New York-based registered investment advisor FeeX on Wednesday announced the launch of a new service to show investors the impact of advisory fees on their portfolios over the long term, and to direct them into cheaper products, or to new advisors that will lower their costs.

The FeeX for Advised Accounts service provides investors with two scenarios — the estimated future value of their portfolio if they do nothing, and the estimated future value is they follow fee reduction suggestions, FeeX says in a statement.

If clients decide to take action, they can either instruct their existing advisor to make changes to the portfolio that will lower costs, or FeeX will help them switch advisors by providing them with a list of lower-fee advisors vetted by the firm, the company’s statement says.

“Our users are often outraged when we show them just how much they are paying in fees — all too often total fees exceed 2% — 1% or more in advisor fees and 1% for their portfolio allocation,” says CEO Yoav Zurel, in a statement. “When you compound 2% over a period of 30 years this could mean that up to two-thirds of your account ends up going toward fees, and unfortunately in addition to the high cost, users we talk to often express displeasure with the level of service they receive from their advisor too.”

The results of the service’s analysis are provided in dollar terms, rather than percentages or basis points, which, the firm says, the investment industry uses “to inhibit transparency.” As well, the service also flags any “non-fiduciary activities” in the investor’s portfolio, such as the payment of trailer fees, or “other unnecessary fees,” FeeX says.

In Canada, regulators are aiming to address similar concerns by requiring much greater cost transparency from firms. In July, new requirements will take effect that will require firms to start providing clients with new annual reports detailing the costs of investing in dollar terms.

See: CRM2 Guide 2015

Additionally, Canadian regulators are considering reforms, such as banning trailer fees, and imposing fiduciary duties on advisors.