ANZ-owned OnePath has launched a program to help financial advisers to prepare for the Future of Financial Advice (FOFA) reforms.

Called FutureReady, the program provides information on the reforms and includes tools to help advisers transition to a fee-for-service model.

ANZ GM Advice and Distribution Paul Barrett told insuranceNEWS.com.au the program is designed for both life insurance and wealth management advisers.

“The needs of a life insurance adviser under FOFA is very much the same as the wealth adviser,” he said.

“Both need help in making decisions on areas such as pricing, segmentation of clients, statements of advice and client relationship management.

“It is a small business tool to help the life insurer run their business.”

The program includes an online knowledge support hub with technical papers, a step-by-step guide and tool kit for transitioning to a fee-for-service model and the support of a sales team trained in this remuneration model.

It has been set up to handle commissions being banned from life insurance sales through superannuation.

“We still don’t think that policy is ideal, but we have to prepare advisers for the changes if they do happen,” Mr Barrett said.