Ask Terry Questions Money Market Account

Money Market Account

By Terry Savage on March 21, 2024 | Financial Planning / Retirement

In the process of finding a financial advisor. Our Charles Schwab rep
Suggested we open a money market account but it would not be FDIC insured. Is this too big a risk?

Terry Says

So do you want advice on finding a good financial advisor? Or on opening a money market account?

To find a financial advisor, this is the only source I recommend to find a FEE-ONLY, FIDUCIARY advisor:

And regarding the money market account, you can open one that buys only U.S. Treasury securities. It’s not the safety of the MM account I would be concerned with — it’s the recommendations for investments that will subsequently come from the advisor — and how he/she will be compensated for this advice (commissions, fees, both??)

And that leads me back to why I only recommend fee-only fiduciary advisors, carefully chosen by Pam Krueger.

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