ENHANCING CUSTOMERS’ ESG INVESTMENTS: KEY FACTORS SHAPING FINANCIAL ADVISORS’ RECOMMENDATIONS

Paola Bongini, Doriana Cucinelli () and Monica Rossolini ()
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Paola Bongini: Department of Business and Law, University of Milano-Bicocca, Milan, Italy
Doriana Cucinelli: Department of Economics and Management, University of Parma, Parma, Italy
Monica Rossolini: Department of Business and Law, University of Milano-Bicocca, Milan, Italy

Journal of Financial Management, Markets and Institutions (JFMMI), 2025, vol. 13, issue 01, 1-34

Abstract: This research explores the factors that shape financial advisors’ intentions to recommend Environmental, Social, and Governance (ESG) financial products to their clients. To address this, a survey was conducted among financial advisors from a leading European bank. The study draws on Ajzen’s [(1985) From intentions to actions: A theory of planned behavior. In: Action Control, 11–39. Berlin, Heidelberg: Springer], augmenting its core constructs with additional variables that act as proxies for ESG-related themes. The findings reveal that, alongside factors such as prior experience, perceived behavioral control, and subjective norms, advisors’ self-assessed knowledge of ESG investments significantly boost their willingness to propose ESG products to their clients. These results highlight the critical role of enhancing advisors’ ESG expertise to encourage broader adoption of ESG financial instruments. This study adds to the ongoing discussion about the pivotal influence of financial advisors in promoting ESG investment strategies.

Keywords: ESG investments; theory of planned behavior; financial advisers; sustainable finance; investment decisions; private investors (search for similar items in EconPapers)
JEL-codes: G11 G23 G41 G51 G53 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1142/S2282717X25500021

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