The government's reform measures have received support from two industry bodies, however, the FPA and the Association of Financial Advisers (AFA) have outlined some concerns.
The FPA has concerns around the impact of the reforms on the industry and will be discussing these issues with the government.
"These measures will be the biggest reforms to the industry since the Financial Services Reform Act in 2001. We do have some concerns around the implementation of these reforms," FPA acting chief executive Deen Sanders said.
"Some people in the industry may think that these reforms have gone too far. Consequently, there could be some serious impacts on some advice businesses. We want to make sure that the implementation will be right so that businesses will have time to adjust," Sanders said.
The FPA will also be discussing with the government other issues raised in relation to the fiduciary obligation of advisers and the opt-in measures regarding the new adviser charge.
"We need to understand how the new fiduciary duties relating to advisers work alongside the Corporations Act and whether the new adviser charge will be in keeping with consumers' best interests," Sanders said.
"The FPA is keen to discuss these issues with government to ensure the balance is right on final implementation."
Banning commissions does not recognise the customer's right to choose, according to the AFA.
"In banning commissions, the government not only denies consumers the fundamental right to choose how they pay for advice, but goes one step further and dictates how they remunerate advisers," AFA president Jim Taggart said.
"It is a major concern that, in a free market, the government should consider it necessary to legislate how any professional in any industry should be remunerated."
The AFA also had concerns about the wider powers that ASIC will have under the reform measures.
"Granting ASIC extended powers effectively sets the regulator up as judge, jury and executioner," AFA chief executive Richard Klipin said.
"Where is the presumption of innocence?"
Both the FPA and AFA, however, supported the broad thrust of the reforms.
These reforms would play an instrumental role in improving transparency and investor protection in the financial planning industry, Sanders said.
Klipin said the Ripoll report was a serious piece of work, which the government has taken seriously.
"The Australian community is facing a number of major challenges with an ageing and growing population that is under-insured, under-advised and under-funded in their superannuation," he said.
"The financial services industry is part of the solution to these issues and the government has recognised this in their response."
