You're probably investing in companies you hate.

• Author: Penrod, Emma

Don't want to invest in oil, gas, cigarettes, and pornography? Better check your investment portfolio.

AS THE FOUNDER AND CEO OF SKI BUTLERS equipment rentals in Park City, Bryn Carey has a financial incentive to care about climate change--less snow means less business. His concern about climate change has led him to advocate for clean energy, electric vehicles, and carbon offsets that would make his business net zero.

But just before the pandemic, Carey came across the Banking on Climate Chaos report, which tracks the amount of money major banks and financiers invest in fossil fuels. He discovered, to his dismay, that his bank topped the list as the largest financier of fossil fuels, apparently undermining his own efforts to eliminate carbon emissions.

"Here I am spending all this time finding solutions to climate change," Carey says, "and yet, if you follow the money, all my money's going to the largest fossil fuel financier."

Carey resolved to move his money to a bank that did not invest in fossil fuels, joining a growing number of professionals who have changed their financial strategies to align with their personal values. Values-driven investment funds have existed for decades, and fund managers say that investors are increasingly concerned about the nature of the businesses their money supports.

Utah is no exception. While local investors have some of the same interests as their national counterparts, including environmental and social concerns, Salt Lake City financial advisors say they also receive unique requests from clients who abstain from tobacco and alcohol. And as this trend grows, they say, new investment options will make values-tailored portfolios available to an even larger number of Utahns.

"Most people are still looking to make sure they reach their financial goals," says Sam Watkins, chief investment officer for TrueNorth Wealth financial advisors in Salt Lake City. But among his clients, he says, one in every 1020 has asked about ethical investment options. "It's still a pretty small minority, but it's increased exponentially, where we wouldn't have had a single question five years ago. The pace means it will be pretty significant down the road."

BLAME THE MILLENNIALS

The notion that a person's investment strategy should align with their values isn't particularly new, says Matt Orsagh, senior director of capital markets policy at CFA Institute, a nonprofit focused on ethics and professional training for financial analysts.

For decades, religious individuals and institutions have set up funds that exclude companies with products such as tobacco, firearms, and...