Two thirds (63%) of retail investors would consider changing adviser because they are unhappy about the ESG focus from their wealth managers, according to new research.

One in five (20%) said they have already, or intend to, change advisers.

Over two in five (43%) said they would move if they were unhappy about the ESG commitment and focus at their wealth manager, according to the research from behavioral finance consultancy Oxford Risk.

A third (31%) of investors surveyed said they rate their current adviser’s commitment to ESG highly or very highly.

Under one in ten (7%) said their adviser’s ESG focus is poor or very poor.

Over half (62%) were neutral about their adviser’s ESG commitment.

Over half of those surveyed had made some action to demonstrate their commitment to ESG investing. Four in ten had moved some of their investments including pension pots into ESG funds over the past year and 61% of clients ensured at least some of their investments are ESG-friendly.

The research found around one in five (19%) of clients ensure at least 60% of their investments are in ESG friendly funds with 4% ensuring all their funds are ESG friendly.

Greg B Davies, head of behavioural finance at Oxford Risk, said: “Advisers who do not demonstrate a commitment to and focus on ESG investing will lose clients, and investors are ready to move money to new advisers if they are unhappy. In particular, deployment of cash into new investments will greatly favour strong ESG propositions.”

Research was conducted by Consumer Intelligence on behalf of Oxford Risk among 1,022 UK investors between 28 and 30 January.