Future state reporting for CRM2 and TCR integration

Fee reporting strategy and redesign: Integrate CRM2 and TCR reporting for improved customer readability and transparency
Client reporting framework: How should CRM2 and TCR reporting be designed? Consider client experience, operations, and compliance

Fee reporting strategy and redesign: Integrate CRM2 and TCR reporting for improved customer readability and transparency
Client reporting framework: How should CRM2 and TCR reporting be designed? Consider client experience, operations, and compliance

Cost/ benefit analysis for separate mailing vs. consolidated reporting

Separate vs. consolidated reporting feasibility: Analyze costs and benefits of separate CRM2 and TCR mailings
Regulatory cost impact assessment: Evaluate financial and regulatory impacts of reporting methods, including long-term savings

Separate vs. consolidated reporting feasibility: Analyze costs and benefits of separate CRM2 and TCR mailings
Regulatory cost impact assessment: Evaluate financial and regulatory impacts of reporting methods, including long-term savings

Project planning, testing, and risk management

Project management and agile implementation: Determine challenges, advise on plan, manage TCR compliance
Testing support and simulation runs: Assist with mock simulations for testing fee calculation accuracy
Stakeholder alignment and risk mitigation: Align stakeholders with risk strategies for TCR regulations

Project management and agile implementation: Determine challenges, advise on plan, manage TCR compliance
Testing support and simulation runs: Assist with mock simulations for testing fee calculation accuracy
Stakeholder alignment and risk mitigation: Align stakeholders with risk strategies for TCR regulations

Technology optimization and integration advisory

Technology design: Support technology redesign for TCR, including fee calculations
System integrations with Broadridge enhanced TCR: Integrate Broadridge’s TCR solution into client's systems
Scalable infrastructure for long-term compliance: Build scalable infrastructure for future regulations and daily data

Technology design: Support technology redesign for TCR, including fee calculations
System integrations with Broadridge enhanced TCR: Integrate Broadridge’s TCR solution into client's systems
Scalable infrastructure for long-term compliance: Build scalable infrastructure for future regulations and daily data

Continuous compliance monitoring

Ongoing compliance and monitoring framework: Advise ongoing TCR compliance for data integrity and risk

Ongoing compliance and monitoring framework: Advise ongoing TCR compliance for data integrity and risk

The Total Cost Reporting (TCR) regulation aims to enhance transparency and provide investors with clearer insights into the true costs associated with investment funds.

With unique challenges and pressure on back-office processing to maintain a non-differentiated service, it is important to understand the impacts and how to be compliant.

In response to TCR, investment fund managers and dealers will need to do the following, all while identifying and disclosing exceptions. With the proper action plan, firms can view this as an opportunity to redesign their interactions with advisors.

Source market data

Calculate fees

Manage daily positions and backdated adjustments

With the proper action plan, firms can view this as an opportunity to redesign their interactions with advisors.

Request Information

Timeline for compliance

January 1, 2026

Dealers begin collecting accrued fees and factors charged to clients related to exchange-traded funds (ETFs), mutual funds, and segregated funds.

January 1, 2027

Dealers start communicating through the Annual Report on Charges and Other Compensation (ARCC).

Implementation steps

Data management

Capture and retain daily position records, and amend these with any backdated transactions

Data sourcing

Source accurate fund expense data and cross-reference it with position data

Security level data maintenance

Maintain detailed security-level data capturing all relevant TCR datapoints

Report production

Produce, review, and distribute the required reports to investors

Additional considerations

CRM2 and TCR integration: Plan for future state reporting and seamless integration of CRM2 and TCR
Cost/benefit analysis: Evaluate the merits of separate mailings versus consolidated reporting
Project planning: Consider project planning, testing, and risk management for successful implementation
Scalable infrastructure: Develop scalable infrastructure to support long-term compliance
Ongoing monitoring: Establish a framework for continuous compliance monitoring

Work with a trusted partner

Many clients choose our industry utility, agnostic solution due to our complete end-to-end capabilities, combined with our trusted partnership, to ensure that they can navigate complex compliance requirements with confidence and ease.

TCR regulation	Broadridge’s response	How your firm benefits
Regulatory	Teams completed analysis, drafted requirements, and are finalizing layouts for extracts of positions and position adjustments	We will meet with our clients to provide updates via the Regulatory Program quarterly meetings
Enhanced TCR Service	Creation of team to work on analysis needed to define the requirements for the daily and monthly processes, as well as the underlying technology Ongoing discussions with market data providers to source cost and expense data for Canadian, U.S., and international funds and ETFs	Further work will be done to integrate into Broadridge CRM2 systems for a single source of fee data for downstream statement composition, e-delivery, and print. We are meeting regularly with committed clients, both to share details as we work through them and jointly gain insights

Broadridge Consulting Services

Broadridge is uniquely positioned to help you meet these challenges. In addition to TCR, our Consulting Services team can support you in your journey.

Customized advisor reporting templates and statement design

Custom statements, clear charts, fee transparency

Advisor brand customization and branding consistency

Custom branding for advisors
Premium experience, consistency

Data-driven advisor insights within client statements

Performance insights integration
Custom client call-to-actions
Pre-trade analysis for cost-effective securities

Modular reporting for sophisticated investors

Dynamic modules: performance, fees, tax
Customized reports: tailored by client profiles

Consolidated household reporting for advisors

Custom household statements and fees

White-glove service for high-touch advisors

Elite client customization
Pre-trade analysis, premium support

CRM2 and TCR-enhanced client communication

Strategies for clear TCR fee communication

Predictive reporting and personalization

Predictive insights
Future portfolio changes
Personalized communication & analytics

For further inquiries and detailed guidance on implementing TCR, please contact your account manager.

Let’s talk about what’s next for you

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Key steps to compliance

Capture fund expenses:

Accurately record the total amount of fund expenses associated with the issuer of the investment

Additional investment charges:

Document direct investment fund charges not covered by CRM2, such as short-term trading fees

Fund Expense Ratio Disclosure:

Reveal the FER, expressed as a percentage, for each class or series of securities

Objectives of TCR regulation

Firms are required to offer comprehensive disclosure of all expenses related to investing in a fund, including management fees, operating expenses, and other charges that may affect investment returns.

The regulation enforces a standardized format for presenting cost information, facilitating easier comparison of the total costs of investment products.

Investors will receive an annual report breakdown that clearly explains the total costs incurred throughout the year.

Investors must be informed about how these costs affect their overall investment returns, including a net performance figure.

Any changes in the cost structure of an investment must be communicated to investors beforehand, allowing for informed decision making.

Compliance is monitored by Canadian securities regulators to ensure adherence and accuracy in reporting:

The Canadian Securities Administrators (CSA)
The Canadian Council of Insurance Regulators (CCIR)

Let’s talk about what’s next for you

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+442075513000	EMEA
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Want to speak with a sales representative?

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+1 800 353 0103	North America
+442075513000	EMEA
+65 6438 1144	APAC