AXA New Zealand and fund manager ING New Zealand put the pitch out to advisers in their respective roadshows last week as the deadline of looming regulation draws nearer in a move that some of the associations have been waiting for.

"Since the definition for QFEs was changed to include agents we always thought that would happen," said Lyn McMorran, president of the Institute of Financial Advisers. "If tying advisers will have people authorised there will be a market for it."

Murray Weatherston, chairman of the Society of Independent Financial Advisers, agrees saying the QFE regulations were always going to see a push for linking advisers to product providers.

"They're clearly going to try and increase their control and distribution," Weatherston said.

The QFE regulations were poorly understood by many advisers, who mistakenly believe that being a part of a QFE will allow them to advise on all products, Weatherston said, and not enough people realise that if they join a QFE they will only be able to sell promoted products.

In AXA's pitch, chief executive Ralph Stewart let advisers know that if they sign up to join his company's scheme, not only will they be able to sell AXA products, but there will also be a list of approved products by their competitors, which will be chosen by a committee which will include an independent member from the AXA Adviser Association. Stewart said the company wants to be able to maintain relationships with advisers who do not sign up to their scheme.

ING's managing director of funds management Paul Butler said they will use their QFE scheme to build relationships with advisers, and said he expects people to sign up to several schemes that will allow them to sell multiple companies' products, while head of retail distribution Trish Edmonds let advisers know about a new support system to help them through the regulatory changes.