It depends. Fetal bovine serum contains lots of various growth factors. Importantly, each batch (lot) of FBS will be different in this respect. Most serious mesenchymal progenitor cell work is done by lot testing serum from different sources to see how each batch affects the behavior (differentiation) of the cells. Sometimes one batch of FBS can be either inhibitory for a particular pathway (so osteogenesis in the case of ALP) or stimulatory. Also, human MSC are pretty sensitive to no serum, so it's a good idea to make sure they are surviving your culture conditions. You might want to try more than one serum, or you might want to support your cells in low/no serum with supplements.
You can do a test run by using different concentrations: from High to Low serum to No-serum conditions. You can also use commercially available MesenPRO RS™ Medium, which has LOW (2%) serum.