In a chilling and unsettling story that has shocked the corporate world, the United Healthcare CEO killer case has ignited conversations about the consequences of corporate greed and the toll it takes on society. The killer case has brought United Healthcare into the spotlight, as the public clearly sees this tragic event as a result of the disconnect between profit-driven corporations and the individuals they serve. While the motives behind this event are painted as complex, at the heart of the outrage lies a sense of frustration toward corporations like United Healthcare that prioritize profits over people, often to the detriment of their customers’ well-being and financial security. We have seen this in action recently with corporate profits at record highs at the same time that inflation is squeezing the wallets of many Americans.
Public Sentiment: A Reckoning for Corporate Greed in United Healthcare
The public’s response to this case underscores a broader issue: the growing disillusionment with companies that charge exorbitant rates while providing limited value. United Healthcare, like many corporations, has faced criticism for prioritizing shareholders and executive bonuses over accessible and affordable products and services. For everyday people, this feels like betrayal—organizations who advertise about how much they care about their customers and exist to serve their needs instead exacerbate financial strains and neglect their well-being.
The financial world is no stranger to similar accusations. Large broker-dealers and wealth management firms often impose high fees, underqualified staff, and standardized solutions, designed more to scale operations and improve profit margins than to serve the unique needs of individual clients. Over time, these practices erode clients’ wealth and trust, leaving many to question whether these firms truly have their best interests at heart.
In the financial industry, and many others, there is a trend of larger companies or private equity firms buying smaller advisory firms. Not all situations are the same, but often this leads to a change from prioritizing the well-being of their clients and employees to viewing clients and employees as a means to an end for higher profits. Clients should seek out advisors who prioritize serving them over growth and profits. When a company prioritizes profits above all else, no amount of money is ever enough.
The best way to gain insight into the motivations of an advisor or firm is to look at their qualifications, business model, fee structure and complaint history. Specifically:
- Is the advisor a CFA, CFP®, or CPA? Those are the three most prestigious designations for investment management, financial planning, and accounting, respectively. Advisors who invest the time (300-1000+ hours of study), money, and effort to earn one or more of those designations show that they care deeply about the quality of advice they give their clients. I estimate that I studied over 2000 hours to earn the CFA and two CFP designations. For context, working 40 hours per week for 52 weeks per year is a total of 2080 hours per year. Advisors who are not as qualified cannot give the same high level of advice, and the lack of education may indicate that commissions are their primary motivation.
- Is the advisor fee-only or fee-based? Fee-only advisors eliminate as many conflicts of interest as possible. Their only revenue comes directly from their clients in the form of pre-negotiated financial planning and asset management fees. Fee-based advisors may charge a fee for financial planning and portfolio management, but they are also paid commissions from mutual funds, private investment companies, and insurance companies for putting their clients into certain types of investments or selling life insurance, annuities, or other commissioned products.
- What is the advisor’s fee schedule? Is it higher than average? Is it transparent? Are all costs and fees fully disclosed? It is often very difficult to tell what the actual costs are for commissioned products. Commissions paid to salespeople for whole life insurance and other financial products are often in the 6%-8% range. So, if you buy a $1,000,000 whole life insurance policy, the commission paid to the salesperson or “advisor” could be as much as $80,000. It is easy to see why some “advisors” may be more motivated by their paycheck than by helping their clients. To be clear, there are good advisors who are fee-based, and some fee-only advisors are better than others. The problem is birds of a feather flock together. If you don’t do something to differentiate yourself from the salespeople, you can’t blame someone for questioning your motives.
- Does your advisor have previous complaints?
- You can check your broker’s complaint history here: BrokerCheck – Find a broker, investment or financial advisor
- You can check your investment advisor’s complaint history here: LUCAS MITCHELL WENNERSTEN – Investment Adviser at 49TH PARALLEL WEALTH MANAGEMENT
Fee-only advisors prioritize clients over profits by eliminating as many conflicts of interest as possible. As a result, fee-only advisors make less income than they would if they also sold commissioned products. If your advisor recommends you buy a commissioned product that they stand to make more money from, you have to wonder if you really need that specific product, or does the advisor just want to make more money? Also, if one advisor has higher fees than another, is it because they offer a higher level of service, or are more qualified? Or are they just trying to extract as much money from you as possible?
