The corporate regulator has called on industry associations to nominate representatives for an expert reference group to consult on its shadow shopping research.
ASIC senior executive leader for consumers, advisers and retail investors Delia Rickard said the regulator had already begun discussions with a number of organisations and individuals.
"We have started talking with associations. We have some names but we haven't finalised the group yet," Rickard said.
She said the group would be made up of 10 individuals or less and include "seasoned" financial planners.
"They will really be seasoned financial planners, respected elders if you will, who are experts in financial advice because between looking at the examples of advice that we get back from the shadow shopping and the guidance of this group and others, we really hope to be able to give a good picture of what good quality of advice looks like for a whole range of scenarios," she said.
She said ASIC's shadow shopping research was designed to be a positive exercise for consumers and the industry.
"To really put in place some solid foundation stones that really ensure good-quality advice in the retirement space is provided and the combination of this combined with the FOFA (Future of Financial Advice) reforms, which are obviously critical, will really help build that quality of advice going forward," she said.
"One of the benefits of shadow shopping and why we like to do this from time to time is that we really get to understand what the consumer's experience of getting advice is and what they understand and what they don't understand, and that is one important part of the whole mixture of improving the advice process."
ASIC expects to release a report on the shadow shopping research in the first quarter of 2012.
