The Globe and Mail reports in its Tuesday, Jan. 17, edition that this is the month when investment firms must start presenting clients with detailed reports on the fees that they have charged their clients. The Globe's Paul Brent writes that the Canadian Securities Administrators' initiative, known as Client Relationship Model, Phase 2 (better known as CRM2), will compel advisers to detail annual performance and the cost of advice they are providing using dollar figures, rather than percentages. CRM2 Navigator, a firm that consults advisers on how to deal with the new reporting requirements, states bluntly, "Our research shows investors are shocked by their CRM2 fee and performance reports." Industrial Alliance Securities manager John DeGoey says: "It is just natural that there will be a knee-jerk reaction. I think there will be a lot of people switching advisers in 2017 when people start coming to terms with CRM2." Mr. DeGoey expects a thinning of the adviser herd following the rollout of CRM2. He says: "That is a good thing. To my mind there is no industry on the planet where the range of quality is wider than in the business of giving financial advice."