ICI-NORC Survey: Investors Want Electronic Delivery of Disclosures

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Sep 03, 2025, 11:39 ET

WASHINGTON, Sept. 3, 2025 /PRNewswire/ -- As Congress and the Securities and Exchange Commission (SEC) consider changing laws to allow the delivery of financial documents electronically as the default delivery method, ICI released the results of its survey on Americans' Views on E-Delivery of Financial Documents.

In addition to better aligning with investor preferences, e-delivery can provide enhanced investor protection and experiences and result in significant cost savings for funds and investors. Investors' confidence in, reliance on, and experience with technology and electronic communications support this policy change.

"E-delivery of financial documents to investors is consistent with how Americans receive, analyze and communicate information in all other parts of their lives in the 21^st century. E-delivery makes information-sharing more timely, accessible, and efficient," shared ICI President & CEO Eric Pan. "We urge policymakers to deliver this commonsense policy change and make available its full benefits to investors."

Key survey findings include:

There is widespread support for an e-delivery default.

88% of fund investors agree that "As long as people can still request paper at no cost, it's a good idea to make e-delivery the default."
87% of fund investors aged 65 or older support an e-delivery default.
79% of fund investors who reported that they only received paper copies of financial documents also supported an e-delivery default.
About 70% of fund investors prefer e-delivery regardless of document type.

A majority of Americans already receive documents electronically and engage online.

84% of fund investors receive at least some of their financial documents electronically.
96% of fund investors engage online to make car, restaurant, hotel or plane reservations.
93% of fund investors engage in online banking.

Read the full report on ICI's survey results here.

Background:

H.R. 2441, the Improving Disclosure for Investors Act of 2025, introduced by Rep. Bill Huizenga (R-MI) and cosponsored by Reps. Brad Sherman (D-CA), Bryan Steil (R-WI) and Jake Auchincloss (D-MA), directs the SEC to permit financial firms to deliver regulatory documents to investors through electronic means as the default method.

ICI's report, Reimagining the 1940 Act: Key Recommendations for Innovation and Investor Protection, which calls on the SEC to address the recommendations as part of its tripartite mission of capital formation, investor protection, and orderly markets, urges the Commission to pass a rule to make electronic delivery of fund disclosure documents the default.

The July 2025 survey was conducted using the AmeriSpeak® research panel, a probability-based panel designed and operated by NORC at the University of Chicago. The AmeriSpeak® panel is designed to be representative of individuals aged 18 or older in the United States. The panel provides sample coverage of approximately 97 percent of the US household population. Specifically, the July 2025 survey includes 1,060 surveys completed online and 72 surveys conducted over the phone (total sample of 1,132 US individuals). The sample includes 400 mutual fund or ETF investors.

SOURCE Investment Company Institute