Advisers will look to increase efficiency as they transition to new payment models, according to Zurich Financial Services.

About 37% of 207 advisers surveyed say they will respond to the new Life Insurance Framework by working smarter.

Some 55% say a less onerous compliance regime is the key driver for efficiency.

A further 33.1% say automation and technology will underpin efforts to adapt to the changing advice market.

Broadening the service offering and target market are on the agenda for some practices, with 26% looking to provide more holistic advice.

A further 23% will specialise in market segments with higher-value clients.

Zurich Life & Investments Head of Distribution Kristine Brooks says advisers are considering ways to run their businesses under a different remuneration structure.

“Rather than looking backwards, advisers are clearly starting to think about those aspects of their business where there are opportunities to drive more value in the future,” she said. “Importantly, they are focusing on those parts of the value chain that are most within their control.”

Ms Brooks says life insurers and dealer groups must be more innovative and customer-centric.

“While the ability to embrace and adapt to change is a given, the most successful advisers are those who aren’t just reacting to change; they are looking forward and anticipating it.”