Neil Woodford put it very succinctly when he said, "Our industry has been extremely adept at creating a mystery."
One of the most important tasks we undertook last year when writing our report on the Value of the Investment Profession was talking to senior members of our industry.
It’s not an overstatement to say that they all agreed that we could be doing better in the way we talk to our clients and the wider public.
Many commentators would agree that the financial industry in particular is plagued with the overuse of jargon and technical detail that is of little use to the investing client. And as our communications working group has identified, some in the industry may believe that talking in this fashion gives them an edge in competition or creates a sense that they may be better money managers.
Instead, it’s more likely to be the case that clients will appreciate those companies who can speak clearly about what they are doing with their assets. And as a profession, we have a responsibility to make sure we are serving our clients well, and that includes making sure we speak a language that they can understand.