Financial advisers have a significant opportunity to improve their reputations with the establishment of an advisers' register.
But credit data analysts Veda warns many financial planning firms need to get their act together to comply by the March 31 deadline.
The register being set up by the Australian Securities and Investments Commission aims to improve transparency for consumers and subsequently increase the take-up of financial advice.
"The national register of financial advisers is a big change for the industry," Veda's head of wealth Mark Hoven says.
He said when the register was announced in October, many businesses were hoping for a 12-month leeway to comply, but the government has stood firm on the March 31 deadline.
"Some organisations have significantly underestimated what's required to meet the immediate deadline," he said on Monday.
Businesses have less than a month to meet their obligations to provide key employment background data, although requirements for education and qualifications information have an extended time frame of May 31.
"The consumer needs confidence that the adviser is who they say they are and that this is independently verified," he said.
The register was one recommendation coming from a Senate inquiry into advisers last year after a string of scandals that resulted in investors losing millions of dollar through poor advice.
Last month the financial advice arm of National Australia Bank, NAB wealth, sacked 37 advisers for giving dodgy advice and paid as much as $15 million to customers who had been badly informed.
ASIC is further investigating the bank.
This has renewed calls for a royal commission into the sector, but Assistant Treasurer still sees no need for such action.
"That's my view," Mr Frydenberg said on Sunday.
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