Simpler & Clearer Statements…Finally!

Our clients come to us looking for advice that simplifies and clarifies their choices, making it easier for them to make financial decisions with confidence.

A familiar complaint through time has been investment statements that gave them scads of information but that were difficult to decipher.

“Why can’t we just see how much we started with, how much we deposited and withdrew, and what it’s worth today?”

Thankfully, our Discretionary clients – for whom we manage investments on a fee-based platform receive Quarterly Portfolio Reviews that do simplify and clarify their account information. The good news is that soon everyone will: all investment industry clients will have this type of reporting beginning in January 2017.

In a layout called “Performance Reports” to be included with monthly statements, both graph and chart views will be presented. These inclusions will personalize the rates of return for each individual account.

“Okay. So how much does this cost me?”

Again, our Discretionary clients have seen our direct management fees on statements since the beginning. Starting in January, all clients will see a breakdown of the costs of their account whether they be direct management fees, administrative fees (for non-Discretionary TFSAs and RRSP/RRIFs only; our Discretionary clients do not pay these fees), commissions or mutual fund trail fees.

Inserts with full explanations and samples were included in September 30th statements. It’s an effort by all Canadian securities firms to report account performance and costs in a standardized “apples-to-apples” presentation.

This is a welcome change. Finally!

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *