Bankrate.com is a great online resource if you need help identifying which banks are the safest and best equipped to manage your money. Bankrate's Safe & Sound rating system gives Capital One Bank and Discover Bank five stars. These two institutions also pay some of the nation's highest savings yields.

On the brokerage front, I like Fidelity first, followed by Schwab and TDAmeritrade. I've got my guard up around "full service" brokerages that do a large amount of investment-banking business. As we saw with Lehman Brothers, investment banks tend to carry large amounts of maturity debt, which creates huge risks. A discount broker is the safest way to go.

Not sure if you need a full-service broker? Do you already have a broker but aren't sure if you're getting the service you deserve? Want to compare the services of online brokers? Get answers to these questions and a whole lot more by visiting our Broker Center.

And Finally…

As we just learned with American International Group (AIG), even businesses that appear to be competently and honestly managed can unravel with shocking suddenness. Your last and best defense against the stupidity—and even criminality—of these institutions is to diversify.

Diversification is an old principle, but it's an added layer of protection, regardless of the type of financial provider you're patronizing. Wherever possible, spread your risks among several banks, brokers and insurers. Even the FDIC sets insurance limits: $100,000 per depositor, $250,000 for tax-sheltered retirement accounts.

Take the necessary steps to ensure that you're dealing with the safest financial institutions. I'm not expecting a financial holocaust, but there will be more failures. By doing business with strongest banks, brokers and insurers, you'll know your money is actually there when the next great growth phase begins!

As editor of Profitable Investing, Richard E. Band is the newsletter world's #1 authority on investing for low-risk growth. His flagship Total Return Portfolio has more than quadrupled in value since its inception in 1990, while taking far less risk than the popular stock market index funds. Click here now to find out how you can get the same advantage for your portfolio!

And for more great insight and advice on how to protect your money AND profit during these turbulent economic times, check out:

• Tactical Stock Market Tips
• How to Play to Wall Street Bailout
• 3 Tips to Protect Your Retirement in This Volatile Market