{"id":1320,"date":"2025-08-27T17:29:00","date_gmt":"2025-08-27T17:29:00","guid":{"rendered":"http:\/\/32814109-157f-440e-8dee-cb2e648998cc"},"modified":"2025-08-27T17:29:00","modified_gmt":"2025-08-27T17:29:00","slug":"crm3-tcr-more-than-compliance-its-a-chance-to-define-your-value","status":"publish","type":"episode","link":"https:\/\/advisoranalyst.com\/podcast\/episode\/crm3-tcr-more-than-compliance-its-a-chance-to-define-your-value\/","title":{"rendered":"CRM3 (TCR) &#8211; More than compliance &#8211; It&#039;s a chance to define your value"},"content":{"rendered":"<p><span>CRM3 (Total Cost Reporting) isn\u2019t just another compliance box to check\u2014it\u2019s 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.<\/span><span>In this episode of Insight is Capital, host Pierre Daillie sits down with three leading voices to unpack the realities\u2014and the opportunities\u2014of Total Cost Reporting (TCR\/CRM3).<\/span><span>Joining the conversation are:<\/span><\/p>\n<ul>\n<li>Arnie Hochman, Senior Vice President &amp; General Counsel at SIMA<\/li>\n<li>Dr. David Lewis, Behavioural Scientist, Consultant &amp; Independent Director<\/li>\n<li>Steve Braugiroux, Associate Vice President, Dealer Relations at National Bank<\/li>\n<\/ul>\n<p>Together, they break down why TCR matters, what advisors need to prepare for, and how transparency\u2014far from being a threat\u2014can actually deepen trust and strengthen the advisor-client relationship.<\/p>\n<p><span>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.<\/span><span>\ud83d\udd11 Four Key Takeaways<\/span><\/p>\n<ul>\n<li>Transparency Builds Trust &#8211; 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.<\/li>\n<\/ul>\n<ul>\n<li>TCR Is a System Overhaul &#8211; Unlike CRM2, TCR requires advisors and dealers to report on costs they don\u2019t directly control\u2014demanding a new ecosystem of data sharing between managers, dealers, and service providers.  <\/li>\n<\/ul>\n<ul>\n<li>Advisors Must Get Ahead of the Conversation &#8211; Waiting until January 2027 to explain statements will create confusion and mistrust. Proactive education now will turn compliance into confidence.<\/li>\n<li>An Opportunity for Better Advice &#8211; 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\u2014especially in areas like asset allocation and behavioral coaching.<\/li>\n<\/ul>\n<p><span>\ud83d\udd52 Timestamped Chapters<\/span><span>00:00 \u2013 Why transparency matters: client psychology and hidden fees<\/span><span>02:00 \u2013 What CRM3 (TCR) really changes for advisors and clients<\/span><span>06:00 \u2013 The operational challenge: new pipelines, new ecosystems<\/span><span>10:00 \u2013 Research insights: transparency increases trust, not fear<\/span><span>14:00 \u2013 What\u2019s included, what\u2019s not\u2014and how advisors can bridge gaps<\/span><span>18:00 \u2013 Foreign-listed ETFs and global disclosure challenges<\/span><span>21:00 \u2013 A level playing field: portfolio-wide cost conversations<\/span><span>24:00 \u2013 Fee budgeting, portfolio construction, and advice value<\/span><span>27:00 \u2013 Preparing clients early: avoiding confusion in 2027<\/span><span>30:00 \u2013 OEO vs. advice channels and the complexity of FER<\/span><span>31:00 \u2013 The role of industry associations in guiding implementation<\/span><span>33:00 \u2013 Closing thoughts: collaboration, consistency, and opportunity<\/span><span>More&#8230;<\/span><span>\u2022 <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.sima-amvi.ca\/en\/\"><strong>The Securities and Investment Management Association (SIMA)<\/strong><\/a><\/span><span>\u2022 Read SIMA&#8217;s <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.sima-amvi.ca\/wp-content\/themes\/ific-new\/util\/downloads_new.php?id=35070&amp;lang=en_CA\"><strong>FAQ on Total Cost Reporting.<\/strong><\/a><\/span><span> #CRM3 #TotalCostReporting #WealthManagementCanada #FinancialAdvisors #InvestmentTransparency #AdvisorClientTrust #BehaviouralFinance #CanadianInvesting #PortfolioConstruction #AdvisorValue<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span>CRM3 (Total Cost Reporting) isn\u2019t just another compliance box to check\u2014it\u2019s 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.