Episode 69: Maureen Maguire - Can You Build Wealth Through ESG Investing?

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Hello Beautiful Humans.
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have juicy conversations with
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I'm Jennifer Norman, founder of

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So it wasn't until later in
life, after I had over about

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$1,000,000 to invest, that I
decided to hire a financial

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planner.
And let me tell you, they aren't

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all alike.
While helping you meet your

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wealth management targets is of
course the ultimate goal, the

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way to get there varies greatly.
If you're a person that believes

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in achieving the highest yields
in a Machiavellian style,

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certainly that is one way to
invest.

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If, on the other hand, you
believe in the importance of

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investing and companies working
to build a regenerative future,

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that will certainly render a
different strategy.

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No doubt there's been a lot of
controversy lately about

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investment strategies that heavy
up on ESG sustainable

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businesses.
Is it fiscally prudent to put

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your money in environmental,
social and government

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investments?
Here to talk about that and more

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is Maureen McGuire, cofounder of
Tara Blue Wealth Management, an

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advisory firm that offers ESG
only investments.

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Welcome, Maureen.
Thank you very happy to be here.

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Nice to have an opportunity to
talk about what I feel so

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strongly about.
Absolutely.

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And I'm really excited to have
this conversation because it's

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an important one.
So first and foremost, why don't

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you tell us why you founded
Terribly Wealth Management?

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I have been doing financial
advising and financial planning

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for 30 some years and I was kind
of at the point where I was

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either going to retire or I was
going to fulfill my vision,

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which was to have an.
Exclusively ESG focused

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financial management firm, but I
needed to find the right

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business partner because I
didn't really have the energy to

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start over by myself.
So it took several years and

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then I met Vanessa Gillett who's
my business partner.

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We were both doing pro bono
financial planning for Santa

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Rosa fire victims back in 2019.
As we got to know each other

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over the course of a year or so,
we realized that we were very

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like minded and.
In terms of our passion for ESG

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and our interest in financial
planning and what that does for

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our clients, so went from
McGuire Wealth Management to a

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firm that we Co founded in 2020
just before COVID terribly

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Wealth management and our focus
is exclusively on ESG

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investments and we're very heavy
on the financial planning side.

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So it's worked out really well
far beyond my expectations.

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It just happened that the Airbnb
Ipo's were happening.

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As is a millennial, she
resonates very well with the

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millennial population.
And so she became very talked

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about in the bulletin boards,
shall we say with the tech

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sector and executives in the
tech sector.

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So terribly took off in spite of
COVID, it actually worked to our

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advantage.
I hate to say that, but to not

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have to meet in person with the
volume of new business coming in

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made it possible to keep up,
shall we say, with just starting

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out.
My background has been financial

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planning.
First, investment management as

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outcome of the financial
planning.

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I can't possibly design A
portfolio without knowing

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everything about my clients
before I make a recommendation.

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And a lot of my clients are
social justice oriented in my

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age group.
So civil rights activists, you

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know?
Going back to the 60s, that type

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of thing.
But there's also in my age group

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and older people who either
their parents or in some cases

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even themselves, are influenced
by the Great Depression.

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So for them, thinking about
financial security is more about

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accumulation, more is better,
and that's understandable given

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the scarcity that they
experienced or their parents

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experienced.
I myself didn't really

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understand what financial
security was.

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Until I entered this profession.
As I started to learn about it,

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I came from a blue collar family
and I was really interested in

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how people achieve financial
security.

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And it didn't take long for me
to realize that it had very

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little, if anything, to do with
how much money a person have.

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Yeah, because I work with
clients who live on what I

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consider very meager means, and
they're financially secure

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because they don't have a flashy
lifestyle.

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They're content within means.
I have another client.

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For 20 some years, who's a
lovely lady and she has $20,000

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of income a month that she does
not have to work for, does not

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have a mortgage and she has to
be on a budget.

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So financial security for her is
almost not achievable because

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the money is trying to fill a
void that you know they can't

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fill.
So I'm really interested in

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sufficiency and experience of
sufficiency.

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And that's really when I work
with a client.

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I really want that person to
understand that.

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Financially secure by
understanding their investments

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and understanding the role of
the investments in their life

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and their life choices.
So that all fits very well.

