Peter Neilsen said the need for financial advice was growing as KiwiSaver balances grew and more people had more money available at retirement. “They’re paying more attention to what happens…the marketplace is better for financial advisers.”

But investment advisers would need to be expert at working out what people’s individual circumstances were, and the best investment for them, he said.

“That probably requires more knowledge than is held by traditional advisers. Putting together portfolios, most would traditionally say that close to retirement you need to be invested in income assets. But, in fact, if you live another 30 years [after retirement] you need some growth assets, otherwise it diminishes your income. To put it together and explain why it matters requires more skill than would have been needed 10 years ago.”

People with second, younger families would require different portfolios to those of couples with adult children who had left home.

“Someone with a second family and children under 10 at 60 has different needs… 30 years ago that would have been so rare that you wouldn’t have to think about it,” Nielsen said.

He said most advisers who had stayed in the business through regulation knew they had to be able to fill increased requirements.

Product providers were keen to help, he said. “Most product providers are investing to get platforms together so people are in a better position to advise. Both sides need that to happen to survive.”