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I can't imagine the 1% have 25 different accounts...what do they do?

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I think the top 1% just try to lower their risk by going with the larger and more respected investment firms like Vanguard and Blackrock. If you had $100 million, you'd have to have 200 different accounts for the $500k SIPC insurance. No way, that's just too cumbersome!

World's Top Asset Management Firms:
https://www.advratings.com/top-asset-management-firms

As far as I can tell, you can't buy any private insurance to insure your stocks or money.

The other thing the 1% do is greatly diversify their investments:
Ultra-wealthy individuals invest in such assets as private and commercial real estate, land, gold, and even artwork. Real estate continues to be a popular asset class in their portfolios to balance out the volatility of stocks.