The top five mistakes made by HNWI investors are failing to diversify, investing without a structured plan, making emotional investment decisions, failing to regularly re-evaluate their portfolio, and focusing too much on historical returns, according to a survey conducted by deVere Group writes Hazel Biegelsen.
deVere, one of the world’s leading independent financial advisors, polled 880 of its HNWI clients asking what their number one investment mistake was before they sought advice from a financial advisor. 23% answered failing to diversify, 22% answered investing without a plan, 20% responded making emotional investment decisions, 16% cited failing to regularly review their portfolio, and 14% said focusing too much on historical returns.
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All top five were surprisingly evenly weighted, with only 5% citing other reasons like impatience, investing at the top of the market, taking bad investment advice, and paying too much tax on investments.
Nigel Green, deVere’s founder and chief executive, said: "Mistakes investing can and do occur – it is how they are best avoided, or at least mitigated, that is the key to success. Learning lessons from people, like those we polled, who have overcome these common investment mistakes to go on to accumulate significant wealth in the longer-term is a way to reduce costly errors."
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