Two industry groups plus two regulatory organizations plan to develop a simple model for brokers to disclose their fees and make it easier for investors to compare them.

The two industry groups, The Financial Services Institute and the Securities Industry and Financial Markets Association, and two regulator organizations, the North American Securities Administrators Association and the Financial Industry Regulatory Authority, are forming a working group to develop improved broker-dealer fee disclosure.

“Investors have a right to know how much they are paying for these services. Our goal is to develop a model fee disclosure that is simple to read, easily accessible, and can be used effectively by investors to understand and compare fees.” said Andrea Seidt, NASAA President and Ohio Securities Commissioner.

In the announcement, Sifma President and CEO Ken Bentsen Jr. called fee disclosure an important issue.

The group will look at different types of firms, including wirehouses, independent broker-dealers, clearing firms and introducing firms.

Earlier this year, a NASAA study uncovered disparities in how broker-dealers disclose the fees they charge their customers.