Currently the market is waiting for the FMA and the Ministry of Business, Innovation and Employment to release the guidelines for offering class and personalised DIMS, however a number of key speakers at the recent SiFA Conference in Taupo believed the number of licences for personal DIMS will be limited to a small number.

A number of fund managers and providers though are preparing to offer their a class DIMS service to advisers including Grosvenor Financial Services and Sovereign with its Select Investment Service.

Grosvenor chief executive Alan Yeo says a class DIMS services is what the company has been offering since the company was established 16 years ago. It had also been running similar services in Australia so had good knowledge in how to go about it.

While he is critical of the changes going on, describing them as an "over-reaction" by authorities to the David Ross case, they are perfect for Grosvenor.

"They probably couldn't write the legislation better to suit our business model," he said.

Yeo also acknowledges the changes are major for authorised financial advisers; many are concerned about the changes and the continuing regulatory impact being put on their businesses.

"We see some advisers are getting pretty exhausted (with all these changes)."

Yeo says advisers will look to providers like Grosvenor for class DIMS services as it means they won't have to go through what is likely to be a difficult process not only to get the licence but for on-going compliance.

He also says class DIMS don't have to be restricted to model portfolios as many believe. The Grosvenor offering allows for some flexibilty for advisers to add other investments and tilts to the portfolios.

Grosvenor chief investment officer David Beattie says Grosvenor will research and take responsibility for the other assets added to the portfolio.

MBIE referred queries about the guidelines to the FMA.