Is it ever too early to disclose fees?

Is it ever too early to disclose fees?

Is it ever too early to disclose fees? CRM2 final implementation is a scant eight months away and advisors of all stripes seem to jockeying for position around the disclosure of fees; specifically, when and where.
 
A senior MFDA advisor from Kitchener takes issue with the discrepancies that exist between MFDA, IIROC and provincially-licensed portfolio managers. The advisor contends that MFDA advisors are pushed to make full disclosure online and off while that isn’t the case for investment councillors.
 
“In the interest of openness and transparency I have been publicly disclosing my remuneration since 1998,” the Kitchener advisor, who asked for anonymity, suggesting not all portfolio managers – by any means – can say the same.
 
As a result the Kitchener advisor wonders when and where advisors of all stripes should be disclosing their fees.  
 
In a conversation with WP,  Highview vice-president and principal Dan Hallett explained why his firm doesn’t reveal its fees. The reasons centre on proprietary interest but also and because it’s not something to be discussed until actual recommendations are made to clients.
 
“Usually, the real initial meeting [with prospective clients] is in person. No specific recommendations or fee quote happens at that meeting,” Hallett said. “We would certainly talk about fees but impossible to give specifics until we know what will be recommended.  And we can’t recommend anything until we have spent enough time with the client to understand their objectives, goals and constraints.”
 
Advisors: Tell us when and where you disclose fees?