My retired parent has been opening cds at various Banks. I am concerned that as he becomes older he will become victim to an online cd scam or he may forget where the account was opened or he may incorrectly wire the money incorrectly.
Many of these type of transactions are paperless and it would be very difficult to track down the money.
I would like him to consolidate the money in a brokerage account and invest in tbills. This way all the money is in one place and can easily be tracked.
I would appreciate thoughts on this topic.
Thanks