Proshare seeks free advice for small investors

PROSHARE, the organisation to encourage small investors, is considering asking stockbroking firms to give 30 minutes' free advice to investors who join an association, due to be launched in the autumn.

Reaction from larger broking firms, especially those based in the City, has been muted as they tend to charge large sums for half-an- hour's work. But smaller firms have indicated they would be happy to give the advice.

The Association of Private Client Brokers has welcomed the plan and believes many of its members would oblige.

Proshare, set up earlier this year to encourage share ownership, plans to launch an association in September which would provide educational materials.

It also plans to launch services for companies in the autumn, following research on which quoted companies offer dealing and other facilities to employee and other individual shareholders.