A little-known law transferred legal ownership of every stock and bond in American brokerage accounts to a single centralized institution called Cede and Company. You hold a contractual claim - not the asset. In an insolvency, creditors come before account holders.

Physical gold held in a self-directed IRA is titled directly in your name, outside the clearinghouse system entirely. A free 2026 Gold Guide explains how to move a portion of your 401(k) or IRA into physical gold with no taxes or penalties.