Without the very best professional advice mistakes can be made. Some of the more common ones are stated below;

Whether underestimating the time horizon for your assets or owning highly volatile investments, making a mistake with time horizons can have huge implications. For true financial stability your finances need to provide income for your entire lifetime. With life expectancies rising and long-term care costs ever-increasing, having a plan that provides for your total income needs is essential, regardless of how long that may be.

Equally important is to have a clear understanding of the short-term risks inherent within each of your assets. Knowing when you need capital can help quantify the benefit of taking the risks, plus highlight the implications of doing so.

It may sound strange, but it is easy to employ a strategy that works against your objectives. If you misjudge risk, whether taking too little or too much, meeting your objectives will become less probable, more costly and at times impossible.

Knowing exactly what you own is often harder than it should be. Analysing the assets and how they interact with each other is a great deal harder. An unintended concentration on a particular asset or a collection of assets that lack diversification can expose you to excessive risk, enhance fluctuations and potentially accelerate loss.

Change is constant, whether of your own making or by the actions of others. Whether a change in government policy, a change in family circumstance or a change in personal needs, the suitability of your financial plans can reduce and your reaction to this (if any) can be vital.

Too often investment strategy revolves around taking a judgement call and before too long, these calls can form an ill-considered strategy. Knowing your limitations and understanding that nobody is right all the time is very important. Chasing returns and backing the winners never lasts long and is likely to increase complexity, increase paperwork and decrease the chance of success.

As much as you should not underestimate the benefit of good advice, equally you should not underestimate the impact of large fees. Whether from an adviser, private bank, discretionary manager, stockbroker or Investment platform, being overcharged for the service received stops you making the most of your money