Advisers are "significantly undervaluing" the work they do for clients when working out their charging structures post-RDR, according to Prudential.
Head of business consultancy Paul Harrison said "extra services" like trust work, tax planning and providing a second opinion were often not adequately charged for.
"From our experience, far too many advisers significantly undervalue the work they do for clients and, in many cases, this work is completed either free of charge or without sufficient payment in return for their professional services," he said.
When the commission stream disappears in 2013, many firms will struggle to operate if they fail to adopt a broader commercial approach, he added.
Research released by CoreData last week suggested IFAs still relied on commission for about 60% of their income.
Advisers need to have a clear idea of how much auxiliary services cost, and who is best placed to provide them, Harrison said.
"Clients may favour a reactive ‘pay-as-you-go' method, where they are charged for the additional support and help they ask for," he said. "Or, alternatively, a proactive service proposition, which takes account of the level of support and the frequency and nature of client contact."
"Whichever method chosen by advisers, it's important for the charging structure to reflect the time and costs involved in delivering these extra services, as well as the benefits and value provided.
"It is crucial for clients to feel involved in the process," Harrison said. "Only then will they understand where advisers can add benefit."
Achievements, charity work and other happy snippets
Laughable excuses for persisting
Spent 56 years at Schroders
Warns on profits