June 13, 2018
OVERALL INVESTOR EXPERIENCE
1. How do you pick funds? What information do you want to know when you make an investment in a fund? What publications or websites do you review? What tools, online or otherwise, do you use? Do you look at the SECs website?
I use Morningstar ratings.
2. Do you read current fund disclosure documents? Do you understand them? Is there information you do not receive from the fund that you would like to get?
I get them, but I do not use them. They are long and no so easy to read.
I want a one page factsheet
3. How well do current fund disclosures (such as a summary prospectus, prospectus, or shareholder report) help you pick an investment? Is it easy to compare different funds? Are there technology-based tools that could make fund comparisons easier? What helpful features do those tools have?
I do not use it.
4. Do you use the advice of a financial professional? Does a financial professional's help affect whether and how you use fund disclosures?
No.
DELIVERY
5. How do you prefer to receive communications about fund investments? For example, do you prefer mail delivery, email, website availability, mobile applications, or a combination?
Email or mobile app.
For email, but everything on the body. I do not want to click on links, open attachments, or logon to anything.
6. What types of fund information do you prefer to access electronically? What types of fund information do you prefer to receive in paper? Are there other wayssuch as by video or audio, you would like to receive fund information?
Everything.
7. How can the SEC better use technology and communication tools to help investors focus on important fund information?
There are lots of cutting f edge companies out there. Let them do their thing and do not get in the way. Your job should be limited to keeping them honest.
DESIGN
8. Is there too much technical writing in fund disclosure? Would you prefer more tables, charts, and graphs? Would these graphic displayes be in addition to, or in place of, text-heavy disclosures?
Yes. Dumb it down and simplify it.
9. Do you prefer to receive shorter 'Summary' disclosures, with additional information available online or upon request?
Yes.. much shorter.
10. Should fund disclosures be more personalized? For example, should disclosures show the amount of fees you paid or your actual investment returns? If so, how?
Funds are not personalized so why would info about funds be personalized?
CONTENT
11. Do fund disclosures make the fund's strategies and the level of risk clear? How can funds improve these disclosures? Would a risk rating, such as a numerical or graphical measure of risk, be helpful?
Keep disclosures brief. I paragraph of strategies should do. A risk bar (like what Morningstar has) would be great.
Overall fund ratings would be helpful as well.
12. Fund fees and expenses can significantly affect a fund's investment returns over time. Do you think funds clearly disclose their fees and expenses? How could funds improve the disclosure of fees and expenses? Would a comparison of your funds fees against other funds fees help?
Fees confuse me. My mom owns a fund with 18 classes. Why do they need so many?
A fund should just charge fund expenses. Brokers can then impose their own charges. Right now fees to different folks is all conflated and confusing. Let's dumb it down.
13. Do you consider the past performance of a fund when making an investment decision? How could we improve the presentation of performance information?
Yes.
FINAL THOUGHTS
14. Aside from this questionnaire, are there other ways the SEC can engage with investors, like you, on key topics? Is there anything else you would like to tell us?