The second phase of the client relationship model (CRM - 2) regulations, which only recently came into effect, are now working to increase
transparency around fees on account statements and help investors better understand their investment performance and the associated costs.
As
transparency around fees increases, clients are increasingly pushing fees lower.
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Transparency for investors
around fees and account performance remains a big challenge for the wealth management industry.
Despite the recent CRM2 regulatory mandate requiring increased
transparency around investment
fees and performance, investment firms have generally been slow or ineffective in ensuring advisors are proactively explaining
fees and performance to their clients, missing a critical opportunity to build loyalty, according to the J.D. Power 2015 Canadian Full Service Investor Satisfaction Study.
Career progression Despite efforts to increase
transparency around career progression,
fee earners complained there remains a lack of openness, which can create a perception that promotion opportunities are not available to all.