IFIC campaign encourages investors to open their statements

The Investment Funds Institute of Canada (IFIC) on Thursday released a short video featuring Jane Rooney, Canada’s financial literacy leader, that encourages Canadians to open their investment statements and learn more about their money.

The video is part of an investment funds industry campaign designed to encourage clients to take the first step toward improving their understanding of the services they receive, how much they pay for these services, and whether they are on track to meet their financial goals.

“By mid-July of this year, every investor will have received two new annual reports from their investment dealer, under a new rule called the Client Relationship Model (CRM), that provide personalized information on the performance of their investments and the fees that they pay,” says Paul Bourque, IFIC’s president and CEO, in a statement. “The industry sees the introduction of these new reports as an ideal opportunity to remind investors that they should be taking time on a regular basis to understand their investments and talk to their advisors.”

In the one-minute 15-second video, Rooney talks to Canadians about the new investment reports they are receiving and the benefits of reviewing them. “Jane Rooney is a passionate advocate for financial literacy and her support for this campaign highlights the value of being an informed investor,” Bourque adds.

The new reports represent phase 2 of CRM. CRM was developed by Canada’s securities regulators in consultation with the industry in order to strengthen the client-advisor relationship and improve investor awareness and understanding of key aspects of their investment accounts. “The new reports represent a positive industry trend towards greater transparency,” Bourque says. “It’s what investors want and value, and this is an important step to get us there.”

Watch: The impact of CRM2 on investors

Read: CRM2 Guide 2016

Investment dealers have until July 14, to begin sending the new annual reports, though most investors will receive them in the first quarter of the year.

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