1 May 2024
Eight new firms have today announced that they are joining AdviserAction, a first-of-its-kind membership organisation that was launched last year to enable the advisory industry to engage with listed companies on sustainability issues.
The new joiners include: Ethical Futures, Foster Denovo, Henson Crisp, Holden & Partners, Kingsfleet Wealth, Prydis Wealth Scotland, TAM Asset Management and Unburdened Solutions.
The initiative, facilitated by CCLA, now has 16 members, which together represent over £8 billion in assets under advice. Founding members include Castlefield, Clear Financial Advice, ESG Accord (Accord Initiative), Fintel PLC, Kellands Chartered Financial Planners, Lyndhurst Financial Management, Paradigm Norton and SRI Services.
AdviserAction was launched in late 2023 to support the advisory industry in engaging on sustainability issues, given advisers play a key role in sustainable finance, but have to date struggled to participate in stewardship due to the structure of the industry. The organisation was set up at a critical time for the investment industry, with the FCA’s publication of sustainable fund labels which highlight the value of effective corporate engagement, the anti-greenwashing rules, as well as the introduction of Consumer Duty, which requires a high standard of proof that the advisory industry is delivering good client outcomes in its recommendations.
Clémence Chatelin, ESG Integration Manager at CCLA, said:
Engagement is one of the most important ways our industry can drive progress at investee companies, so it is hugely encouraging to see more advisers join forces to tackle systemic sustainability issues. It is clear that advisers want to be involved in sustainability and we are excited to pool this growing group’s resources, expertise and enthusiasm to take on effective, system-wide engagement on the issues that matter most to clients.
Jasper Berens, Head of Client Relationships and Distribution at CCLA, said:
We are delighted to have already seen such high levels of interest in AdviserAction since launching just last year. This is a timely initiative that allows advisers to play an active role in supporting their clients to use their money to do good. We have already seen a lot of traction in the market and we hope this coalition will go far in driving positive change by harnessing the so far untapped influence of advisers.
Julian Parrott, Partner at Ethical Futures, said:
As ethical financial advisers, we are keen to show our clients that we practice what we preach. We think it’s important to get involved with projects that can help make a meaningful difference to not only the financial services sector but the world around us. We’ve already put this into action by regularly working with ShareAction so it makes sense to us to also get involved with CCLA and their AdviserAction work.
Declan McAndrew, Head of Investment Research, Foster Denovo, said:
Foster Denovo welcomes the opportunity to be part of AdviserAction. At its heart, the collaborative approach to pool knowledge, experience and influence to focus on company engagement, is both exciting and a first for the UK advisory market. Empowering advisers, on behalf of their clients, to drive sustainable change in key initiatives is fundamental to retaining and building confidence. CCLA have already ably demonstrated the value of collaboration, within asset management, to derive measurable and meaningful positive sustainable outcomes. With CCLA, forming and acting as secretariat for AdviserAction, we can look forward to clients’ interests being deployed to enact change.
Jonathon Crisp, Director, Henson Crisp, said:
Henson Crisp is excited to partner with AdviserAction and CCLA to enhance client outcomes and align recommendations with clients' values through sustainable investing education. This initiative allows clients to directly engage on important issues with our advisers, enhancing relationships between them.
Paul Dennis, Investment Director, Holden & Partners, said:
Holden & Partners are very excited to be part of the AdviserAction group. With other like-minded leaders in sustainable investment, we are able to harness the strength of collective action, empowering advisers and clients through engagement and learning, delivering the positive change we all want to see in the world.
Colin Low, Managing Director, Kingsfleet Wealth, said:
Kingsfleet wants to lead the way in Adviser firms which help their clients to fully understand sustainable investing. The opportunity to work with CCLA, with their extensive track record in this field is an enormous opportunity. So often, this area is misunderstood by the market and by clients so we look forward to improving knowledge, practice and advice in our work with CCLA.
Scott Murray, Director, Prydis Wealth Scotland, said:
We strongly believe that engagement is an important tool in driving better outcomes on behalf of our clients. Engagement is a key tool in driving real-world outcomes for our industry, and AdviserAction will bring our clients even closer to what good can come from investing. We are proud to be partnering with CCLA and the other members of AdviserAction on this exciting initiative for our industry.
Dan Babington, Portfolio Manager, TAM Asset Management Ltd, said:
TAM are thrilled to be the first DFM to sign up to this innovative scheme. We believe that our industry can do more to drive sustainable outcomes, but it is only achievable if we all pull in the same direction. Advisers have an invaluable insight into what clients value from a sustainability perspective, as well as a wealth of expertise which has been underutilised. Therefore, we are delighted to be a part of this industry-wide effort to invite them to the table and build on the fantastic work they have done in raising client awareness in this space. CCLA has consistently shown company engagement to be a critical tool in sustainability, and by collaborating in this way, we believe AdviserAction can deliver increased education, opportunities and real-world change, for the better.
Alan Whittle, Training and Compliance Specialist, Unburdened Solutions, said:
Investors are seeking change through their investments as well as in other aspects of their lives. Clients, and by extension their advisers, need to know that engagement makes a difference. The AdviserAction initiative is a great move in the right direction. I look forward to seeing further areas for engagement added to its important work on mental health and supporting the initiative in its activities.
AdviserAction remains open for adviser firms that wish to join.