There are a number of things you won't know in advance when it comes to investing. You cannot know next year's market returns, where interest rates are headed, or what the next five years will bring. But you can know what fees you are paying and why you are paying them. Over the last decade, regulatory reforms have continued to improve fee transparency in the investment industry.

Today, when I ask people what they pay to invest, most can tell me part of the story, but not all of it. When we sit down together and look at the total cost, they are often surprised.

Imagine joining a ski club, enjoying every minute of it, but never receiving a summary of the total dues. Some costs appear in one place, others somewhere else, and few people ever see the full amount together. For investors, your 2026 Year-End Account Report brings it all together in one place.

This change is called Total Cost Reporting (TCR). It adds transparency into certain investment-related fees on mutual funds, Canadian-listed ETFs and certain other investment funds. There is no change to the fees themselves. These costs are already being charged today as part of the investment funds you hold; they are not new or additional charges. The report simply gives a clearer, more complete picture of costs that already exist.

What the statement cannot tell you is what you are receiving in return for the fees you're paying. A strong advisory relationship should include more than investment selection. The value of advice comes from ongoing advice, service and support based on your goals and long-term plan. When was the last time someone walked you through yours?

You do not have to wait until January to ask about fees. If you are unsure what you are paying now, ask for a clear explanation. And if you would like a second opinion, send me a recent statement and I will help you understand what you are paying today, and what your alternatives may look like.

Give me a call or send me an email.

Fraser Willson, CFP, CIM | Senior Wealth Advisor | CIBC Wood Gundy | Collingwood | Fraser.Willson@cibc.com | (647) 588-4344

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. Fraser is an Investment Advisor with CIBC Wood Gundy in Collingwood. The views of Fraser do not necessarily reflect those of CIBC World Markets Inc. This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. Clients are advised to seek advice regarding their particular circumstances.