Money Market Account
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: https://www.terrysavage.com/pam-krueger-wealthramp/
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.
