The industry effort to regulate US financial planning as a profession has support from within, but it won’t escape opposition from other sectors of the financial services community, according to figures in the sector, says Investment News.

“There could be push-back from various industry sources,” Richard Salmen, departing president of the FPA, was quoted as saying by the publication. He was speaking at the group’s annual convention today in California.

In December, the Certified Financial Planner Board of Standards, the Financial Planning Association and the National Association of Personal Financial Advisors formed the Financial Planning Coalition to lobby for legislation that would define and regulate financial planning.

But opponents to this coalition could include the securities, banking and insurance industries, as well as the Financial Industry Regulatory Authority, the publication said. The coalition has specifically said Finra should not regulate planners.

So far, no opposition has emerged, according to Mr. Salmen and Marv Tuttle, the FPA’s executive director, but it could pop up in the near future.

“The legislative process is messy, money lubricates it, and we’re not the deep pockets,” Mr. Salmen was reported to have said.