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The Investment Funds Institute of Canada (IFIC) today announced that it has retained Toronto-based behavioral economics consulting firm BEworks to undertake research that will help improve the disclosure practices of investment dealers, advisors and investment fund managers, the mutual fund industry trade group announced Thursday.

The research, which is expected to be delivered in early 2019, aims to “identify the principles of effective disclosure and best practices in how financial information is prepared, formatted and shared with retail investors,” IFIC says in a news release.

It will also evaluate the efficacy of current fee and performance statements against those principles and develop and test new model reports.

“Effective disclosure plays a critical role in providing investors with the awareness and understanding they need to confidently make investment decisions that are aligned with their investment goals,” says  Paul Bourque, president and CEO of IFIC, in a statement.

“IFIC is pleased to partner with BEworks to examine investment cost and performance statements and to help the industry develop and test new approaches that leverage behavioral insights to improve how information is shared with investors,” he adds.