COST DISCLOSURE MOVES FORWARD

Advisors must also begin preparing for CRM3, which will give clients the total dollar amount of their investment fund expenses and charges for all funds owned by the investor, as well as the fund expense ratio for each fund the investor holds. The disclosure will take effect for the year ending December 31, 2026, with clients receiving the disclosure documents in early 2027.

Geoff Gibson, vice-president of investment product and marketing for Empire Life, said the disclosure will mark a significant change in how clients understand investment costs, as management fees have traditionally been displayed as a percentage rather than a dollar figure. “A danger of this could