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Canadians are so excessively polite when talking about money that even an investment industry guy is surprised by it.

"There's a certain percentage of people out there who are too timid, or too shy," said David Fraser, a counsellor with Mawer Investment Management Ltd. in Calgary. "Maybe it's been ingrained in them from an early age that it's impolite to speak to someone about their finances."

It's not impolite to talk to your financial person about costs, nor is it pushy, disrespectful or a sign you're ignorant of how the financial industry really works. In Mr. Fraser's words, "it's purely business." So park your politeness when talking money with an individual or firm selling financial products or advice. Be businesslike.

Regulatory changes coming in July, 2016, will add some much-needed transparency to the fees and commissions that investors pay. This new information will be exceptionally useful in tracking how much you're paying for advice and products you've already chosen to buy. But it doesn't lessen the responsibility investors have to talk about costs before they open an account.

Sure, it's a struggle to muster the nerve to ask about fees. In his job at Mawer, a wealth-management firm that runs some highly regarded mutual funds, Mr. Fraser deals with more than 2,000 clients a year via in-person meetings, phone and e-mail.

He estimates that only half of these people initiate a conversation about costs, which is bizarre when you consider the scrutiny on price in so many other large financial transactions we make. "I scratch my head to think of another industry that's in the same situation," he said.

Regulatory changes coming in July, 2016, will add some much-needed transparency to the fees and commissions that investors pay.

This new information will be exceptionally useful in tracking how much you're paying for advice and products you've already chosen to buy. But it doesn't lessen the responsibility investors have to talk about costs before they open an account.

Costs are the one sure thing in your relationship with adviser, firm or product. Advice and investment returns are variable, but fees and commissions will be charged without fail. These fees are the cost of doing financial business – inevitable and justifiable if you get good service. But just as in buying cars, houses, renovation work and more, cost should play a huge role in your decision about who to deal with.

How quick should you be to raise the topic of costs when talking to a financial person? "I think any time is fine, to be honest," Mr. Fraser said. "If you were buying anything else where price was a big issue for you, you'd want to know the price upfront so you're not wasting anyone's time."

Ask about cost, and about the services you'll receive. Let your adviser or firm deliver a sales pitch about value, and then prepare for a struggle as you try to get some context on whether the costs you've been quoted are competitive.

Look at your firm's website and do some online searching for talk about investment fees. People contact me all the time to ask if the fees or commission they're paying are fair and I'm glad to answer because it's so tough for people to find this information on their own.

The vast majority of investment-advice and financial-planning firms do not disclose their fees online. The ones that do are often run by younger advisers and planners who are quietly rebelling against the religion of fee secrecy that prevails on Bay Street and has for decades.

This secrecy is designed to intimidate you into not asking about cost. The idea is that you're supposed to bow to the expertise of the investment industry and pay whatever cost is required. No cost is shown because cost isn't supposed to be a consideration when dealing with such smart people.

Don't buy it. You're entitled to ask about cost and you're a fool if you don't because you could easily end up paying too much. That means you're transferring wealth from you and your family to the investment industry. However rich you are, the investment industry is richer.

There's an element of personal responsibility here, but you can handle it. Just as you researched your last purchase of a car, kitchen appliance or vacation, so can you acquire the basics on the costs of investing. The sidebar with this column will help you get started with basic information and rough fee ranges. Google anything you don't understand about investing fees. One of my projects for the rest of the year is to dig deeper into what advisers are charging so that we can establish some norms.

Mr. Fraser suggests asking an adviser or investment firm about fees, making some notes and then doing some research on your own.

"It's an uphill battle, but I think if someone's prepared to put in the legwork, it's certainly worth their while."

Investing costs

Advice

Be sure to ask if these costs are covered off in the fees you'll pay to own mutual funds, or if you'll pay the adviser directly; in either case, ask what the percentage fee is per year.

Range: If you pay your adviser directly: 1 to 1.5 per cent. If buried in mutual fund fees: 0.5 per cent for bond funds and 1 per cent for equity funds; note that advisers share these "trailing commissions" with their firms.

Product costs

Mutual fund fees often include both the cost of advice and owning the funds; in a fee-based account where you pay your adviser a fee directly, there will be additional costs for the mutual funds, exchange-traded funds and some other products.

Range: From 0.06 per cent for ETFs; traditional mutual funds run up to 2.5 per cent; F-class mutual funds designed for fee-based accounts run up to 1.4 per cent or more.

Mutual fund deferred sales charges

A decreasing minority of fund sales involve funds that cost nothing to buy, but levy a fee if you sell in the early years after you buy.

Range: Start at 6 per cent in the first year and decline to zero after six years.

Commissions

Apply when you buy and sell individual investments

Range: More and more mutual funds are being bought and sold without costs; trades of stocks and ETFs can be included in the fees you pay your adviser directly – otherwise, they could run as much as $100 per transaction.

Annual admin. fees

Applied to registered accounts for the most part, although TFSAs are sometimes exempt.

Range: $100 to $150 plus HST or GST

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