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Tailored Shareholder Reports: Digital Distribution and Web Hosting

Roadmap to SEC Compliance – Part 3 of 3.

The shift from 30e-3 notices to individual Tailored Shareholder Reports for each fund and share class has many firms concerned about the dual challenges of meeting comprehensive online report availability requirements while continuing to encourage digital engagement to help reduce costs. However, with these challenges comes the opportunity to streamline current internal processes while improving the shareholder experience.

There are three keys to success:

  1. Encourage digital engagement in printed Tailored Shareholder Reports

Find ways to encourage e-delivery within your Tailored Shareholder Report. Investors opt into e-delivery through either their intermediary for beneficial accounts, or the fund family for registered accounts. Broadridge’s inline print solution for Tailored Shareholder Reports offers the ability to include links to consent to e-delivery for both account types with each Tailored Shareholder Report mailing.

Firms should also use printed Tailored Shareholder Reports to drive digital engagement. QR codes and simple URLs make it easy for investors to link to additional fund content on product web pages, creating opportunities to increase brand and fund loyalty.

  1. Create engaging digital distribution communications

Enhance your emails with visually appealing templates that include additional shareholder education content and targeted messaging.

Focus on email templates that elevate the shareholder experience. Investors should be able to pivot easily from the Tailored Shareholder Report to more current and engaging content on your website. Broadridge offers ways to personalize messaging with education and content specific to the investor’s fund or intermediary. This can help keep investors better connected to your brand and products.

Your goals should include being able to send one portfolio-specific email to each shareholder with links to each fund held. Shareholders benefit from an engaging digital experience with fewer items in their inbox.

  1. Streamline web hosting as a component of digital distribution

Complying with Securities Exchange Commission (SEC) requirements for linking, storage, and hosting of Tailored Shareholder Reports and other related regulatory documents is the foundational requirement

Investors need to be able to read, save, and print Tailored Shareholder Reports with the ability to link to related regulatory documents by day 60 after the reporting period. Reports must also be available for download and provided by mail, free of charge. Be sure to factor in Americans with Disabilities Act (ADA) compliance in both your Tailored Shareholder Reports and web hosting platform.

Online Tailored Shareholder Reports are also critical to the overall investor reporting experience. Individually hosted PDFs that simply replicate the physical report are often less investor-friendly than printed reports. Make sure it is easy for investors to review the new Tailored Shareholder Report and search for content. Create an appealing branded interface that offers the ability to browse and interact with other documents and content.

Maintaining a complete library of regulatory documents on your website can be a significant burden to your web operations teams. When you integrate a central web hosting solution with digital delivery, you can ensure that documents are compliant and eliminate the need to associate URLs to specific documents, as links can be embedded into emails automatically. Then, Tailored Shareholder Reports, Form N-CSR, and other regulatory documents can all be hosted in a single fund-branded compliance envelope and integrated into your website

Looking to the future

With much to do before the July 2024 deadline, many firms are focused primarily on meeting immediate compliance requirements. But, even now, firms are considering ways to create a more dynamic digital experience that encourages investors to move away from paper delivery. In fact, the SEC ruling instructions “promote the use of interactive, user-friendly electronic design features.” Engaging color graphics and interactive charts and data are just some of the elements being considered. Broadridge is continuing to develop capabilities to advance digital experiences for regulatory communications. Contact us to learn more about how we can help.

Broadridge can help.

Our goal is to set the industry standard for fund families, automating workstreams to simplify and streamline implementation at every step. Five modular solutions work together to deliver a fully integrated, seamless execution, eliminating unnecessary handoffs that only add cost and delays.

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