CNBC tells where the wealthy are going instead of banks:
- Wealthy investors and family offices are moving more of their money out of bank cash-balances and into treasuries, money markets and other short-term instruments, according to wealth advisors.
- High-net-worth investors typically keep millions of dollars or even tens of millions in cash in their bank accounts to cover bills and unexpected expenses. Their balances are often way above the $250,000 FDIC insured limit. Following the collapse of Silicon Valley Bank and potential cracks in the network of regional banks, wealth advisers say many clients are now asking fundamental questions about how and where to keep their cash.