Almost two-thirds of advisers say they are prepared for the forthcoming Life Insurance Framework, a new study shows.

Zurich Life & Investments commissioned Lewers Research to question 200 advisers on the matter.

The survey shows advisers are focusing on generating efficiencies in their practices and understanding the new business cost structures.

Some 61.4% of advisers rate themselves “prepared” or “totally prepared” for the reforms, with only 12.4% “unprepared”.

About 27% of advisers have considered offering new services and 17.4% have re-engineered their businesses. However, 30% have done nothing.

More than one-third will supplement commissions with fees once the framework takes effect next July.

Zurich Life & Investments Head of Retail Distribution Kristine Brooks says insurers’ role during the transition is to create sustainable products that allow advisers to operate more efficiently.

“Advisers are putting every aspect of their business under the microscope, questioning everything from their cost structures, their target clients and their broader value proposition,” she said. “This process will not only help advisers ‘future-proof’ their practices, it will ultimately allow them to deliver better outcomes for their clients.

“The more customers understand and interact with the advice they have been given, the more likely they are to be advocates for that advice.”