Mutual fund and ETF investors are relying less on financial advisors for their purchases, according to the Investment Funds Institute of Canada’s annual investor survey. They’re also having fewer fee and suitability discussions with their advisors.<\/p>\n
Roughly two-thirds (62%) of mutual fund investors made their last investment purchases through advisors, said the 2023 survey, which was released on Thursday<\/a>. That’s down three percentage points since 2022 and eight percentage points since 2021.<\/p>\n
However, fewer investors are having fee discussions with their advisors, the survey said.<\/p>\n
Another finding was that about half of both investor types believed their current annual fee and performance statements showed all the fees they pay for their investments \u2014 a situation that total cost reporting<\/a> aims to address once implemented.<\/p>\n