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The millennial group that
Vanessa tends to work with is so

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beautiful because they don't
have that Depression era mindset

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and many of them have come into
tremendous wealth early in life

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and they don't feel like they
have to show it off or

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accumulate more.
They're actually, there's a huge

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movement within that generation
of.

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To one, make sure their work has
purpose, but also their money

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and their capital and what it's
doing has a greater purpose.

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So it's not about accumulating
for the sake of accumulating,

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it's for having an impact and
being very deliberate about that

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impact.
So it's really a privilege to

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speak with this generation about
money from that perspective.

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In that context, it's just it's
really wonderful, amazing.

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So now what got you so
interested and passionate about

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ESG in the first place that you
would want to found a company

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that does nothing but ESG
Investments?

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Well, I come from the nonprofit
sector before I became a

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financial planner, and I worked
for an organization that was

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going to end world hunger by the
year 2000.

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That didn't happen, but we did
bring relief organizations

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together to start thinking
proactively instead of just

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crisis management around world
hunger.

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And again, it goes back to that
sufficiency that there is enough

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to go around and we just need
to.

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Think in terms of taking care of
everyone.

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And so my background has been
more in terms of, again, what's

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it going to take for people to
feel safe and secure in this

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world?
Because I think that would do a

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lot more than weaponry for
peace.

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And that's the big picture.
But I also came to realize that

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where there's money, there's
power, there's influence.

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So the more I understood
capitalism and how it worked,

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and the political structure and
how it worked, the more I

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understood that.
The degree to which we can move

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capital in the right direction
and have a voice with our

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investments, and not only
probably more significantly how

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we spend our money, but
certainly how we invest our

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money now. 20 years ago, it was
started from the religious

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organizations wanting to do no
harm.

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So no alcohol, no tobacco.
It has grown significantly since

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then and I can assure you, back
20 years ago at the Conferences

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for Socially Responsible
Investing, there was plenty of.

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Alcohol going around.
So that wasn't really the screen

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you're concerned about.
But certainly the environment

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and social issues have risen.
And at that time, 20 years ago,

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we did not have research to say,
you know, this is not going to

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hurt performance because I had a
smaller realm of investments to

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choose from.
It was more exclusionary.

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You try to avoid the bad guys.
It was a much more challenging

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endeavor.
And I really had to say to a

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client in those days, I don't
know that I can.

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Match the indexes with your
portfolio or you will do you

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want to have your values
represented in your portfolio

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and it may be at the expense of
performance and some people

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would say yes.
Again we're talking to Greshan

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era investors, so not so much
but sometimes they would say I

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care more about having my values
represent I'm one of my clients.

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I just love her dearly.
She had very meager means and

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and I actually said to her, you
know, I think that we need to do

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something very careful here for.
You in terms of guarantees and I

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I don't have a socially
responsible way of doing this.

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And she said, why should I be
secure when people are hungry in

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the world?
So I learned from my clients

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that was, you know, she
literally did not see her needs

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as being more important than the
person in Africa trying to carry

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water to the family.
And she has held to that value

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in all the years I've worked
with her.

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Yeah, I think that's a lot of
people will say, OK, I care very

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much about nonprofits, good
about charity.

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And so they will give money or
they'll donate as part of maybe

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it's a tax exclusion or
something like that.

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But they don't necessarily think
that it is a longterm strategy

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for them to retire on.
They might have a bit of

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skepticism about whether or not
that is actually fiduciarily

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responsible or a way to get the
kind of growth and the goals

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that they want in order to
retire comfortably.

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What would you say to people
like that?

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OK.
So Fast forward to today, from

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that era and you'll.
Will find that not only does it

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make sense from a fiduciary
standpoint, but in fact it's

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possibly neglect on your part to
not take climate change for

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example into account.
So we've seen evidence of it in

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terms of during COVID.
The companies that treated their

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employees well are the companies
that's you know for the most

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part did well.
The companies who made their

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employees work when they were
sick got into big trouble.

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Reputational risk.
Wells Fargo is an example

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Volkswagen.
Intending to do the right thing.

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So to the degree that we are
holding companies accountable

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and more and more we are to do
the right thing by their

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community, by their employees is
a degree to which you have less

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risk exposure really to climate
change, to reputational risk, It

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just makes sense.
A company that is taking care of

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the larger community and not
just the CEO tends to be a more

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well run company.
So that.

