However you choose to buy your products, whether direct or through an adviser you should know what you’ve chosen and why. Know enough to understand what is being recommended and the reasons behind every decision that you take.

Over the years, the problems people have had with their investments can often be traced back to not understanding what they have signed up for. So before you take advice, or even buy, work your way through your action plan. At the end you should be crystal clear on:

• How much you are investing
• How long for
• The level of risk you are prepared to take
• The flexibility of the plan.

This will make it easier for the financial adviser to tailor a product to suit you; and for you to check that whatever you are buying meets your financial requirements.