is it against the law in ct for a bank advisor to enter a client with cancer into a seven year investment plan?
CD's are an entirely different investment than mutual funds or stocks. A CD would be appropriate in this instance, but mf or stocks are generally considered to be a long-term investment, so may not be proper.
Mutual funds come in many styles, including income and tax-exempt income. Stocks also include utilities, generally considered an income investment. Growth stocks or growth mutual funds may be appropriate as part of the portfolio for an older person who already has enough income and wants to grow the estate for children and grandchildren.