Many financial planners think clients need to have $70,000 or more before seeking advice, but their association says it’s not the case.

A survey commissioned by ING shows most consumers think they need about $40,000 in investable assets, but most advisers believe the higher sum is required.

“Most surveyed consumers thought $40,000 would be a fair point at which to seek financial advice – or indicated they would if they had that kind of money,” an ING spokesman told Sunrise Exchange News.

But Financial Planning Association spokesman Jason Spits says the results don’t paint the full picture. The $70,000-plus figure may be realistic if a client wants a full-service financial plan, but other kinds of advice can be offered to people with less money.

“A client with $40,000 or less in investable income could benefit from seeking financial advice, especially when it comes to things like budgeting and debt management,” he said.

Many financial planners charge an hourly rate, or do pro bono work for younger clients needing tips on how to manage their finances.

“Initially a client might not have the assets. But if planners work with younger people and build up a relationship, the clients might be retained when they are in a better financial position in the future.”

Some planners offer to do pro bono work for clients’ teenage and young adult children to give them a better understanding of managing money in the long term.

“It’s all about the levels of financial advice, and what each client requires,” Mr Spits said.