New Quadrus Statements for Clients increase transparencySubmitted by Margaret Bennett on February 9th, 2017
CRM 2 is an effort to help Canadians make informed investment decisions. All financial institutions are subject to these new regulations that will disclose fees clients pay, illustrate the returns on their portfolio, and hopefully be a little more "consumer friendly."
Personally I'm excited about ths change. I have always tried to schedule a meeting with my clients to review their statements and I often heard that it was confusing for them. I resorted to creating statements through my reporting system to share with clients. I believe I offer my clients a lot of value. We regularly review finances, we discuss goals, I'm available by text and email, and try to be as honest and transparent as possible when explaining how I get paid and why I feel I'm worth it. I sometimes get frustrated when I meet with clients several times to review goals, create portfolios, and a financial plan, and then the client chooses to go to the bank. In those situations, I wonder if the prospect realizes that I am not paid for that time and energy. I'm not at a bank with appointments back to back, giving little thought to the client in between meetings, so when I put the effort and time (and expense) in to those plans and then they take them to the bank, it hurts. Now all Canadian investors will be able to see the fees that they pay and hopefully take time to reflect on whether the service they are getting from their institution meets their expectations.
Take a video tour of the new Quadrus statements to see what they will look like. They'll be heading to your mail boxes this month. Hopefully, my clients will be happy with the service and value I provide.