
July 24, 2025
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Starting in 2027, total cost reporting (TCR)—also known as CRM3—will introduce a new level of transparency in how investment costs are disclosed to clients. While this may prompt new client questions, it also presents a powerful opportunity: to reinforce the value of advice, build deeper trust, and elevate conversations beyond performance alone.
In this short video, Jordy Chilcott, head of retail intermediary distribution, Canada, shares insight on the purpose behind TCR and its impact on investors and advisors. Learn how this new regulation is designed to enhance fee transparency and support more informed financial conversations.
TCR is a new Canadian regulatory requirement designed to enhance transparency around the costs associated with your investments. Beginning in 2027, your annual report on charges and other compensation will include a clear, dollar-based breakdown of the ongoing costs you pay for products such as mutual funds, exchange-traded funds (ETFs), and segregated funds. This includes both fund-level costs—like management fees and operating expenses—and the compensation paid to your advisor. The goal of TCR is to provide you with a more complete picture of your investment costs, helping you better understand the value you receive in return.
Understanding the cost of your investments is essential to making informed financial decisions. But cost alone doesn’t tell the whole story. Just as with other professional services—whether legal, medical, or home-related—the lowest price doesn’t always equate to the best value.
Many mutual funds and ETFs are actively managed by experienced investment teams who research, analyze, and make decisions aimed at helping investors achieve better outcomes. Here’s why paying for professional management can be worthwhile:
Beyond investment selection, your financial advisor plays a critical role in helping you stay on track. From retirement planning and tax strategies to portfolio rebalancing and behavioral coaching, advisors provide personalized guidance that supports long-term success. Research consistently shows that advised investors tend to achieve better outcomes over time.
Starting in 2027, your updated report on charges and other compensation will clearly show:
These aren't new or additional charges—they’ve always been part of your investment experience. What’s changing is how clearly they’re disclosed, giving you greater insight into your costs and the value you receive.
TCR is a meaningful step forward for investors. It empowers you with the information needed to have more informed conversations with your advisor about cost, value, and long-term planning. If you have questions about your statement or investment costs, speak with your advisor—they’re here to help you make sense of the details and ensure your plan continues to work for you.
Have questions about TCR and what it means for you or your clients? Our FAQs section provides clear, concise answers to the most common inquiries around TCR—from understanding the regulation to its impact on investment transparency. This resource is designed to help you feel informed and confident as you navigate the evolving regulatory landscape.
Learn moreJuly 24, 2025
July 24, 2025
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