Partners Life expects advisers to opt for FAPO

From July 1, it will pay override commission payments to FAPs that satisfy a customer outcome metric, not dealer groups.

The structure will be a 100% base commission, a bonus of between 80% and 120% and an override of 30%, taking the combined total to maximum commission of 256%.

FAPs can still opt out of FAPO and choose to have the override money go to their dealer group, should they wish.

Ballantyne said Partners Life had had a number of advisers sign up already, to take effect on July 1. They had to already have a transitional licence to do so.