Dear WIT Capital Clients,
Please find attached a brief article written by your clearing firm, LPL Financial, that does a very good job explaining in simple terms, what actually happened that led to the demise of Silicon Valley Bank and what caused the 2nd largest bank failure in US history over the weekend.
By now you have likely read about all of this, but we felt this research/client letter does a great job providing just the facts of what happened without any journalistic interpretations that may be influenced by a financial institution such as a bank or depository institution, so we wanted to share it with you if you had any interest in the details.
As always, thank you for your business and if you have any additional questions, please feel free to give us a call at your convenience.
WIT Capital Management
Market commentary provided by LPL Research. LPL Financial serves as the principal sponsor, an investment advisor and the broker/dealer, and Equitable Advisors, LLC serves as an investment advisor for the LPL Financial investment advisory programs offered through Equitable Advisors’ Financial Professionals. Equitable Advisors and its Financial Professionals are not affiliated with LPL Financial.
Securities offered through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA/SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in CA as Equitable Network Insurance Agency of California, LLC, in UT as Equitable Network Insurance Agency of Utah, LLC, in PR as Equitable Network of Puerto Rico, Inc. WIT Capital is not a registered investment advisor and is not owned or operated by Equitable Advisors or Equitable Network.