The Financial Markets Authority is probably rubbing its hands in glee that the potential "population", as they call it, of Financial Advice Providers (FAP) is looking much smaller than some earlier estimates.

If the number is relatively small then the FMA has a much better chance of being able to regulate and monitor the sector.

From the numerous discussions I have had around the place many organisations haven't yet applied, but intend to. Indeed I have been surprised at how many are still to lodge their application.

It's not hard to do. One firm, which has a DIMS licence and an MIS licence, says it's very easy and just a tick box exercise.

With less than 60 working days until the June 29 deadline there is bound to be a bottle neck. What's more the deadline cannot be extended. Any adviser without a licence will not be able to give advice after the deadline. Russell Hutchinson summed things up well on Moneyblog.

In an admirably blunt statement of the need to get moving Fidelity Life has told advisers that they need to get a transitional licence or they won't be working with them. That was from an email on March 4. They are not alone. Several insurers are now recommending advisers apply for their transitional licence no later than mid-April. I think that’s good advice. So you now have a maximum of five weeks to apply.

It is somewhat bewildering that some advisers are prepared to put their livelihood at risk by leaving their application to the last minute.

Comments are still being made that people don't know enough and aren't sure what to do. That's not really an excuse considering the vast amounts of information which have been pumped into the adviser market. It is also surprising that some groups are still working on their proposition. It was good to see that NZ Financial Services Group, which is the largest group in the market with more than 1000 advisers released its package last week which will no doubt help advisers make a decision. But time is short.

The package and pricing is likely to appeal to the majority of its members, but to get them all on board by June is a mighty challenge.

Another of the big groups is Newpark with 450 advisers. Its mortgage arm has applied for a licence, but not its broking arm. If it doesn't have a licence by June 29 there are a lot of advisers who better get onto applying.

These are just two examples of what's happening in the market.

Surprisingly I have come across few people who have definitely said they won't be applying for a transitional licence. One who has said no is Murray Weatherston. "I will be withdrawing from providing financial advice to retail clients," he told me. He may will hand in his AFA too.

While Murray is voluntarily going down this route, others may join him unless they get their act together pronto.