Look outside your comfort zone, says Elixir Consulting

In a statement, the business coach said advisers must act now, ahead of the shifting landscape, to avoid losing their licensing arrangements or going out of business due to low cash flow.

A good way for advisers to start thinking about how to adapt to these changes would be by stepping outside their "circle of influence", Ms Viskovic said.

"The problem with staying in your own headspace and only hanging out with like-minded people is that you don't get to see a different picture," she said.

"Think about the people you spend time with – do any of them challenge you on the way you think, or do they all do things similarly and join you with lamenting that these changes will be the end of the independent adviser?"

Ms Viskovic added that advisers may discover more ways to innovate within their businesses by attending different conferences, taking time away from the office and reflecting on what is "really important".

"Discover more about what innovations are available to you, what others are doing in their business, and how you might embrace some of these ideas in your own business," she said.

"You might be pleasantly surprised by how powerful it is to come back to your true purpose – what's really important to you. To get your head in the right place, spend time reading, listening to and following suggestions from those who may have a different reality to you."