Ally Bank: 13-Month Select CD

You're right, brokers don't have a fiduciary responsibility, so you don't want a broker. Brokers can receive commissions on the investment products they sell to investors. Brokers are only held to the suitability standard which means brokers recommend investments they believe are suitable and which does not necessarily mean their recommendations are what is best for the investor. Fiduciary advisors on the other hand can only be paid through fee-based compensation.

You mean ETH? that's my biggest coin as well.

My advisor's compensation was fee based. Would have to look at paper work to see if it says he had a fiduciary responsibility. He definitely did not act in my best interest. Refusing to put anything in writing. Refusing to sell or buy when I told him to. No trade requests allowed in writing or electronically. He was in control and I had no say. Unfortunately went with him because of relative and found out later that other people have complained and he did the same thing to them. He was given a slap on the wrist. Tried to sell me junk corporate bonds. Refusing to explain anything. Have very little recourse as there is no paper trail.

On the cover of Bloomberg and Barrons for being a great financial advisor as he would tell me over and over

The advantage of an Ally account vs most others is that the account can be opened in the name of a trust. Very few with decent rates have that capability.

I'd look into IBonds if you are willing to lock in for 12+months as this CD requires.

Consumer Reports
10/6/2022

You can find CFPs in your area by specialty at FPA PlannerSearch, the National Association of Personal Financial Advisors, the Garrett Planning Network, and the XY Planning Network. Those websites list only planners who are so-called fiduciaries, which means they're obligated to put your financial interests above their own. To be extra sure, some experts recommend asking your planner to commit to fiduciary status in writing.


Figure Out the Costs

Restrict your search to fee-only advisers, who charge for advice and asset management and don't receive commissions by selling you financial products.

Fee-only advisers use a variety of payment models, says Roxanne Martens, a financial adviser with CGN Advisors in Manhattan, Kan. Some charge an hourly rate, which can range from $100 to $400. Many of the same planners will charge a flat fee for a predetermined bundle of services—an average of $2,400 to evaluate your financial life and map out a comprehensive long-term plan, according to a 2019 study. These models tend to work best if you're looking for help with a specific issue or a plan that you'll carry out on your own, possibly with periodic check-ins.

Other advisers charge clients a percentage of assets under management each year. Their rates generally range from 0.6 to 1.2 percent of the portfolio size, annually. The percentage is often lower for larger account balances, so this model is generally most cost-effective for investors with more assets and more complicated financial lives. Some planners use only the percentage model and—note—will take you on as a client only if your portfolio meets their minimum.



Vet the Contenders
Once you've compiled a list of candidates, confirm their credentials through the CFP Board. And make sure no disciplinary actions have been taken against them by going to the Securities and Exchange Commission's Investment Adviser Public Disclosure site.

Then schedule a time to speak with two or three of the most promising candidates, ideally in person. Many good financial advisers offer a free initial consultation. Make sure they have experience working with clients in similar circumstances. (Ask them to describe how they handled a situation like yours.) This may be the start of a long relationship, one that is likely to touch on very personal issues. So be sure they communicate clearly and listen well, and will be able to keep you motivated to stick to your long-term plans.

The person that is a fiduciary will tell you this up front at your first meeting and they will also inform you that they are required to disclose conflicts of interest.

Here's a good explanation of the differences

Know The Differences Between Brokers And Advisers: Suitability Vs. Fiduciary Standards [forbes.com]

Thank you for taking the time to post this. If I decide to go back to an advisor I will do more due diligence. Funny thing is my relative sold me on this person because the relative told me that during the financial crises they didn't loose any money with this advisor. During this year when things were not going well what they said was that they didn't loose as much as other people.

All I know is that if I had just bough an S&P ETF or an entire market ETF like VTI I would be in a much better place. Everyone's experience is different.

Yeah, it's a tough market the past year or so and and it may go lower.

I was up almost up 33% in 2022 and if we go into a bad recession this year, I could lose most of last year's gains.

I was thinking of buying a 2 year T-bill or CD or something in Dec but my funds weren't freed up. Have I missed the boat?

If I don't need money for 1-2 years, what are the best choices? I'm currently getting 4.2% in a Money Market but how long will it stay at those rates?

Is it better to look in 4.4% at Sallie Mae now, or keep riding the MM for more months, or buy a T-Bill, etc?

What are the smart people doing?

What are the advantages of opening an account in the name of a trust?