CRM3 (TCR) - More than compliance - It's a chance to define your value

Insight is Capital™ Podcast

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8d ago 33:35

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CRM3 (Total Cost Reporting) isn’t just another compliance box to check—it’s the biggest shift in cost transparency Canadian advisors have ever faced, and how you handle it could define your client relationships for years to come.In this episode of Insight is Capital, host Pierre Daillie sits down with three leading voices to unpack the realities—and the opportunities—of Total Cost Reporting (TCR/CRM3).Joining the conversation are:

Arnie Hochman, Senior Vice President & General Counsel at SIMA
Dr. David Lewis, Behavioural Scientist, Consultant & Independent Director
Steve Braugiroux, Associate Vice President, Dealer Relations at National Bank

Together, they break down why TCR matters, what advisors need to prepare for, and how transparency—far from being a threat—can actually deepen trust and strengthen the advisor-client relationship.

From the mechanics of cost disclosure to the psychology of investor perception, this discussion explores how advisors can transform a regulatory requirement into a defining moment of value delivery.🔑 Four Key Takeaways

Transparency Builds Trust - Research shows clients often overestimate hidden fees. When full costs are revealed, trust in advisors actually increases, making them more willing to pay for advice.

TCR Is a System Overhaul - Unlike CRM2, TCR requires advisors and dealers to report on costs they don’t directly control—demanding a new ecosystem of data sharing between managers, dealers, and service providers.

Advisors Must Get Ahead of the Conversation - Waiting until January 2027 to explain statements will create confusion and mistrust. Proactive education now will turn compliance into confidence.
An Opportunity for Better Advice - TCR creates a level playing field for comparing costs, paving the way for deeper portfolio conversations, fee budgeting, and demonstrating the true value of advice—especially in areas like asset allocation and behavioral coaching.

🕒 Timestamped Chapters00:00 – Why transparency matters: client psychology and hidden fees02:00 – What CRM3 (TCR) really changes for advisors and clients06:00 – The operational challenge: new pipelines, new ecosystems10:00 – Research insights: transparency increases trust, not fear14:00 – What’s included, what’s not—and how advisors can bridge gaps18:00 – Foreign-listed ETFs and global disclosure challenges21:00 – A level playing field: portfolio-wide cost conversations24:00 – Fee budgeting, portfolio construction, and advice value27:00 – Preparing clients early: avoiding confusion in 202730:00 – OEO vs. advice channels and the complexity of FER31:00 – The role of industry associations in guiding implementation33:00 – Closing thoughts: collaboration, consistency, and opportunityMore...• The Securities and Investment Management Association (SIMA)• Read SIMA's FAQ on Total Cost Reporting. #CRM3 #TotalCostReporting #WealthManagementCanada #FinancialAdvisors #InvestmentTransparency #AdvisorClientTrust #BehaviouralFinance #CanadianInvesting #PortfolioConstruction #AdvisorValue

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