The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. There are no guarantees that working with an adviser will yield positive returns. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). All investing involves risk, including loss of principal. This is not an offer to buy or sell any security or interest. But this low interest rate makes them ill-suited for long-term goals. So, if you made a 5 million deposit, it would generate approximately 4,000 of interest in a year. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. According to the, the national average rate for savings accounts as of June 21, 2022, was 0.08 (based on 2,500 product tier). SmartAsset does not review the ongoing performance of any RIA/IAR, participate in the management of any user’s account by an RIA/IAR or provide advice regarding specific investments. SmartAsset’s services are limited to referring users to third party registered investment advisers and/or investment adviser representatives (“RIA/IARs”) that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. Securities and Exchange Commission as an investment adviser. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. CD accounts tend to compound monthly or daily (though this varies from account to account) and may be a valuable tool for building wealth over time.
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