A survey shows many young people would consider financial advice in spite of their modest resources, thereby presenting business expansion opportunities for brokers.

Tom Collins – Principal of The Tom Collins Consultancy in Sydney – says the results of a survey by the Financial Planning Association shows a substantial gap in the client types that planners are dealing with.

The phone survey found that half of the 800 respondents had obtained financial advice.

Although planners don’t usually take on clients with less than $50,000 to invest, almost half the respondents said it would be worthwhile seeking advice for such amounts. 82% said it would be important to seek advice if you have less than $100,000 to invest, and 36% said they didn’t seek advice because they knew how to handle their finances.