You should opt to be the judge

A commission is a percentage of the total amount you have invested via the financial planner's advice and can be different for various investments, depending on the product provider.

A fee for service can be a dollar amount per visit, which is rarely cheap and the reason some people prefer the amount taken out of their assets, or a percentage of assets under advice.

As part of the government's push to improve the quality of advice under its Future of Financial Advice reforms, if you get professional financial advice you will have to make a conscious decision each year to carry on with your current advice and planner.

The Financial Planning Association the biggest representative body for the industry is not happy about this clause, concerned that it is bad public policy, will cost the industry and result in poor outcomes for investors and retirees. It has issued a "FoFA Pack" for members and asked them to engage with their local elected representative on issues such as this.

The Industry Super Network, which represents industry superannuation funds, commissioned Rice Warner Actuaries to conduct some research on the potential cost of the proposal to the industry. They came up with $28 million and ISN says this is a small percentage of total advice fees of $1.6 billion charged each year.

In response, the FPA has said it is "tired of the industry fund one-track agenda", saying "proponents of the 'opt-in' argument are running a myopic campaign that risks endangering the robust financial futures for many Australians".

They are right in that there will be a cost to the industry and consumers there might be additional visits and you will have to go back to your financial planner to review your investments. But is this a bad thing? You be the judge. And make sure to tell your local member what you think.