Don't go hunting for yield with lower-for-longer rates after Brexit, investor says

Mallouk: The reach for yield a dangerous thing

Peter Mallouk, president and chief investment officer of Creative Planning, told CNBC that patience was the key to weathering short-term panics, such as Brexit.

Mallouk said that the markets were realizing that while Brexit would take time to play out, ultimately what will happen is a simple repositioning of international business and trade, rather than a collapse. He said it wasn't really what some have called a "Lehman moment," because business likely wouldn't disappear from the financial system, it would just relocate.

Markets may have agreed that the Brexit result of the referendum wouldn't necessarily spur major dislocations. Shares continued to rally on Wednesday after selling off immediately after the U.K. voted to leave the European Union.

"It's actually cost the market less than it appears because the markets rallied the few days up to Great Britain leaving the EU. So really, in the United States especially, it's not that different," he said.

With the uncertainty in the global political and economic environment, central banks are likely to push easier monetary policy and keep interest rates lower for longer, which can drive investors toward higher yielding stocks.

But Mallouk said his firm, ranked the No.1 independent financial adviser by Barron's, has been telling its clients to avoid chasing yield stocks. He argued that it's better to be positioned conservatively and take the lower yield for the part of the portfolio that was designed to be conservative.

"There needs to be some safe haven within the portfolio, because in the real world, people access their wealth. For most people, dividends off a portfolio are not enough. We need a safe haven, something for people to go to and also something that provides us purchasing power in environments like this," he said.