Reform of the Client Relationship Model (CRM3)
Starting in January 2027, the fees associated with the funds you hold and the advisory services you receive will be combined and presented as a single amount. Your annual statement will show this total amount in dollars. These fees are not new. You already pay them today, and they are already reflected in the reported returns of your funds.
This measure is intended to provide greater transparency and is a natural fit with our business model. When you invest through FÉRIQUE Investment Services, no additional fees are charged for the support provided by our advisors and financial planners.
Key points
- Fees related to your investments and advisory services will be presented together.
You will now see the total amount of these fees in dollars on page 1 of your annual Report on Charges and Other Compensation. These fees will also be shown as a percentage for each product you hold on the following pages. - Your statement will provide greater transparency.
This reform is intended to provide greater visibility into the fees you pay and the services you receive. - CRM3 does not introduce any new fees.
These fees already exist and are already reflected in the reported returns of your funds. - This measure applies across the investment fund industry in Canada.
- CMR3 will not increase any fees on your FÉRIQUE Investment Services statement. The cost of accessing the advisory services offered by FÉRIQUE Investment Services is already included in your fund fees and does not result in any additional charges.
- The value of your investments is not affected by this new disclosure.
The fees shown on your statement already exist and are already reflected in the reported returns of your funds. - You won’t pay any new fees.
CRM3 changes how fees are presented, not the fees themselves. - Your investment strategy remains the same.
The reform does not result in any changes to your investments, how they are managed or your financial goals. - You’ll continue to benefit from the same services.
Professional management of your investments, access to your advisor and the advice and assistance we offer will not change. - Returns will continue to be reported after applicable fees have been deducted, as they are today.
What your next statement will look like
Your annual report will now provide a clearer picture of the fees associated with your investments. Here is how to interpret the amounts shown.
1. Why are some fees described as “paid directly by you”?
These are fees charged directly to your account by FÉRIQUE Investment Services, your dealer, where applicable. They appear separately on your statement because they are deducted directly from your account.
2. Why are some fees described as “paid indirectly”?
These are fees paid from the FÉRIQUE Funds rather than deducted directly from your account. The amount shown in your annual report represents the portion of these fees attributable to your investments.
3. How is the dollar amount calculated?
In this example, the $2,200 amount represents the fees associated with an average investment of $200,000 in the FÉRIQUE Balanced Portfolio, which has an MER of 1.10%.
$200,000 × 1.10% = $2,200
The amount shown on your own statement will vary based on the value of your investments and the fees applicable to the funds you hold.
Breakdown of FÉRIQUE Fund fees
As a client of FÉRIQUE Investment Services, the management expense ratio (MER) of a fund reflects the full range of services associated with your investor experience. As a general indication, approximately 55% of the MER is attributable to fund management and administration, 30% to advisory services, digital tools and support offered by FÉRIQUE Investment Services, and 15% to applicable taxes.
1. Fund management, monitoring and administration (approximately 55%)
The MER and the trading expense ratio (TER) cover, among other things:
- Portfolio manager compensation.
- Selection and oversight of external managers and underlying ETFs.
- Fund administration.
- Regulatory and compliance costs.
- Costs related to fund operations, including custody fees, audit fees and some administrative expenses.
2. Access to the advice, assistance and tools offered by FÉRIQUE Investment Services (approximately 30%)
This portion allows clients who do business with FÉRIQUE Investment Services to benefit from:
- Access to a team of advisors and financial planners.
- A telephone service from Monday to Friday.
- Meetings in person, by phone or by videoconference.
- Access to the Client Portal and the mobile app.
- Financial planning tools, including ORKESTRAL.
- Budget and balance sheet tools.
- Various complementary services to enhance asset management.
3. Applicable taxes (approximately 15%)
This portion corresponds to taxes on services related to the management and administration of your investments.
When you do business with FÉRIQUE Investment Services, the cost of accessing advisory services is already built into the MER, so CRM3 does not introduce any new fees.
How the fees compare with the industry
Fees are an important consideration, but they should not be assessed in isolation. It is also important to consider the full range of services, support and tools that contribute to your investment experience.
The increased transparency provided by CFR3 makes it easier to compare fees. However, to make a fair comparison, it is important to compare products with similar objectives that belong to the same fund category.
According to Fundata data, the MERs of FÉRIQUE Funds and Portfolios are generally among the lowest in their comparable categories in Canada.
Beyond investments: everything that supports you
When it comes to investing, it is easy to compare numbers. But an investment solution is about more than cost. It also includes the expertise, support and tools that can help you achieve your financial goals.
When you invest through FÉRIQUE Investment Services, support is provided at no additional cost to help you make sound decisions and stay on track over time, at every stage of your life.
Advisors and financial planners
- Analysis of your situation.
- Assistance with financial decisions.
- Retirement planning.
- Decumulation strategies.
- Tax optimization.
- Assistance with estate planning and asset transfers.
Different ways to receive support
- By phone.
- By videoconference.
- In person, at our offices (by appointment), at your home or in another location that suits you.
Private Wealth Management
- Personalized advice and assistance.
- Access to specialized services.
- Approach adapted to more complex situations.
An early retirement. A real estate project. Financial support for your children. A career change. These decisions often raise the same question:
“What impact will this have on my financial future?”
That is why we provide digital tools designed to help you better understand your situation and explore different scenarios, whenever it is convenient for you.
And because these questions do not arise only during business hours, these tools are available through your Client Portal and the FÉRIQUE mobile app, 24 hours a day, 7 days a week.
Client Portal and mobile app
- View your accounts.
- Secure transactions.
- Electronic documents.
- Investment monitoring.
ORKESTRAL
- Overview of your financial assets.
- Retirement projection.
- Simulation of financial scenarios.
- Estimates of future needs.
- Visualization of the impact of different financial decisions.
Budget and balance sheet
- Consolidated view of your financial situation.
- Tracking of assets and liabilities.
- Built-in budgeting tool.
Local experts with a global perspective
The investment management team continuously oversees manager selection and monitoring, market developments, and the optimization of funds and portfolios.
- Access to recognized institutional managers.
- Analysis and selection of external managers.
- Continuous monitoring of their performance and investment discipline.
- Replacement of managers who no longer meet expectations.
Rigorous investment management
Today, the team monitors 13 specialized submanagers for the 12 actively managed FÉRIQUE Funds. It also actively manages the composition of the FÉRIQUE Portfolios by determining strategic asset allocation, selecting underlying funds and carrying out the necessary rebalancing.
The same rigour applies to the FÉRIQUE ETF Portfolios: selection of underlying ETFs, strategic asset allocation, ongoing monitoring and rebalancing according to a structured process.
The objective is simple: to provide you with rigorously constructed and continuously monitored investment solutions that remain aligned with your goals.
Management fee reduction program for family assets of $3 million or more, providing progressive reductions in applicable fees. See the Prospectus for more details.
Did you know?
On a $200,000 investment, a 1% difference in fees amounts to about $2,000 a year.
For example, the MER of the FÉRIQUE Balanced Portfolio is 1.08 percentage points lower than the average for its comparable category.* If you do business with FÉRIQUE Investment Services, on $200,000 in assets you’ll pay about $2,160 less in fees each year, while gaining access to professional advice and assistance, digital tools and financial planning services – all at no extra cost.
*Comparisons based on average management expense ratios (MERs) for Fundata’s comparable categories. The data are for information purposes only and may vary over time. Comparable categories are determined according to Fundata's classification and the funds’ investment objectives.