I've always argued that brokered CDs should pay a higher interest rate than bank CDs because of the inherit interest rate risk, but they don't. That's why I've never bought them.
To do a fair comparison, look at the best rate you can get from a bank, and look at the early termination penalty associated with cashing it out early. The penalty is essentially the interest rate risk for not holding it until maturity.
The reason I prefer this strategy is that it's generally easy to find banks that only charge a six month penalty on a five year CD. So if rates go up in two years, I cash out, pay them six month's interest, and reinvest at the higher rates.
You can't do that with brokered CDs. Hence they should pay higher rates. But they don't.