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Investors must be sure to ask advisors pointed questions
Think new fee disclosure rules requiring advisors to be upfront with their clients about fees and portfolio performance are making a difference? Before you answer that, consider the following survey findings from a new J.D. Power study that canvassed 4,800 people who were using advice-based investment services from Canadian financial institutions:
Effective July 2016, ongoing regulatory initiatives known as the Client Relationship Model-Phase 2 (or CRM2) will legally require all advisors to provide reports detailing account performance and all fees and other charges (including embedded commissions). But in the meantime, it still clearly pays to ask lots of questions.
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