Josh Brown, a prominent financial advisor, has urged investors to "get out of cash."

What Happened: The Ritholtz Wealth Management CEO recently shared his thoughts about holding cash. In an interview with CNBC on Friday, Brown said that if one has money that isn't needed in the near future and it doesn't need to be highly liquid, they should move it out of cash.

"I have a message for everyone who is watching this. If you want to know what professionals or at least I should be telling clients right now, is very simple. Get out of cash. Get out of cash. If you have money that you're not using next year, later this year, tomorrow, and it doesn't need to be that liquid, you have. A three-year, five-year, seven-year time horizon on that pool of money, I want you to consider extending duration," he said.

"I'm not asking you to take credit risks. You could do this with treasuries, no problem. But you are going to now see rate cuts, softening in the data. The rate cuts will be justified. I'm not saying you're going to see some sort of massive economic turndown, but I think your days of 5.5% yields risk-free are coming to an end," Brown added.

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Brown mentioned that it was very likely that, looking back five years at a portfolio, the smarter bet would have been to "extend those durations," "accept less overnight yield," and have a longer runway to earn more over time.

"I don't know the exact date. I don't predict interest rate moves. But it feels very likely to me that the smarter bet if you look back five years at a portfolio, the smarter bet would have been to extend those durations, accept less overnight yield but have that runway, so that you earn more over time," Brown said during the interview.

Speaking about ETFs, Brown said, "$90 billion came into ETFs in May. That is roughly a third of all of the inflows for the year coming in in one month. Of the $90 billion that went into ETFs, $60 billion went into equities. $30 billion went into fixed income. Because I think the message is starting to hit home that this is not going to be forever. That's where we are right now. That would be the thing i would say is my biggest takeaway from what we heard this week and what We heard this morning."

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