Advisers are very comfortable with the concept of risk when it comes to investing. They understand that exposure to risk increases the probability of a client achieving their long-term goals, hence most diversified portfolios hold a sizeable allocation to growth assets.

Yet, when it comes to business (often an adviser’s largest investment), many actively avoid risk (which is a risk in itself).

This is arguably because they are accidental entrepreneurs.

Many advisers stumbled into financial planning and set up their business at a time when the barriers to entry were very low. They are great at helping clients grow, manage and protect their wealth but when it comes to seizing opportunities to grow their business, many are paralysed by fear and inertia.

Round upon round of regulation will have that effect.

As a result, advisers are increasingly acting like non-player characters – otherwise known as NPCs – to use a gaming analogy courtesy of my teenage sons.

Those of you with teenagers of your own will probably already be familiar with the acronym NPC. It’s a barb used to highlight a person’s irrelevance in a situation. NPCs exist only on the periphery. They don’t make autonomous decisions or influence outcomes.

But the government’s Quality of Advice Review presents an opportunity for regulators, policy makers and businesses to expand their risk appetite in order to help more Australians and, in doing so, build a stronger financial advice sector.

The resistance some recommendations have faced is a sad reflection of this country’s attitude toward risk.

Compare our traffic rules and speed limits against the autobahns of Europe.