Environmental, social and governance factors are becoming increasingly important—not just to individual investors, but to institutional investors, who are increasingly including responsible or socially conscious investing strategies in their portfolios.

As a result, according to research from Cerulli Associates, consultants are finding that they need to incorporate ESG factors into their manager selection decisionmaking process. More than half (53 percent) of consultants polled by Cerulli have dedicated resources for ESG manager research, and another 20 percent are considering adding resources.

With interest in ESG investing growing, it's perhaps not surprising that the Department of Labor recently issued new guidance on the subject for plan sponsors who want to add such investing options to the mix in their plans.