Dear Friends, Clients, and Future Clients,
Today is a milestone I’ve dreamed about for over a decade: the official launch of Altruist Wealth Management. This isn’t just the start of a business—it’s the culmination of years of reflection, frustration, and a relentless drive to do things the right way. I’ve long believed that financial advice should serve people, not the system. Altruist Wealth Management was born from this belief—and it’s deeply personal.
Let me tell you a little about my journey.
Great Parents, Limited Investment Advice
I come from a family of brilliant medical professionals. My dad is a periodontist, my mom spent over three decades as an operating room nurse, my sister is a PA, and my brother-in-law is an ER doctor. These are smart, disciplined people—people who worked hard, saved responsibly, and lived within their means. But if you’d asked them to explain the difference between a stock and a bond, you’d get a blank stare.
That uncertainty resonated with me while growing up. Saving and investing always felt important, but the lack of guidance was intimidating. Financial decisions carried this unspoken weight—a sense that one wrong move could derail everything. I’d watch my family, brilliant as they were, make financial decisions based on gut feelings or well-meaning referrals. It scared me, honestly, and that fear is what first drew me to finance in college. I wanted to understand this world for myself and, more importantly, help people like my parents navigate it without fear.
How Wealth Management “Ought” to Be
At Loyola University Chicago, where I studied philosophy alongside finance, I was steeped in the Jesuit tradition of thinking critically and imagining how things “ought to be,” not just how they are. Those philosophy classes—often accompanied by free meals at the priests’ residence hall during evening discussions—reinforced the Jesuit ideal of being “Men and Women for Others” emphasizing service, empathy, and striving for the greater good. They instilled in me a belief in seeing the best in people while questioning systems that failed to serve others—a mindset that would both inspire and challenge me throughout my career.
When I entered the financial industry, I expected to find mentors who shared my idealism. Instead, I found something very different. I was told to focus on revenue targets and asset gathering, not people. My training emphasized how to sell products—variable annuities, non-traded REITs, or expensive insurance solutions—whether or not they truly benefited the client. I was naive, high-minded, and young, and I thought I was failing because I couldn’t bring myself to follow the playbook.
“You won’t hit your revenue target if you don’t sell this solution,” my manager told me. “You can’t lower your AUM (assets under management) fee, or you’ll fall short on production.” My response? “But it’s the right thing to do for the client.” Their reply? “You just don’t get it.”
And maybe I didn’t. I wasn’t willing to sell something I didn’t believe in, and it nearly broke me. I thought I was the problem—that I wasn’t cut out for the industry. It wasn’t until later that I realized I wasn’t failing; I was refusing to compromise my values.
Discovering a Better Way to Invest
When you’re young and idealistic in this industry, you think you can beat the market. You tell yourself that with enough research, enough effort, and enough conviction, you’ll find the winning stock, the perfect manager, or the right economic forecast. But over time, I realized something profound: no one—not even the smartest, most well-funded teams—can consistently outguess the market. And the rare few who appear to do so can only be identified in hindsight—and even they usually fail to sustain their success.
That realization didn’t come easily. It took years of disappointment, trial, and error. But then I stumbled across Capital Ideas by Peter Bernstein, and it changed everything. Bernstein’s exploration of academic investing principles opened my eyes to a new way of thinking—a way that wasn’t about speculation but about evidence. I read about Mac McQuown, Jack Bogle, Gene Fama, Ken French, and Robert Shiller. Their ideas resonated deeply with me. For the first time, I saw a path forward that aligned with my values.
Here’s the irony: Mac McQuown launched the first index solution at Wells Fargo in 1971, the very institution where I was working. At the time, Wells Fargo had become steeped in active management. But I couldn’t unlearn what I’d discovered. With a three-month-old at home, I made a bold decision: I cold-called Dimensional Fund Advisors (DFA) and applied for a job. When the opportunity came, I packed up my family and moved 850 miles to represent a way of investing I believed in. That decision wasn’t about career advancement; it was about responsibility and belief—two principles that have guided every major decision I’ve made.
Lessons from the Hardest Years
The early years of my career felt a bit like Andy Dufresne’s crawl through the sewer pipe in The Shawshank Redemption, grueling but emerging stronger and more determined on the other side. It was painful, disillusioning, and lonely at times. But those years taught me what not to do. They reaffirmed how things ought to be done and solidified my resolve to be the change I wanted to see in the industry.
For years, I dreamed of launching my own firm—one that prioritized clients over commissions, transparency over complexity, and education over sales. The vision for Altruist Wealth Management has been with me for a long time. Life is the ultimate teacher, and it is the hard lessons that truly shape you. I am grateful for the challenges and the growth they brought, as those lessons are the foundation of everything we’re building here.
The Vision for Altruist Wealth Management
At Altruist, our mission is simple: to treat every client the way I’d want someone to treat my family. That means offering transparent, flat fees; acting as a fiduciary in every sense of the word; and providing evidence-based financial strategies that empower you to live a life without regret.
We’re here to help you make decisions with clarity and confidence. Whether you’re navigating retirement, managing your investments, or planning your legacy, we’ll meet you where you are. And we’ll do it without jargon, without hidden agendas, and without the high fees that too often erode long-term wealth.
I’ve worked with some exceptional Registered Investment Advisors (RIAs) over the years, and I’ve seen the transformative impact of doing things the right way. But the reality is, there aren’t enough of us. Even well-educated professionals—doctors, lawyers, CPAs—often struggle to evaluate financial advisors. A little industry knowledge goes a long way in making informed decisions, but too often, choices are driven by emotion or based on a well-meaning referral. I started Altruist Wealth Management to change that.
A Personal Thank You
Launching this firm is deeply personal, and it wouldn’t have been possible without the support of my family, friends, and exceptional professionals who have shaped my journey. To my parents, Janniffer and Tom, who inspired my commitment to doing things the right way; to my grandparents, Bob and Fran, whose lessons and love continue to guide me, even though they are no longer with us—thank you.
As always, to my wife, Ellen, who has been my anchor through every tough decision; and to my children, Davy, Frank, Lewis, and Margot. To Frank, whose legacy inspires me every day to act with integrity, kindness, and purpose. This journey—and every step forward—is for all of you.
This isn’t just the start of a business; it’s the start of a movement. A movement toward transparency, trust, and a better way of managing wealth. I’m thrilled to have you along for the journey.
If you’re ready to take the next step in your financial journey—or simply want to learn more about our philosophy—I’d love to hear from you. Together, we can build something better.
With gratitude,
Carson McLean, CFP®
Founder, Altruist Wealth Management