What would you do, Russian?
First of all, I'd manage most of the portfolio myself in stocks and mutual funds.
For cash requirements or for funds I would want to have no volatility of values, I'd set up accounts at several banks and max out the FDIC coverage by opening an account in my name, my wife's name and a joint account in both of our names thus providing $750,000 FDIC coverage ($250,000 X 3) at each bank.
Then I would pick a large bank and set up a revocable trust and have the bank's trust department manage a good chunk of the money in fixed income and equities. No insurance is needed for that and I would always have that in case I screw up managing my own equities portfolio.
If I had millions left over after that, I'd pick a "too big to fail" bank and set up a collateralized deposit account whereby the bank would pledge government securities against any balances I maintained with them in excess of FDIC coverage. This is what large corporations and governmental agencies routinely do to protect their deposits over the FDIC coverage. While it's not like having FDIC, I would at least be a secured creditor of the bank in the unlikely event the government let that bank fail.
ETA: I'd probably also rent a large safe deposit box and fill it up with $100 bills, although technically I think that's illegal from what I understand.
This post was edited on 3/28 at 8:41 am