The Investment and Financial Services Association (IFSA) has welcomed the FPA's consultation paper that outlines plans to phase out commissions.
"The FPA has developed a strong discussion paper for their members to comment on," IFSA deputy chief executive John O'Shaughnessy said.
"It's obviously an issue that's on the table at the moment and this process will get a good response on the members' position on it."
O'Shaughnessy said IFSA would be interested in how the process continues.
"There are an awful lot of fee-for-service models out there and I think most planning groups now offer the option of a fee-for-service or commission or a hybrid system," O'Shaughnessy said.
"But this consultation process would be a good way to understand how quickly the industry or the planners might move towards that fee-for-service model."
According to O'Shaughnessy, the industry has been moving well to make the consumer aware of what they're paying and what they should expect to be paying.
However, planners still had a choice as to whether to offer a fee-for-service or commission-based service.
On Friday, the FPA released a member consultation paper on financial planning remuneration that recommended all members move to a fee-based or a client-directed remuneration model by 2012.
