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.