Regulation is making it impossible for financial advisers to offer cost-effective advice, according to industry stakeholders.

Responding to recent calls by Westpac-owned BT Financial Group chief executive Rob Coombe for the industry to provide low-cost advice, dealer group heads have said this is impossible because of high regulatory costs.

"At the moment it is very difficult for advisers to provide cost-effective advice," Australian Unity Financial Planning head of dealer services Ross Johnston said.

"Regulation has increased compliance costs. Advisers are faced with completing SOAs [statements of advice] that are time consuming and expensive."

Former ANZ Financial Planning head Mike Goodall said the regulatory framework had made most dealer groups fearful.

Goodall, who is now managing director of his own practice, Inpro Australia, said the compliance framework meant businesses were over-engineering their administrative and legal processes.

This had resulted in extra costs that were then passed onto consumers, he said.

In September, Coombe told the Association of Superannuation Funds of Australia that people needed to receive cost-effective advice if they were to engage with their superannuation.

"We need a regulatory environment in which this advice can be provided for no more than $200," Coombe said.

But Westpac would not be drawn on the issue of how much they would charge their customers.

Westpac Financial Planning head of offer and design Paula Calvert told  Investordaily the group was looking at ways for customers to access appropriate financial advice at a range of levels.

"We're looking at a number of options to deliver a low-cost, simple advice offering that can provide a financial health check to ensure our customers  have the right goals and plan in place to achieve the life they'd like in retirement," she said.