<\/span><span>In this episode of Insight is Capital, host Pierre Daillie sits down with three leading voices to unpack the realities\u2014and the opportunities\u2014of Total Cost Reporting (TCR\/CRM3).<\/span><span>Joining the conversation are:<\/span><\/p>\n<ul>\n<li>Arnie Hochman, Senior Vice President &amp; General Counsel at SIMA<\/li>\n<li>Dr. David Lewis, Behavioural Scientist, Consultant &amp; Independent Director<\/li>\n<li>Steve Braugiroux, Associate Vice President, Dealer Relations at National Bank<\/li>\n<\/ul>\n<p>Together, they break down why TCR matters, what advisors need to prepare for, and how transparency\u2014far from being a threat\u2014can actually deepen trust and strengthen the advisor-client relationship.<\/p>\n<p><span>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.<\/span><span>\ud83d\udd11 Four Key Takeaways<\/span><\/p>\n<ul>\n<li>Transparency Builds Trust &#8211; 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.<\/li>\n<\/ul>\n<ul>\n<li>TCR Is a System Overhaul &#8211; Unlike CRM2, TCR requires advisors and dealers to report on costs they don\u2019t directly control\u2014demanding a new ecosystem of data sharing between managers, dealers, and service providers.  <\/li>\n<\/ul>\n<ul>\n<li>Advisors Must Get Ahead of the Conversation &#8211; Waiting until January 2027 to explain statements will create confusion and mistrust. Proactive education now will turn compliance into confidence.<\/li>\n<li>An Opportunity for Better Advice &#8211; 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\u2014especially in areas like asset allocation and behavioral coaching.<\/li>\n<\/ul>\n<p><span>\ud83d\udd52 Timestamped Chapters<\/span><span>00:00 \u2013 Why transparency matters: client psychology and hidden fees<\/span><span>02:00 \u2013 What CRM3 (TCR) really changes for advisors and clients<\/span><span>06:00 \u2013 The operational challenge: new pipelines, new ecosystems<\/span><span>10:00 \u2013 Research insights: transparency increases trust, not fear<\/span><span>14:00 \u2013 What\u2019s included, what\u2019s not\u2014and how advisors can bridge gaps<\/span><span>18:00 \u2013 Foreign-listed ETFs and global disclosure challenges<\/span><span>21:00 \u2013 A level playing field: portfolio-wide cost conversations<\/span><span>24:00 \u2013 Fee budgeting, portfolio construction, and advice value<\/span><span>27:00 \u2013 Preparing clients early: avoiding confusion in 2027<\/span><span>30:00 \u2013 OEO vs. advice channels and the complexity of FER<\/span><span>31:00 \u2013 The role of industry associations in guiding implementation<\/span><span>33:00 \u2013 Closing thoughts: collaboration, consistency, and opportunity<\/span><span>More&#8230;<\/span><span>\u2022 <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.sima-amvi.ca\/en\/\"><strong>The Securities and Investment Management Association (SIMA)<\/strong><\/a><\/span><span>\u2022 Read SIMA&#8217;s <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.sima-amvi.ca\/wp-content\/themes\/ific-new\/util\/downloads_new.php?id=35070&amp;lang=en_CA\"><strong>FAQ on Total Cost Reporting.<\/strong><\/a><\/span><span> #CRM3 #TotalCostReporting #WealthManagementCanada #FinancialAdvisors #InvestmentTransparency #AdvisorClientTrust #BehaviouralFinance #CanadianInvesting #PortfolioConstruction #AdvisorValue<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"categories":[18],"tags":[],"_links":{"self":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1320"}],"collection":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode"}],"about":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/types\/episode"}],"author":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/comments?post=1320"}],"version-history":[{"count":0,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1320\/revisions"}],"wp:attachment":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/media?parent=1320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/categories?post=1320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/tags?post=1320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}