"The majority of advisers do not know how corporate value can be captured and are oblivious to the fact they are gathering and offering this value up to fund managers and other service providers for nothing," Long said.

He said because institutions tend to "shield" advisers from the true market value of their businesses by offering deals such as buyer of last resort arrangements.

"A buyer of last resort deal is an admission of failure by the practice owner to build a valuable asset," Long said.

The survey also found advisers still tend to value their businesses based on "crude quant measures of revenue multiples" with little regard paid to more qualitative factors.

"While it is understood that business on a platform commands a premium and a properly segmented client base adds value there is little regard paid for qualitative factors such as new business generation engines, geographic spread and tight standard investment solutions," Long said.

As well, the survey revealed most advisers businesses are still overly-reliant on the practice principal for their value and determined to buy in research and compliance while keeping their own brand.

"The attachment to one's own brand is very strong with a great deal of emotion and ego invested by the adviser. However, there seems to be little understanding of the challenges involved in building a brand."

He said the survey also revealed a number of other "key themes" including: a feeling of dislocation and unease in the face of industry consolidation; capacity constraints, and; impending compliance regulation.