Here is how I manage my accounts, but my strategy may be flawed: As a retiree, I set up multiple accounts at the same firm, keeping each one under the $500,000 SIPC limit.

The SIPC protects customers against losses of cash, stocks and bonds up to $500,000 (including a $250,000 cash limit) from a brokerage firm that fails - if that firm is a member of the SIPC, ...