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September 24, 2009    

Financial advisers ignorant of ethical investments

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by David Masters

Financial advisers are ignorant of ethical investments and lagging behind in their understanding of socially responsible investing, it has been claimed

ClearlySo, an online marketplace for social investments, said only when ethical companies get financial advisers on board will there be a “mass conversion” to ethical investing.

Writing in charity advice magazine Third Sector, ClearlySo proposed a “three-pronged assault” to bring ethical investment into the mainstream.

Promoting ethical investments must include selling the benefits of ethical investment to financial advisers, government legislation obliging financial firms to run ethical checks on the clients, and investors hassling their advisers for ethical investments.

“Government legislation “ignores the fact that many investors want both a social and a financial return and makes the arrogant presumption that return maximisation is everything,” ClearlySo said.

“We need to talk about the growing desire of investors to invest in a socially responsible way and argue that firms that fail to offer such products will be missing out on a money-making opportunity.”

ClearlySo is an online portal of ethical and social businesses. Website users can find ethical business services, or invest in a social business or enterprise.

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Tags: ClearlySo, , financial advisors, ignorant, social investments,