I received just last week my first investment statement for my minor 'student size portfolio' of mutual funds at RBC since the change in MER reporting regulations, and must confess that the opposite of sticker shock transpired.  In fact, the fees actually charged, in the case, were less than I had expected.  I am of the opinion that the 'racket' made about mutual fund fees in the past number of years have modified the manner in which some, if not many, in that highly competitive industry have been made aware that consumers had become informed and investment in ETF's had increased.