The FMA said that, as of August 21, it had approved 949 transitional licence applications, representing more than 7,000 financial advisers.

Everyone offering personalised financial advice must have their own financial advice provider licence by March 15, or work under the umbrella of another provider.

Financial Advice New Zealand chief executive Katrina Shanks said she expected more applications were still to happen.

She said there was no sign of an “exodus” from the sector and there were 10,000 financial advisers registered.

Some advisers were still working through how they would operate in the new model, she said.

Shanks said, while advisers had some time before the new regime took effect, they should have a plan in place. Those who intended to work under another licence should contact that provider to determine what rules would apply.

“We don’t want to see advisers on March 15 who haven’t got organised and miss out on giving financial advice.”

Anyone who does not have a transitional licence – or the ability to work under one – at that point will have to apply for a full licence.

Shanks said she felt that the association’s members, and those who were in dealer groups, were getting clear messages about what was expected.

But she said it was possible that some advisers who were not involved in wider networks were still unaware of their obligations.