The Industry Super Network (ISN) will be working with funds and the financial services industry to implement Future of Financial Advice (FOFA) reforms surrounding disclosure of ongoing personal advice fees.
ISN chief executive David Whiteley said transparency in disclosure of financial planner remuneration under the new reforms would assist the planning industry in transitioning to a "fully-fledged and highly respected profession".
Whiteley said the move would also help clients to make informed decisions about the advice they receive and how much they pay for it.
ISN welcomed the Australian Securities and Investments Commission's (ASIC's) guidance on compliance with the new disclosure requirements for ongoing personal advice fees.
"These measures in the FOFA reforms are filling a regulatory gap to ensure that much-needed disclosure is provided to all clients, both existing and new," he said.
ASIC had provided clear guidelines and used a facilitative approach to implementation, according to Whiteley.
"In doing so, it has addressed the practical concerns raised by retail institutions and planners in relation to applying these measures to existing and new client arrangements," he said.
