“The gap in website satisfaction between small and large asset managers is widest in the areas of research information and content, availability of client-specific information and material, and researching product offerings and information,” the firm said in a statement.
The good news for these lower-scoring companies, according to Foy, is that the biggest problems the survey found are fairly inexpensive to improve. He said firms should ensure easy navigation to the most critical information or content on the site. An example would be to make it easier for users to go from the homepage to the client only material or have easier login access.
Another drawback advisors found with the asset management firm’s websites had to do with their ability to differentiate themselves. One area that is lacking pertains to providing education components for advisors. Advisors want to see more educational elements they can use themselves as well as ones they can turn around and use with their clients, Foy added that the format of these components is not as important as the quality of the information.
The website is a wonderful opportunity for firms to speak directly to advisors and investors, Foy said. Here firms can explain what sets them apart from their competitors. It is an opportunity for the smaller firms to stand out from their competition including the larger firms.
“The firms are really trying to use the online experience and website to clearly highlight their differentiated value experience,” Foy said. “It feels like brands are not really doing a great job with that.”
It is unclear why there is a disparity between the larger firms and the smaller ones. There is not one clear distinctive reason, but could be a combination of several, Foy said. He speculated that one reason could be that the larger firms have more resources which could allow them to focus more on their website.
It could be related to a firm’s priorities. A firm, for instance, that focuses more on third-party distribution might be more focused on its website for advisors as opposed to a firm that just concentrates on managing its investments, Foy explained.
J.D. Power conducted the Advisor Online Experience Study online between June and August through an online poll. Foy said the origins of the survey came about in 2019, when the firm was looking initially to measure brand satisfaction among advisors. However, after market research it was determined there was more of a need to track the effectiveness of asset manager’s online presence, according to Foy.