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Said will it outperform at all
times?

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Not necessarily, if you're not
doing traditional energy stocks.

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The recent history is a good
example.

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Yeah, Prior to 2022, not having
exposure to all of the oil

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stocks that are in the index
worked well in our favorite

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those stocks were really
depressed.

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Then the COVID hits.
Oil and gas companies have an

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opportunity to raise prices and
increase their profits hugely.

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Essentially, significantly.
And now it's somewhat of a

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disadvantage to be less exposed
to the energy sector.

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So there's always going to be
shortterm periods of time where

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the ESG focus may be somewhat to
an advantage or to a

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disadvantage of the whole
concept to ESG, which we, you

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know, spoke to 20 years earlier
but we couldn't prove.

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Now we have evidence for a lot
of research showing that having

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a perspective that is based on
the.

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Longterm outcome rather than
shareholder returns quarter by

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quarter.
If you just think about running

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a household based on what
happened this quarter, next

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square, you know, do we have
enough money in?

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Oh, we can go to Disneyland.
We have money now.

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That's just not how you run a
company.

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You need to be thinking in terms
of both.

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We have turnover that is
expensive.

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It takes a lot of resources to
bring in new employees, so we

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better take care of the
employees we have.

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That may not show up and from
1/4 to the next, but long term

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it does show up.
Likewise, if you're taking into

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account the toxic waste the
impact is having on your

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community and what can we do to
make sure?

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Or it isn't harming the drinking
water for our town.

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That may not show up quarter to
quarter, but eventually it

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catches up with you and you end
up having to pay for your cents

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if you're not paying attention.
Yeah, I was going to say like

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recently with the, you know,
financial upset that we've had

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and a lot of people
unfortunately are pointing to

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Silicon Valley Bank as being an
example of, well, you know, they

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put all their eggs in their
basket and DEI and ESG and look

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what happened.
It was risky.

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So a lot of people are using
that almost to scapegoat the

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fact that, you know, maybe ESG
isn't where you want to put your

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money.
What would you say to that?

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You know, I think it's a
compliment that there is so much

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pushback to ESG and it's because
we're having an impact, we're

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making a difference.
We're putting pressure on CEO's.

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They do not like having their
compensation looked at.

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They do not like having to be
held accountable for the impact

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they're having on the
environment or how they're

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treating their employees.
So it's like so much else people

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understand.
And that just accumulating

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profit for the sake of
accumulating profit isn't going

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to cut it in the long run.
And people want to have money

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deployed in a way that is more
fair to everyone and not just to

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the 1%.
Now the media is fed, mainstream

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media is fed by that 1%.
So we don't get that

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perspective.
What we get is distractions and

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stories.
I mean to say that Silicon

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Valley Bank went under because
they were so focused on DEI that

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they.
Shows a total misinterpretation

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and lack of understanding of how
banks work and what went into.

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It's much more technical and and
just an understanding of taking,

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having longterm money invested
and then people wanting their

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money all at once with bonds.
I mean it has nothing to do with

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DEI, but you know it's an
interesting distraction.

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It's an easier way to talk about
it, even the way we measure our

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economy.
If you think about it, GDP,

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gross domestic product, that's
based on consumer.

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Terrorism, that's all it's based
on.

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So, and we're only doing well if
we keep spending more money and

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we keep consuming more money.
Ultimately, is that really a

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measure of how our economy is
doing when so many people are

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going hungry?
When we have the highest infant

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00:14:47,310 --> 00:14:51,550
mortality rate of any developed
country, how can it possibly be

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a measure of the wealth of our
country and the health of our

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00:14:54,350 --> 00:14:57,430
economy?
So well after the Depression we

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had something called democratic
capitalism, where the role of

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the government was.
To provide a safety net as well

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00:15:04,150 --> 00:15:06,910
as a healthy economy and
opportunity for the

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entrepreneurs and the risk
takers.

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00:15:08,750 --> 00:15:13,910
And it worked really well.
But in the 1980s it became more

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of a focus of less government,
more profits, and less control

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of the media than could you
imagine today, trying to make a

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case for tobacco and smoking
being dangerous to your health.

