That was the message of Scott Fitzpatrick, a CFP from Australia and founder of Fitzpatricks Private Wealth, who spoke at this year’s Financial Advice New Zealand conference.

He said advisers needed to think about what clients valued. That was increasingly someone who could help them construct a lifetime plan and act as an orchestra conductor to get them organised. “Someone who can offer sit-on-the-family-board-style advice.”

He said that would mean focusing less on specialising in investment, insurance or mortgages and instead looking at a wider opportunity, considering things such as tax planning and estate planning alongside their other services.

Risk management should involve investment risk, taxation risk, estate risk, litigation risk, business and other risk.

Fitzpatrick said it did not mean advisers had to stop doing what they were doing but should look at it as a new opportunity. “People will still need insurance and loans but you’re not reliant on that to provide a service.”

Some were reluctant to move away from commission-based payments, he said, but should not underestimate the fees they could charge.

“I’m trying to give them the viewpoint that clients will pay your fees to project manage their affairs, to be that sounding board for them.”

He said his experience was that most advisers could charge a minimum of $5,000 a year. “My clients pay me anything from $1,000, $2,000 to $15,000 a month.

“You’re all entering a new world of licensing and compliance obligations, you’re going to be undercharging in future. You’re taking on too much risk to warrant a low fee.”

He said advisers he talked to seemed to understand the opportunity. Many savvy business-people were too busy to want to spend time managing their own financial affairs, he said.