GARCÍA JURADO, ANA BELÉN, Morales Mediano, Javier , Fabra, M. Eugenia
No
Int. J. Bank Mark.
Article
Científica
12/02/2026
001687395100001
PurposeThis paper examines the factors affecting the acceptance of sustainable funds as an investment product by high-net-worth individuals and how these factors are moderated by the customer orientation of the financial advisor.Design/methodology/approachDrawing on an initial explorative qualitative study and the literature on the topic, we propose a conceptual model based on the UTAUT. The model includes return expectancy, effort expectancy, social influence and narrative as antecedents of investment intention. We incorporated age and customer orientation as moderating variables. Through a quantitative study with 234 private banking clients, we used structural equation modeling to test the proposed hypotheses.FindingsWe concluded that return expectancy, social influence and narrative influence the intention to use sustainable funds by high net worth individuals. Additionally, customer orientation from financial advisors do moderate this relationship. Age has a negative moderating effect on utility and a positive effect on social influence.Research limitations/implicationsThis study presents significant implications for academics and practitioners. The former will benefit from the development of a new construct in the field of bank marketing, the narrative and the further development of customer orientation. Whereas the latter will receive significant insights regarding the introduction of sustainable investment products within their clients' portfolios.Originality/valueWe adapt the UTAUT dimensions of performance expectancy, effort expectancy and social influence to the context investment decisions. The framework incorporates narrative and customer orientation as additional constructs shaping customers' intentions and behavior, thereby linking an innovation-adoption theory with sustainable investments and advisor-client relationships in private banking.
Sustainable funds; Investment decision; Narrative; Customer orientation; COSE; SEM model; Private banking; HNWI; High-net-worth individual; Financial advisor