Investing for accountability: How to frame a values-driven conversation with clients

Investing for accountability: How to frame a values-driven conversation with clients
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
AUG 29, 2025

In the wealth management industry, we often discuss clients’ desires to feel understood – not just in terms of financial goals, but personal ones, too.

Increasingly, this means aligning investments with deeply held beliefs. However, while interest in values-based investing continues to rise, many financial advisors remain cautious about broaching the topic.

According to Morgan Stanley’s 2025 “Sustainable Signals” report, 88% of investors worldwide express interest in sustainable investing. Yet fears of political backlash and cultural division around environmental, social and governance (ESG) and diversity, equity and inclusion (DEI) efforts often prevent advisors from discussing mission-based investing with clients.

That hesitancy may be misplaced. A Gallup poll reveals that most Americans (62%) aren’t even familiar with the term “ESG,” indicating that public opinion is likely less polarized than industry commentary suggests. At its core, values-based investing has nothing to do with politics. Rather, it's about personal priorities. When framed through this lens, it becomes a powerful opportunity for advisors to deepen trust, uncover client motivations and build more intentional portfolios.

Rather than imposing a rigid definition of “impact,” progressive advisors should focus on what truly matters to each individual. By doing so, they can avoid politicized language and foster authentic, client-centered planning that strengthens long-term relationships.

Picking up cues from clients

Advisors shouldn’t feel compelled to force these conversations; they simply need to listen more closely. Clients often divulge their values in subtle ways. Their charitable giving, volunteer work, lifestyle choices or even comments about their children’s education can offer rich clues about what matters most to them.

Even the structure of a client’s portfolio, particularly if it’s inherited or long-established, can provide insight. It might reflect outdated priorities or no clear alignment at all. Advisors can use this as a starting point to explore whether current investments mirror their clients’ evolving beliefs.

Family dynamics, especially during wealth transfers, can add a measure of complexity. Rising generations may not yet feel ownership over inherited assets or may have differing priorities from those who earned or managed the wealth. Advisors can play a valuable role in bridging these perspectives, helping families articulate shared values while respecting generational differences.

Broaching the values conversation

Language matters enormously in these conversations. The key to discussing values is to avoid buzzwords and instead lead with curiosity. Generic questions like “Do you want a values-aligned portfolio?” can feel abstract or loaded. Instead, advisors should ask:

  • “Are there causes or communities you care deeply about?”
  • “Are there any industries you’d prefer to avoid – or ones you’re especially excited to support?”
  • “Have any recent events – like a health scare, a natural disaster or a policy change – shifted how you think about money or giving?”

Framing these conversations around alignment with their values and worldviews, rather than “impact” or “ESG,” can help depoliticize the discussion. Clients are more likely to engage when the focus is personal versus ideological.

Translating priorities into authentic investment strategies

Turning values into actionable investment strategies requires creativity and breadth. Fortunately, advisors now have more tools than ever across both public and private markets.

Municipal bonds can fund schools, green infrastructure and public health projects – making them one of the “OG” vehicles for impact investing. In equities, direct indexing offers customization at scale, enabling clients to better express their values through exclusionary (such as fossil fuels or firearms) or inclusionary (like clean energy or responsible leadership) screens.

Public markets can carry nuance. For example, companies like Tesla may appeal to clients for their clean tech leadership, while simultaneously raising concerns about governance or labor practices. Advisors must navigate these complexities transparently.

In private markets, the alignment can be more direct. This can include opportunities in real estate development, renewable energy and investing in underrepresented entrepreneurs. These private investments can offer tangible outcomes and measurable impact, which may be valuable for clients who want to see real-world results.

Reframing mission-driven advice

The future of values-based investing lies in highly personalized approaches that honor individual client beliefs, while leveraging technological advances in portfolio customization that were unavailable even a decade ago. Advisors can use the expanding array of personalized investment tools to construct portfolios that pair financial rigor with personal resonance.

As the industry continues to evolve beyond politically charged terminology, advisors who master the art of authentic, non-prescriptive conversations about values will differentiate themselves and better serve clients seeking portfolio alignment alongside their personal convictions.

 

Cameron Rogers, CFA, is a Partner at Angeles Wealth Management, which serves individuals, families, trusts, estates and their related philanthropic entities across the country. 

 

This article is for educational purposes only. The strategies and examples discussed do not constitute personalized investment advice or recommendations. All investments carry risk, including the potential loss of principal. Past performance and impact examples are not guarantees of future results.

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