Avoiding Investment Mistakes 2

New York Times Best Selling Book Giveaway

At times it is hard not to think “Is my money working for me?” or, “Am I prepared for retirement?” While most of us may not think about investing on a daily basis, for those that do or should, avoiding investment mistakes can be realized through disciplined financial management. Draper resident Rinar Erickson, CAP®, CFP® is a private wealth manager with Creative Planning, Inc. Creative Planning covers all 50 states, not only as a traditional family office for relatively wealthy families, but as a “family office for all.” Erickson offers comprehensive services in investment management, retirement planning, estate planning, business succession planning, insurance, charitable giving, family owned businesses, wealth transfer and tax services, incorporating a more disciplined approach to help clients avoid financial mistakes.

Erickson feels very fortunate to work with the President and Chief Investment Officer of Creative Planning, Peter Mallouk, JD, MBA, CFP®, and author of the New York Times Bestseller, The 5 Mistakes Every Investor Makes and How to Avoid Them – Getting Investing Right. Mallouk has been named the #1 Independent Financial Advisor in America on Barron’s list three years in a row, and his company was named the #1 Wealth Management firm in America by CNBC for the last two years. He has grown his firm from approximately $50 million in assets under management to over $17 billion today. Mallouk’s lively book advises investors to avoid these common mistakes: market timing, active trading, misunderstanding performance and financial information, letting yourself get in the way, and working with the wrong advisor.

Rinar and Creative Planning are fiduciaries.  Now, while most people aren’t familiar with the term fiduciary, it’s an important distinction when it comes to your investments. A fiduciary must act in their client’s best interest, putting the client’s interests before their own. It is wise to look for a wealth management company where the employees are registered investment advisors, who must uphold the fiduciary standard and who cannot sell commission based products.  Further, avoid dually registered investment advisors/broker-dealers, who are able to switch back and forth between acting as a fiduciary.  That way, you’ll never have to wonder which hat they are wearing when they make a recommendation.

Creative Planning believes strongly in transparency, tax efficiency, liquidity and keeping investment fees low, while regularly rebalancing client portfolios to take advantage of volatility in the markets. Erickson suggests finding a company that rebalances when market conditions present opportunities, rather than simply rebalancing at the end of each quarter or year.  Investors can avoid mistakes by employing a financial planner who will implement disciplined strategies that protect them against the behavioral biases and emotionally driven mistakes investors are prone to make.

Draper is fortunate to have Rinar Erickson and his wife of 20 years, along with their six children, including two sets of twins, ranging in age from 2 to 14, in our community. Erickson gained his expertise on assisting others in avoiding financial mistakes through 17 years of experience with the world’s second largest mutual fund and financial services company. And now, he has aligned himself with a firm ranked the top in America by both CNBC and Barron’s. Additional information on Creative Planning is available at ThinkingBeyond.com.  You can contact Rinar Erickson at 
Erickson@ThinkingBeyond.com or 801.865.2972 to discuss how you can also avoid some of these critical investment mistakes. Email or call Rinar for a copy of The 5 Mistakes Every Investor Makes and How to Avoid Them – Getting Investing Right, as a giveaway to the first 20 readers.