Investors, having heard the warnings for years, are waking up to the fact that their concentrated portfolios are no recipes for prosperity.

A recent Smart Investor survey asked readers about their investment concerns. The answers came thick and fast: "Because I lack a mix." "Heavily weighted in shares." "Heavily property based." "I have too many Australian shares." "Not diversified." "Not enough overseas assets." "Resources and banking shares all underperforming." "Over-invested in banks."