Yesterday, I was speaking with my financial advisor, who I have known since childhood. I have money invested through his company, and have always been happy with the advice he gives me. Even though he’s got some personal interest, I have always felt like he’s got my best interests in mind as well.
He was looking at my accounts, noticed that I had some money from a CD sitting in my money market account. Since I didn’t want to put it into another CD right now (working on re-creating my CD ladder), he suggested that I pull the money out from that account and put it into a high interest account at another institution.
That’s right, he told me to take money away from his company. The interest rate I was earning was ridiculously low, and I could easily be earning more with a high yield savings account at one of many other banks. I, of course, knew that, but had just left the money there for ease. After all, in a few months, I will be putting it back into a CD. Then he said that he would look for CD rates for me through his company, but that I should also look at online banks I trust, if that’s something I’m comfortable with (I am) because I might find something better.
All in all, great advice, and something I was very surprised to hear. It’s nice when you get information that indicates to you that maybe your advisors really are looking out for you.
That’s how you know your’ve got good advice. When they tell you that your needs will be better suited by another product, one they don’t supply.
“If you love something let it free, blah blah blah”