The considerable backing of exceptional resources.
Custody and clearing services.
Through our affiliation with Pershing LLC, a BNY Mellon company and a leading global provider of financial business solutions for 70 years, Essex clients are aligned with an acknowledged industry leader in global brokerage execution and clearance. Assets held in custody by Pershing are protected by the Securities Investor Protection Corporation (SIPC®) for up to $500,000 in value, including $100,000 in cash awaiting reinvestment.
In addition, Pershing provides coverage in excess of SIPC limits through Lloyd’s of London. This includes an aggregate loss limit of $1 billion for eligible securities over all client accounts, with a per-client loss limit of $1.9 million for cash awaiting reinvestment within that aggregate loss limit.
Reserves that exceed the norm.
Since 1851, Essex Savings Bank has been a safe financial harbor for residents and businesses in the Connecticut River Valley. As a subsidiary of Essex Savings Bank, our firm benefits from this solid financial foundation. The capital reserves of Essex Savings Bank are more than double the standards for “well capitalized” banks as required by the FDIC. As a local mutual savings bank, it also contributes 10% of after-tax net income back to local charities.