Sometimes a client’s situation is so complex that they need a team of advisors and should expect to pay higher fee rates. For most clients who don’t have multiple businesses in more than one country, they don’t need a team of advisors, they only need one well-qualified advisor. What ends up happening is the majority of clients who do not have overly complex situations pay the same higher fees as the clients who do have extremely complex situations. The less complex clients who need one good advisor subsidize the fees of the more complex clients who need the team of advisors and specialists.
The 49th Parallel Wealth Management Difference: People Over Profits
Amid this climate of distrust, firms like 49th Parallel Wealth Management stand in stark contrast. Unlike large corporations that see clients as numbers on a balance sheet, boutique firms like 49th Parallel Wealth Management focus on building deep, personal relationships with their clients. They know their clients intimately—their goals, values, and challenges. This approach enables them to craft a financial strategy that reflects what truly matters to each individual or family, without being influenced by commission rates, sales quotas, or corporate profit mandates.
When clients work with a boutique firm, they experience a level of care that feels more opulent than any corporate giant could offer. It’s a tailored experience—a reflection of the belief that wealth management isn’t just about numbers; it’s about empowering lives. The intent to serve goes beyond profit margins; it’s about ensuring that every client walks away with a sense of security, growth, and alignment with their dreams.
A Better Bottom Line for Clients
High fees or cookie-cutter solutions from large financial firms erode the bottom line for clients over time. Conversely, 49th Parallel Wealth takes a holistic approach, ensuring that any fees paid are reasonable and work efficiently toward the client’s goals. This personalized service ensures better financial outcomes, less stress, and a partnership that values the client’s well-being above all else.
A Moral Imperative for Change
The United Healthcare CEO killer case serves as a grim reminder of what happens when corporations lose sight of their purpose. While not every dissatisfied customer will resort to violence, the sentiment that fuels such extremes—anger, helplessness, and betrayal—is alarmingly common in many industries dominated by profit-first greed.
The financial services industry has a moral imperative to shift its focus back to the client. Firms like 49th Parallel Wealth show that it’s possible to grow a successful business while staying true to core values of trust, service, and personalized care.
A Call to Action
For individuals frustrated by the high costs and impersonal nature of large financial institutions, it’s time to consider alternatives. Firms like 49th Parallel Wealth offer not just financial planning but a partnership rooted in empathy and expertise. They demonstrate that when clients are treated as individuals rather than revenue streams, both parties thrive.
In a world where corporate greed often overshadows the client’s best interests, 49th Parallel Wealth Management stands as a beacon of what financial services can and should be—an intimate, empowering, and transformative experience for those seeking to secure their financial future.
Profits over People: Lessons from the United Healthcare CEO Killer Case
In a chilling and unsettling story that has shocked the corporate world, the United Healthcare CEO killer case has ignited conversations about the consequences of corporate greed and the toll it takes on society. While the motives behind this tragic event are painted as complex, the public clearly sees this incident as result of the disconnect between profit-driven corporations and the individuals they serve. At the heart of the outrage lies a sense of frustration toward corporations that prioritize profits over people, often to the detriment of their customers’ well-being and financial security. We have seen this in action recently with corporate profits at record highs at the same time that inflation is squeezing the wallets of many Americans.
Public Sentiment: A Reckoning for Corporate Greed
The public’s response to this case underscores a broader issue: the growing disillusionment with companies that charge exorbitant rates while providing limited value. United Healthcare, like many corporations, has faced criticism for prioritizing shareholders and executive bonuses over accessible and affordable products and services. For everyday people, this feels like betrayal—organizations who advertise about how much they care about their customers and exist to serve their needs instead exacerbate financial strains and neglect their well-being.
The financial world is no stranger to similar accusations. Large broker-dealers and wealth management firms often impose high fees, underqualified staff, and standardized solutions, designed more to scale operations and improve profit margins than to serve the unique needs of individual clients. Over time, these practices erode clients’ wealth and trust, leaving many to question whether these firms truly have their best interests at heart.
In the financial industry, and many others, there is a trend of larger companies or private equity firms buying smaller advisory firms. Not all situations are the same, but often this leads to a change from prioritizing the well-being of their clients and employees to viewing clients and employees as a means to an end for higher profits. Clients should seek out advisors who prioritize serving them over growth and profits. When a company prioritizes profits above all else, no amount of money is ever enough.
