Equisoft

CRM2 and its impact on the Canadian retail investment industry

eBook

Change is coming to the retail investment industry

A series of new rules rolled out in three stages beginning in 2014 and continuing through until 2016 will shine a new light on fees and performance, ultimately shaking up the financial advisor’s role.

Known as CRM2, the complex rule changes will result in new cost and performance reporting requirements. Among the most significant changes are the need to provide clients with an annual report on charges and other compensation (showing how much the dealer and/or advisor has earned from clients’ investments) and an annual investment performance report (including dollar-weighted rates of return) by July 15, 2016.

At Equisoft, we are using this white paper to build awareness of the critical issues facing our clients: advisors, dealers and the Canadian retail investment industry as a whole. The advent of CRM2 demands diligence and preparation.

This white paper is based on a series of confidential interviews conducted with industry experts in Ontario, Quebec and British Columbia. Participants included senior management of IIROC and MFDA dealer firms, back-office vendors, industry associations, investment product manufacturers and members of the business media.

The key takeaway from this exercise is that the industry does not fully understand how its client – the Canadian investing public – will react to CRM2. Within that uncertainty, however, lies opportunity for proactive advisors, their dealers and fund companies. We trust that the insights contained in the following pages provide clarity and direction during what may be a tumultuous period in the history of the Canadian retail investment industry.

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