A great question from a financial adviser wondering about their licence structure illustrates the dangers of thinking that corporate structure must be reflected in license structure. This adviser has different companies to handle the commissions and fees payable for different groups of clients that arise from different lead sources. That all makes sense. The challenge comes when you have a group of advisers that work across all three different sources of business. It may cause customer confusion to licence each business separately, and have advisers work for each FAP, so the FMA may not be happy with that solution. But license structure can be different to corporate structure. One solution is to have one advice-giving entity, which serves all these different customer groups. There are several different solutions for dealing with the money (either in fees, commissions, or ownership).