The Australian Securities and Investments Commission has launched Australia's first register to track financial advisers on its MoneySmart website.
While some would argue it doesn't go far enough to protect consumers, it is still one step in the right direction.
In recent years, financial planning scandals at the Commonwealth Bank, NAB and Macquarie Private Wealth for example have tarnished the industry's reputation.
But Brad Fox, company secretary at the Association of Financial Advisors, said not all advice is bad.
"The number of times advice fails is actually pretty small, yet the headlines are pretty big," he said.
"We need to overcome the perceptions around that issue."
Consumer advocate Christopher Zinn said finding the right financial planner was often one of the reasons why many people don't seek advice, but once they do narrow them down, there are some important questions that should be asked.
Watch what Christopher Zinn has to say here:
The Federal Government has released a consultation paper to maintain public confidence in the industry.
Submissions will be accepted up until May 7.
