The new group, called AdviserAction, is backed by founder firms Castlefield, Clear Financial Advice, ESG Accord (Accord Initiative), Fintel PLC, Kellands Chartered Financial Planners, Lyndhurst Financial Management, Paradigm Norton and CCLA, according to a statement from the organisation.

“AdviserAction has been created to empower advisors wherever they are in the UK, to help advance clients’ interest in improving sustainable outcomes and to pool resources to enable advisors to participate in corporate engagement,” the group said.

In its first engagement focus, AdviserAction will concentrate on mental health in the workplace.

“Up to now, financial advisors have played a key role in promoting the development of sustainable finance, but the structure of the industry has made engagement with investee companies almost impossible. Engagement is one of the few ways that investors can make a difference; by using share ownership rights to influence policies, processes and behaviour of an investee company they can change practices for the better,” it continued. 

 The group has been formed at a time when consumers are increasingly keen to wield their financial muscle to build a “greener,” more sustainable world, so figures show. AdviserAction cited a recent survey by the , showing that 81 per cent of consumers would like their investments to do good as well as deliver a financial return. 

The trend also gels with the introduction of Consumer Duty, through which the FCA requires a high standard of proof that the advisory industry is delivering good client outcomes in its recommendations, which includes investment advice.

The members of AdviserAction will be able to select several topics, or specific companies in order to engage with companies and/or policymakers.