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You could not do it because
there's no regulation around

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00:15:29,470 --> 00:15:34,350
truth versus lies with the FTC.
It's much easier to create

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00:15:34,350 --> 00:15:37,470
distraction, but really we look
around and we see the

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00:15:37,470 --> 00:15:40,910
homelessness on the street, so
we know that so many people can

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00:15:40,910 --> 00:15:44,630
be doing so well, making so much
money when so many people are

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00:15:44,630 --> 00:15:46,790
suffering.
This is not a healthy economy.

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Let's switch gears and talk
about the kind of clients that

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are attracted to you talked
about, you know depression era,

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you talked about millennials,
but you offer a number of

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00:15:58,630 --> 00:16:01,790
different services, not just
like longterm financial wealth

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management.
Who would you say is your ideal

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00:16:04,510 --> 00:16:07,310
client?
Our ideal client and we're tend

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to be drawn to us, our clients
who are concerned about the

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00:16:10,590 --> 00:16:15,350
longterm impact of their
spending, their activities,

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00:16:15,350 --> 00:16:19,310
their investments as well.
And so we're not imposing

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00:16:19,310 --> 00:16:20,910
something, it's just a belief
system.

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00:16:20,910 --> 00:16:24,190
It's an understanding that we're
part of a bigger picture and we

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00:16:24,190 --> 00:16:27,390
want to make a contribution or
we certainly don't want to being

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00:16:27,390 --> 00:16:31,750
harmful to the environment or to
people in third world countries

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00:16:31,750 --> 00:16:33,790
who are.
Suppliers to the companies that

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we work with.
We want to have a voice in how

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00:16:36,350 --> 00:16:40,110
our money is deployed.
We also like working with people

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and people are drawn to us who
want to understand their

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00:16:42,750 --> 00:16:45,230
finances, not just be told what
to do.

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00:16:45,230 --> 00:16:49,470
But they're lifelong learners
like we are and aware of their

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00:16:49,470 --> 00:16:53,510
choices and how the decisions
that people make today have

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00:16:53,590 --> 00:16:56,750
tremendous impact on where, what
the opportunities will be for

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00:16:56,750 --> 00:16:59,310
them when they're 20 years from
now, 30 years from now.

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00:16:59,350 --> 00:17:04,910
So ongoing conversations that.
Are deep and meaningful and take

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00:17:04,910 --> 00:17:08,790
into account both the very
personal needs of a person, but

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also how that fits in with the
larger picture.

305
00:17:11,470 --> 00:17:13,230
OK.
And then in terms of the

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00:17:13,790 --> 00:17:17,829
companies and the types of
portfolios that you bring on,

307
00:17:17,829 --> 00:17:20,470
how are they vetted?
Do you have another company or

308
00:17:20,470 --> 00:17:23,790
set of companies that actually
go in and look and evaluate

309
00:17:23,790 --> 00:17:26,950
these companies based upon a
specific set of criteria?

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00:17:26,950 --> 00:17:29,830
Are there different ones for
different packages of

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00:17:29,830 --> 00:17:31,590
portfolios?
Can you tell us a little bit

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00:17:31,590 --> 00:17:32,910
about that?
Great question.

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00:17:32,950 --> 00:17:37,230
Yes, we do not do stock picking.
We have someone on our team that

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00:17:37,230 --> 00:17:41,310
does do stock picking and does
that through the ESG lens, but

315
00:17:41,310 --> 00:17:45,270
that's because he's a specialist
in option trading and for a few

316
00:17:45,270 --> 00:17:47,230
people that's an appropriate
fit.

317
00:17:47,390 --> 00:17:51,270
Otherwise we work with EFT
managers and mutual fund

318
00:17:51,270 --> 00:17:54,630
managers and they're, as most
people know, there's a lot of

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00:17:54,630 --> 00:17:57,710
what's called greenwashing going
on where people say that they're

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00:17:57,790 --> 00:18:01,070
ESG, but it's a marketing
technique and does not mean

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00:18:01,070 --> 00:18:03,990
they're necessarily.
Doing anything with regard to

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00:18:03,990 --> 00:18:08,110
ESG are very little.
I could give examples, but what

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00:18:08,110 --> 00:18:10,430
we do is we have a very strict
criteria.

