What does he need, QDI? Higher yield? Capital protection? Different variables and people have their own twist of what words mean when crap hits the fan, lol...
This is part of the proceeds from sale of his second home. He was originally just going to put into "safe CD's". Meh, pennies! So I mentioned maybe a relatively safe bet with some good quality preferred issues.
Let's see if I can give you enough background.... As I understand him, his main "need" is relatively safe, buy and hold, generating some income now and into the future for his wife should he pass. No current health issues, but ya never know until it's too late. I don't think he'd want something that is too illiquid, after all he was considering putting into CD's.
I don't have full look into his other assets, but what he's shared is he's in indexes/ETF's, mutual funds and a few individual stocks. He did mention he loves APPL. Seems to be mostly following a Boglehead approach. Given the current market running at all time highs, and his age, he said he's got enough into equities and looked at CD's as he's thinking the market is due for correction. He's not doing too bad for himself with other investments, so QDI would be nice, but like anything else, a trade off on return vs. tax benefit.
I'm not expecting him to dump everything into one issue, but splitting it up for diversification and protection from one point of failure. Given his concern with market correction, I figure he may be in a position to lock in some additional money, but that's on him to figure out. I'm just trying to give him some good options on how to get a reasonable return off his recent found money.
I am presently in Mexico sunning and drinking, but my work is never done. Snagged a but over 1000 shares of SBNCM on beach other day. 6% non callable issued in 1980s as a convertible that long ago expired. An insider owned bank in North Carolina. Largely dark and doesnt want to be annoyed by investors. The common stock trades around $3900 a share with little to no volume.
SBNCM was issued about 35 years ago as a 9% ish $10 liquidation issue...From the weeds of the OTC pink sheets, lol.
So, traded steak dinner and wine for burritos and margarita, eh? Have fun in the sun!