The final phase of CRM2 will take effect on July 15, 2016, and represents the third annual list of amendments to promote increased disclosure regarding fees and investment performance. But 65.1% of Canadians aren’t aware of the upcoming changes, finds a survey by Justwealth Financial Inc.

Further, almost two-thirds of respondents did not know exactly how much they paid in annual investment fees. This is in contrast to concerns expressed over the cost-effectiveness of financial services, such as investment management. When asked about the key motivating factors for considering using an online investment service, the number one factor by a wide margin was cost, at 51.3%.

Read: CSA announces priorities for next three years

“As investors come to understand exactly what they’re paying in fees, investment firms will be under the microscope to explain the value they provide their clients,” says James Gauthier, CIO, Justwealth. “By contrast, online investing platforms and robo-advisors are inherently built to deliver maximum value on minimal fees, while not compromising on product offerings or service levels.”

Gauthier adds, “High mutual fund fees or excessive investment advisory fees can eat up more than half of an investor’s savings over their investing lifetime. The savings from using a robo-advisor, which typically charge one-third to one-half the fees of a traditional option, can be massive.”

Read: Need help with CRM2? Read IFIC’s new guide

While Canadians are cost-conscious when it comes to investing, more than 80% of respondents are not familiar with the services provided by robo-advisors.