Wealth Advisers Are Clueless About New ESG Rules, Survey Shows

Most European wealth managers have only a vague understanding of their responsibilities under European Unionrules that require them to find out clients’ ESG preferences, according to a fresh survey of advisers managing more than $3 trillion.

Almost two-thirds of the 210 managers surveyed revealed that they’re not fully aware of their obligations under new provisions in the revised Markets in Financial Instruments Directive (MiFIDII) that were enforced last year. The study was commissioned by Oxford Risk Ltd., a London-based firm created in 2002 by behavioral scientists at Oxford University.

“It’s concerning just how many wealth managers still haven’t ...