How to read your statement

When your annual fee report arrives in early 2027, set aside ten minutes. Here's what to find, in order, and what to ask.

Cabot Trail viewed from the Skyline Trail, Nova Scotia

Find these numbers

  1. Your dealer's charges for the yearOperating and transaction charges, on the report since CRM2.
  2. Total fund expenses, in dollarsNew this year. The cost of management and trading inside your funds.
  3. Total fund costs plus dealer costsThe biggest dollar figure on the page. Write it down.
  4. The fund expense ratio for each fundLook for any fund above 1%. Ask why it's there and what it adds.
  5. The notices at the endMentions of structured products, prospectus-exempt funds, approximations or third-party fees each mean something isn't in the totals.

Then work out your all-in rate

Divide the total of fund costs plus dealer costs by your average portfolio value for the year. Add any costs the notices say were left out. That's your all-in rate. Or estimate it now and compare.

Questions to ask your advisor

  1. What is my total all-in cost as a percentage, including fees inside my funds?
  2. Do I hold any pooled, private or structured products, and what do they cost?
  3. Will my corporate or trust accounts receive this report?
  4. What spread do you charge on currency conversions?
  5. What benchmark is my portfolio measured against, and how have I done after all fees?
  6. Is there a lower-cost series or a fee breakpoint I qualify for at my asset level?