Transitional licensing is under way for the new regime.
FMA director of market engagement John Botica said that not every adviser would need to be individually licensed.
Some would opt to work under another financial advice provider's licence.
He said there were a "number of different options" to consider in how they operated under the new regime.
Transitional licensing is open until June but Botica urged action now.
He said advisers should not delay in considering or choosing the right option for them.
"If you don't have your licence in time for June 29 or don't have an agreement in place to operate under someone else's licence you won't be able to continue giving advice until you have a full licence."
He said the FMA's financial advice team had spoken to more than 2,500 advisers over the past year and wanted their feedback and expertise to help the regulators to better understand the market.
For many advisers, the new regime will bring significantly more liability.
Financial advice providers can be held responsible for their own conduct and that of those working for them.
In most cases the maximum penalty is $200,000 for an individual or $600,000 for an entity but if there is false or misleading information given, the maximum penalty can reach $5 million.
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