324
00:18:10,430 --> 00:18:14,550
We do don't work with any fund
manager that isn't doing

325
00:18:14,550 --> 00:18:17,910
shareholder activism because
that's really where the impact

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00:18:17,910 --> 00:18:22,470
is, is where you take the many
dollars that all the investors

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00:18:22,470 --> 00:18:26,470
together gives you a seat at the
table where you can say, hey, we

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00:18:26,470 --> 00:18:29,350
want you to measure how you're
doing in terms of your carbon

329
00:18:29,350 --> 00:18:32,150
footprint and gender equality
and.

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00:18:32,510 --> 00:18:35,390
As they say, what gets measured
gets managed.

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00:18:35,510 --> 00:18:39,550
So they may not measure up in
every you know in every regard,

332
00:18:39,630 --> 00:18:43,230
but we can hold them accountable
and try to move the needle a

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00:18:43,390 --> 00:18:44,950
little bit.
Then we also use a lot of

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00:18:44,950 --> 00:18:49,430
research around the impact and
we can actually measure exactly

335
00:18:49,470 --> 00:18:53,110
how much of our dollars are
exposed to private prison

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00:18:53,110 --> 00:18:56,870
industry of an example we
discovered we had a lot more

337
00:18:56,950 --> 00:19:00,590
exposure to that than we wanted
and when we looked into it also

338
00:19:00,590 --> 00:19:04,270
with palm oil and then we.
That well for example with the

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00:19:04,270 --> 00:19:08,470
prison industry is very hard to
not have exposure if you take

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00:19:08,470 --> 00:19:11,870
into account that they're
feeding the prisoners and if we

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00:19:11,870 --> 00:19:14,190
invest in a company that
provides the food for the

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00:19:14,230 --> 00:19:18,150
prisoners or the phone contact
are we you know indirectly we're

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00:19:18,150 --> 00:19:21,710
participating in the private
prison industry but and then we

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00:19:21,710 --> 00:19:24,990
came away and decided that's
acceptable we want prisoners to

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00:19:24,990 --> 00:19:27,230
have good food.
So.

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00:19:27,230 --> 00:19:30,390
But so nothing is in the
research is still somewhat

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00:19:30,390 --> 00:19:33,910
nascent, and there's some.
Agreement research in both in

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00:19:33,910 --> 00:19:36,910
terms of impact that you're
having and how you're measuring

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00:19:36,910 --> 00:19:40,270
that as well as what's called
exclusionary.

350
00:19:40,270 --> 00:19:43,870
You know, companies that are not
doing harm an imprecise science,

351
00:19:43,990 --> 00:19:47,830
but it's something that we keep
working on and keep improving

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00:19:47,830 --> 00:19:50,430
and there's more and more
research becoming available in

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00:19:50,430 --> 00:19:53,550
Europe is way ahead of us.
They have much higher standards

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00:19:53,670 --> 00:19:55,870
for accountability than we have
in this country.

355
00:19:56,510 --> 00:20:00,990
So can you identify some of your
favorite companies that might be

356
00:20:00,990 --> 00:20:03,790
like outstanding within?
Portfolios that you say, Oh, I

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00:20:03,790 --> 00:20:05,910
see them across a number of
different.

358
00:20:05,950 --> 00:20:08,110
Are you asking about individual?
Yeah.

359
00:20:08,510 --> 00:20:12,190
These are the fund managers,
wealth companies I think to

360
00:20:12,190 --> 00:20:13,470
start.
Well.

361
00:20:13,880 --> 00:20:16,720
What's most intriguing to me
right now, and I can't tell you

362
00:20:16,720 --> 00:20:19,320
exactly what the companies are,
but I know that with

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00:20:19,400 --> 00:20:23,240
infrastructure, Bill, that it
has opened up tremendous

364
00:20:23,240 --> 00:20:26,800
opportunities around
environmental impact,

365
00:20:26,840 --> 00:20:29,560
innovation.
And as you can imagine, there's

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00:20:29,560 --> 00:20:33,200
a lot going on in that regard.
But now there's funding for it

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00:20:33,240 --> 00:20:35,640
and it's huge.
And so there are companies that

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00:20:35,640 --> 00:20:38,520
have been starting out, they're
not just starting, they've been

369
00:20:38,520 --> 00:20:41,240
doing this work for a while, but
now they have funding to take it

370
00:20:41,240 --> 00:20:43,760
to the next level.
So I really want to.

