Financial Expertise
Richard’s expertise includes retirement income planning, wealth management and asset preservation strategies. He provides comprehensive, objective financial guidance to help you pursue your financial goals.
Education & Financial Training
- Charted Retirement Planning Counselor℠ (CRPC®)
- FINRA Series 7, 63 and 65 Securities Registrations
- B.S.B.A. Finance, Boston University
Personal
Richard is the proud father of five children
Richard Parnigoni
CRPC, Senior Wealth Advisor, Managing Director
Advisory services offered through Aegis Capital Corp.
About Aegis Capital
Aegis Capital has been providing financial services for individuals and institutions since 1984. Our heritage is deeply routed in our pioneering spirit helping our clients find innovated solutions for preserving wealth and maximizing growth. This is combined with personalized service and broad-based operational support to better serve our clients.
Providing Solutions for Your Most Pressing Financial Concerns
When you work with our firm, you’ll receive help learning how to:
- Minimize your income taxes and reduce estate taxes.
- Avoid probate and efficiently transfer your wealth to your beneficiaries.
You’ll also receive personalized investment strategies and recommendations tailored to your unique financial situations and lifetime goals.
Protecting Your Assets
In today’s rapidly changing financial markets, you want to entrust your investments to a strong partner. Our investment firm has selected RBC Capital Markets, LLC, (RBC CM) to provide the protection and safety of the assets in your accounts as a priority equal in importance to the work we do helping you build, preserve, enjoy and share your wealth.
Key Distinction Between Brokerages and Banks
It is important to understand a fundamental difference between how assets are treated in a bank account versus in a brokerage account.
Bank Account
Banks are only required to have a fraction of all deposited money on hand to ensure they can meet minimum cash flow needs.
Should a bank fail and not have sufficient funds to fully reimburse its depositors, the Federal Deposit Insurance Corporation (FDIC) protects depositors of member banks, up to certain limits.
Brokerage Account
In the brokerage industry, on the other hand, your assets are held in custody by your brokerage firm. We act as a custodian of your brokerage firm. We act as a custodian of your assets- holding htem on your behalf- so your assets should always be available to you. (Unless you are using margin, in which case you give us permission to temporarily loan securities to others. Please refer to your margin agreement for details.)
Thorough Measures To Protect Your Assets
The assets held in an account at RBC CM have four layers of protection:
1. The fiscal stewardship of RBC CM.
RBC CM is known for careful, fiscally conscious decision making that benefits our clients and firm as a whole. We believe in taking a more conservative approach to accomplishing our business goals. Plus, we are affiliated with a strong and dependable global leader in diversified financial services-Royal Bank of Canada.
2. Compliance with Securities and Exchange Commission (SEC) requirements.
Segregation Of Assets
Segregation simply means your assets are kept seperate from firm assets, and thus are protected from potential losses of the firm. RBC CM complies with SEC rules governing the separation of client assets from firm assets. By segregating your non-margin securities from firm securities-and keeping careful records of margin securities held “in street name” in your margin account-your assets would be readily identifiable in the unlikely event of a firm liquidation.
Capital Requirements
RBC CM fully complies with SEC rules requiring all broker-dealer firms to maintain sufficient net capital to ensure that you will get your cash and securities back in the unlikely event that a firm should fail.
3. Securities Investor Protection Corporation (SIPC) insurance.
Since RBS CM is a member of SIPC- a nonprofit corporation funded by member securities broker-dealers-you are eligible for SIPS insurance protection.
In the rare event that RBC CM were to become insolvent and, by some unlikely sequence of events, there were securities missing from your account, SPIC reserve funds would be available to satisfy your claims against the firm, up to $500,000 per client, including up to $250,000 in cash.
All client accounts which are similarly titled are combined for purposes of determining SPIC protection and each separate legal title would be entitled to the full SIPC protection, as long as SIPC does not determine that the accounts are titled that way in order to avoid the SIPC limit. For example, your individual account, your joint tenants account with a spouse and your custodial account for a minor child would each receive separate protection.
Shares of money market funds, although often thought of by investors as cash, are in fact, securities. If you hold such securities in your account, these shares are protected in the same manner as any other covered security and are not included in the $250,000 cash threshold.
As stated previously, SEC rules provide for property and possessions of a failed firm ti be made available tio protect you beyond SIPC’s basic coverage. For more information about SIPC coverage, please visit the SIPC website.
4. An additional insurance policy purchased from Loyd's of London.
Excess SIPC Protection
Another way clients’ assets are protected is through an insurance policy purchased by RBC CM from Loyd’s of London that provides coverage in excess of SIPC.
The policy provides additional securities and cash protection up to $99.5 million per SIPC-qualified account (of which $900,000 may be cash). The firm’s excess SIPC policy is subject to a maximum aggregate amount payable of $400 million.
There has never been a claim paid by an excess SIPC carrier. This is due in part to the segregation rules and the existence of SIPC coverage, which are the first lines of defense in the event of a brokerage firm failure.
Excess SIPC insurance is an additional layer of coverage in place for the statistically small chance that SIPC coverage would not be sufficient to settle claims.