As for relaying information to customers in a passive voice, which the report describes as conveying an academic tone, the report said asset managers used this style on an average of 12% of their website content, three times the recommended level. Only five of the firms’ websites scored at or below the 4% level.
Long, convoluted sentences were apparent during the research, with no asset managers scoring at the recommended level of 5%. The industry's average score was 25%.
Complex use of language also plagued the websites, with only BNY Mellon Investment Management staying within recommended levels of complex word density.
The report said that the asset management industry overestimates the average customer’s sophistication when it comes to investing.
While asset management firms may be firm in their belief that their clients are well educated, they need to realize that these customers also lead busy lives and that complex content takes more effort to digest and understand.
“This is a more pronounced issue when the audience is disadvantaged," the report said. "Leadership needs to define what quality means. Teams should be outfitted with the tools to efficiently enforce the standards,” the report said.