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00:20:43,880 --> 00:20:46,440
Learn more about what those
which companies they are.

372
00:20:46,440 --> 00:20:51,320
But we work with Lord Abbott and
their bond fund exclusively.

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00:20:51,440 --> 00:20:55,640
It is not just avoiding the oil
companies, but looking to the

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00:20:55,640 --> 00:20:59,640
companies that are doing,
reversing carbon footprint and

375
00:20:59,880 --> 00:21:02,160
catching up with what they're
doing in Europe really.

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00:21:02,360 --> 00:21:05,240
And Europe is also then seeing
us take the lead with the

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00:21:05,240 --> 00:21:08,320
infrastructure bill.
They're also upping their ante.

378
00:21:08,320 --> 00:21:10,600
And so there's the opportunities
abroad as well.

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00:21:11,400 --> 00:21:14,560
So that's the sector that I'm
most excited about at this

380
00:21:14,560 --> 00:21:17,160
point.
Me apparently and B does a

381
00:21:17,160 --> 00:21:19,800
fabulous job of treating their
employees well.

382
00:21:20,000 --> 00:21:22,720
I know they get bad press with
the party scene and all of that,

383
00:21:22,720 --> 00:21:25,880
but they really do.
I mean during COVID they made

384
00:21:25,880 --> 00:21:30,480
housing available to people.
They offer all benefits to their

385
00:21:30,480 --> 00:21:34,240
employees that above and beyond
what you see in most companies.

386
00:21:34,240 --> 00:21:36,840
So they bring an example.
An example?

387
00:21:36,840 --> 00:21:39,840
What has surprised you most
since you've opened your doors?

388
00:21:39,960 --> 00:21:43,320
Since we switched to.
Terrible versus McGuire Wealth

389
00:21:43,320 --> 00:21:46,280
Management.
I think the demand for what we

390
00:21:46,280 --> 00:21:50,720
do, the fact that I mean it is
become very, very popular as

391
00:21:50,720 --> 00:21:52,840
they say to the point where
there's greenwashing that wasn't

392
00:21:52,880 --> 00:21:56,440
quite as robust in 2019 when we
started.

393
00:21:56,960 --> 00:22:01,560
So I'm surprised.
And also as I say the, I want to

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00:22:01,680 --> 00:22:05,520
say magnanimity word, I don't
use very often, but I'm the

395
00:22:05,520 --> 00:22:08,400
millennial generation, their
understanding, their leadership,

396
00:22:08,400 --> 00:22:14,150
their clarity is so inspiring.
I have to agree absolutely.

397
00:22:14,230 --> 00:22:18,030
Now you decided to certify Tara
Blue as a B Corp, Can you tell

398
00:22:18,030 --> 00:22:19,470
us a little bit about that
decision?

399
00:22:19,670 --> 00:22:22,830
Sure, I learned about V Corpse,
I don't know, maybe 15 years

400
00:22:22,830 --> 00:22:25,190
ago.
And as when I had my own

401
00:22:25,230 --> 00:22:28,190
company, I didn't really have
the resources to go through that

402
00:22:28,190 --> 00:22:30,110
certification, but it was high
on the list.

403
00:22:30,150 --> 00:22:33,670
So when Vanessa and I joined
forces, within a year we started

404
00:22:33,670 --> 00:22:37,910
that application process.
And I really like to be in the

405
00:22:37,910 --> 00:22:41,110
company of other business owners
who share this.

406
00:22:41,230 --> 00:22:45,510
Vision, this sense of obligation
to the larger community and as

407
00:22:45,510 --> 00:22:48,790
rigorous as the process was to
become certified.

408
00:22:48,790 --> 00:22:50,790
I believe you're V certified as
well, right?

409
00:22:50,790 --> 00:22:54,950
So you're very familiar with it.
It was very time consuming, very

410
00:22:54,950 --> 00:23:00,470
demanding, but I was very
revealing as well because we, as

411
00:23:00,590 --> 00:23:04,350
every V Corp does, I think
strives to get the highest score

412
00:23:04,350 --> 00:23:06,950
possible.
Started out thinking we deserved

413
00:23:06,950 --> 00:23:08,790
a higher score that we actually
got.

