When the credit crunch took hold and the mortgage well ran dry most brokers did the only sensible thing diversified.
Exploring areas such as payment protection and home insurance helped brokers top up their income. But in diversifying too much there is the danger you can spread yourself too thin.
This is something that those driving the Retail Distribution Review seem to believe.
The new regulations, which come into play in January 2013, will force advisers to consider which advice areas they specialise in, increasing qualification requirements across the board and making it almost impossible for advisers to be an expert in all areas.
But this may not be such a bad thing. By encouraging specialisation the RDR will ensure holistic advice is still achievable but a different approach is required.
Many advisers are expected to join forces with business partners where complementary skills are evident and comprehensive introducer arrangements agreed.
This should mean an income stream can still be delivered from sold products but consumers will be receiving advice from the expert most qualified in that area.