry all or 99% of the mutual funds on the market. In addition full brokerage will offer full service and advice. If your personal broker is not a mutual fund wizard than they will find someone on their team to consult you.
At some point in life one realizes that one is good at making money in one aspect of life and you need to hire experts to make money in other areas of life.
Also don’t be afraid to switch full service brokers if it is not working out. I usually give them 1 years on a trail basis to see if they can produce. If they can’t just move on.
In addition don’t confuse Insurance companies and retail banks as full service brokerage houses. Insurance companies sell insurance. Unless you have so much money that your contemplating insurance as a tax shelter, you really shouldn’t even mention insurance as a place to invest your money.
Retail banks are used to clear checks and move money around. If you use it to save more than what you use in a year, assuming you have no large purchases on the horizon, it is not really a great use of a bank. If you use your retail bank as a broker, you will be spending a lot of your own time doing research and managing your money. If you earned the 1 - 3 million, don’t you think your time is more wisely spent trying to make another 1-3 million, instead of spending time learning about a whole new skill set that you are untested in. I mean it is good to have some knowledge so you know if the broker you have is competent, but pass a certain point and you’re talking about career change.[/quote]
yeah good points, thanks, about "Investment accounts that deal with mutual funds, stocks, futures, bonds, and commondities are not automatically insured by the central government. " so which investment accounts are automatically insured by the central goverment? well if it’s a foreign institution that you invest your money in, then it depends on that country bank’s policy I guess?