414
00:23:09,590 --> 00:23:11,110
We're still in a very
respectable.

415
00:23:11,630 --> 00:23:17,190
Highest 17% of financial
services V corps score wise, but

416
00:23:17,190 --> 00:23:18,950
we know what we can do to
improve.

417
00:23:18,950 --> 00:23:23,030
So the continuous quality
improvement we can strive to do

418
00:23:23,030 --> 00:23:26,190
better and we're already doing
that and just working with other

419
00:23:26,190 --> 00:23:28,750
big corps has been really,
really fantastic.

420
00:23:28,950 --> 00:23:32,670
Yeah, when we're talking about
values minded business and for

421
00:23:32,670 --> 00:23:36,270
financial planning and for
wealth management it is, it's

422
00:23:36,270 --> 00:23:39,070
actually pretty extraordinary.
I don't think that there's very

423
00:23:39,070 --> 00:23:44,750
many of you that really are, you
know, in that place where the

424
00:23:44,750 --> 00:23:48,230
transparency, the value
proposition, the way that you're

425
00:23:48,230 --> 00:23:52,630
operating is really, you know,
very much involved in social as

426
00:23:52,630 --> 00:23:56,910
well as environmental impact.
And so, yeah, congratulations on

427
00:23:56,910 --> 00:23:58,590
that front.
I think part of that is the

428
00:23:58,590 --> 00:24:03,230
transition of thinking about
capitalism as being something

429
00:24:03,230 --> 00:24:06,390
other than for the very, very
wealthy and for the benefit of

430
00:24:06,390 --> 00:24:08,870
the very, very wealthy for
capitalism to work.

431
00:24:08,870 --> 00:24:11,070
But I think we really have to go
back to what it was we.

432
00:24:11,190 --> 00:24:16,030
Where the movement towards
deregulation occurred and where,

433
00:24:16,070 --> 00:24:18,270
I suppose it was born of the
Depression, where there was an

434
00:24:18,270 --> 00:24:22,190
understanding that social
capitalism is what works, where

435
00:24:22,190 --> 00:24:27,070
there is a an obligation beyond
the shareholders, it's Milton

436
00:24:27,070 --> 00:24:30,910
Friedman made a whole argument
in favor of those corporations

437
00:24:30,910 --> 00:24:33,190
exist only for the benefit of
the shareholders.

438
00:24:33,350 --> 00:24:36,190
I think we're bumping up against
the limits of that model.

439
00:24:37,190 --> 00:24:39,790
Really has to serve the larger
community for sure.

440
00:24:39,790 --> 00:24:43,950
Well, Maureen McGuire, cofounder
of Terra Blue Wealth Management,

441
00:24:43,950 --> 00:24:49,550
making the argument for going
all in on ESG for your wealth in

442
00:24:49,550 --> 00:24:52,110
the future.
And it does make good sense to

443
00:24:52,110 --> 00:24:54,710
put your money where the
sustainable business is.

444
00:24:54,710 --> 00:24:58,910
And if people and the planet are
prospering, then so can you.

445
00:24:59,190 --> 00:25:01,150
Thank you so much, Maureen, for
joining me today.

446
00:25:01,230 --> 00:25:02,630
Thank you so much for the
opportunity.

447
00:25:03,310 --> 00:25:06,430
Thank you for listening to the
Human Beauty Movement podcast.

448
00:25:06,470 --> 00:25:10,630
Be sure to follow, rate and
review us wherever you stream

449
00:25:10,630 --> 00:25:12,790
podcasts.
The Human Beauty Movement is a

450
00:25:12,790 --> 00:25:16,110
community based platform that
cultivates the beauty of

451
00:25:16,110 --> 00:25:18,870
humankind.
Check out our workshops, find us

452
00:25:18,870 --> 00:25:22,190
on social media, and share our
inspiration with all the

453
00:25:22,190 --> 00:25:25,510
beautiful humans in your life.
Learn more at the Human

454
00:25:25,510 --> 00:25:29,590
beautymovement.com Thank you so
much for being a beautiful

455
00:25:29,590 --> 00:25:29,990
human.