THE FULL MONTY: TOTAL COST DISCLOSURE

Many years after implementing enhanced disclosure under CRM2, the Canadian Securities Administrators and the Canadian Council of Insurance Regulators have joined forces and are proposing total cost reporting disclosure for investment funds and segregated funds – known as CRM3. What are the behavioural principles involved in communicating total cost disclosures in relation to the value of advice and building trust with clients?

The information overload and aversion to fees can be incredibly confusing to clients. How can advisors and firms design communications to get it right? We’ll also delve into day-to-day tactics that advisors can take to support their clients.

This panel will explore how total cost reporting can be best achieved while also ensuring that the new regulatory requirements focus on the client experience.

SPEAKER

Louise Gauthier Senior Director, Distribution Policies, Autorité des marchés financiers

Louise Gauthier joined the Autorité des marchés financiers (“AMF”) in 2009 and was appointed to her current position as Senior Director, Distribution Policies in 2014. She was previously Director, Distribution Policies and SROs between 2011 and 2014. Her team’s responsibilities include monitoring of professional distribution practices in the areas of insurance, securities, financial planning and mortgage brokerage, and the development of distribution policies in these areas.

As appropriate, her department will also intervene to clarify AMF’s expectations with regards to practices considered to be risky from a consumer standpoint.

Ms. Gauthier and her teams lead or are actively involved in numerous projects undertaken under the purview of the Canadian Securities Administrators, the Canadian Council of Insurance Regulators, the Canadian Insurance Services Regulatory Organizations, and the Mortgage Broker Regulators’ Council of Canada. She is currently Vice Chair of the Mortgage Broker Regulators’ Council of Canada.

A graduate in actuarial science from Laval University, Ms. Gauthier started her career with a major actuarial firm before deciding to study law. After earning her law degree from Laval University, she worked for a national Canadian law firm for over ten years in the area of mergers, acquisitions and commercial financing. Before joining the AMF, she acted as a commercial lawyer with a large financial institution for several years.

Speaker

Melaina Vinski MSc. PhD

Associate Client Partner, Behavioral Science and AI and Analytics, IBM Consulting

Melaina is a behavioural science and behaviour change specialist with over a decade of experience in the experimental study of cognitive neuroscience and human behaviour, and over a decade of experience crafting evidence-based solutions on sustainability, stakeholder management, reputation risk, issues management, operational model design, and behaviour change.

As the former Behavioural Insights lead for PwC Globally and an Associate Client Partner of Behavioural Science and AI & Analytics at IBM, Melaina is recognized as a leading expert in weaving behavioural and data science within traditional problem-solving paradigms to tackle some of the toughest challenges facing business and society. She holds a degree in Cognitive Neuropsychology and Business from the University of Guelph and a Masters and PhD in Cognitive Neuropsychology from McMaster University.

SPEAKER

Geoff Gibson Vice President, Investment Product and Marketing for The Empire Life Insurance Company

Geoff Gibson is Vice President, Investment Product and Marketing for The Empire Life Insurance Company, where he is responsible for the segregated fund, annuity, and GIC line of business. Geoff has been with Empire Life for over 15 years in a series of increasingly senior roles involving segregated funds. He is currently the Chair of the CLHIA’s Committee on Individual Segregated Funds (CISF) and a past Chair of the Wealth and Retirement Conference. He has presented on segregated funds at numerous industry events over the years including the CLHIA Wealth and Retirement Conference and LIMRA’s Retirement Industry Conference.