The best way to gain insight into the motivations of an advisor or firm is to look at their qualifications, business model, fee structure (link to fee article), and complaint history. Specifically:
- Is the advisor a CFA, CFP®, or CPA? Those are the three most prestigious designations for investment management, financial planning, and accounting, respectively. Advisors who invest the time (300-1000+ hours of study), money, and effort to earn one or more of those designations show that they care deeply about the quality of advice they give their clients. I estimate that I studied over 2000 hours to earn the CFA and two CFP designations. For context, working 40 hours per week for 52 weeks per year is a total of 2080 hours per year. Advisors who are not as qualified cannot give the same high level of advice, and the lack of education may indicate that commissions are their primary motivation.
- Is the advisor fee-only or fee-based? Fee-only advisors eliminate as many conflicts of interest as possible. Their only revenue comes directly from their clients in the form of pre-negotiated financial planning and asset management fees. Fee-based advisors may charge a fee for financial planning and portfolio management, but they are also paid commissions from mutual funds, private investment companies, and insurance companies for putting their clients into certain types of investments or selling life insurance, annuities, or other commissioned products.
- What is the advisor’s fee schedule? Is it higher than average? Is it transparent? Are all costs and fees fully disclosed? It is often very difficult to tell what the actual costs are for commissioned products. Commissions paid to salespeople for whole life insurance and other financial products are often in the 6%-8% range. So, if you buy a $1,000,000 whole life insurance policy, the commission paid to the salesperson or “advisor” could be as much as $80,000. It is easy to see why some “advisors” may be more motivated by their paycheck than by helping their clients. To be clear, there are good advisors who are fee-based, and some fee-only advisors are better than others. The problem is birds of a feather flock together. If you don’t do something to differentiate yourself from the salespeople, you can’t blame someone for questioning your motives.
- Does your advisor have previous complaints?
- You can check your broker’s complaint history here: BrokerCheck – Find a broker, investment or financial advisor
- You can check your investment advisor’s complaint history here: LUCAS MITCHELL WENNERSTEN – Investment Adviser at 49TH PARALLEL WEALTH MANAGEMENT
Fee-only advisors prioritize clients over profits by eliminating as many conflicts of interest as possible. As a result, fee-only advisors make less income than they would if they also sold commissioned products. If your advisor recommends you buy a commissioned product that they stand to make more money from, you have to wonder if you really need that specific product, or does the advisor just want to make more money? Also, if one advisor has higher fees than another, is it because they offer a higher level of service, or are more qualified? Or are they just trying to extract as much money from you as possible?
Sometimes a client’s situation is so complex that they need a team of advisors and should expect to pay higher fee rates. For most clients who don’t have multiple businesses in more than one country, they don’t need a team of advisors, they only need one well-qualified advisor. What ends up happening is the majority of clients who do not have overly complex situations pay the same higher fees as the clients who do have extremely complex situations. The less complex clients who need one good advisor subsidize the fees of the more complex clients who need the team of advisors and specialists.
The 49th Parallel Wealth Management Difference: People Over Profits
Amid this climate of distrust, firms like 49th Parallel Wealth Management stand in stark contrast to large corporations such as United Healthcare. Unlike companies like United Healthcare, which see clients as numbers on a balance sheet, boutique firms like 49th Parallel Wealth Management focus on building deep, personal relationships with their clients. They know their clients intimately—their goals, values, and challenges. This approach enables them to craft a financial strategy that reflects what truly matters to each individual or family, without being influenced by commission rates, sales quotas, or corporate profit mandates.
When clients work with a boutique firm, they experience a level of care that feels more opulent than any corporate giant could offer. It’s a tailored experience—a reflection of the belief that wealth management isn’t just about numbers; it’s about empowering lives. The intent to serve goes beyond profit margins; it’s about ensuring that every client walks away with a sense of security, growth, and alignment with their dreams.
A Better Bottom Line for Clients
High fees or cookie-cutter solutions from large financial firms erode the bottom line for clients over time. Conversely, 49th Parallel Wealth takes a holistic approach, ensuring that any fees paid are reasonable and work efficiently toward the client’s goals. This personalized service ensures better financial outcomes, less stress, and a partnership that values the client’s well-being above all else.
A Moral Imperative for Change
The United Healthcare CEO killer case serves as a grim reminder of what happens when corporations lose sight of their purpose. While not every dissatisfied customer will resort to violence, the sentiment that fuels such extremes—anger, helplessness, and betrayal—is alarmingly common in many industries dominated by profit-first greed.
The financial services industry has a moral imperative to shift its focus back to the client. Firms like 49th Parallel Wealth show that it’s possible to grow a successful business while staying true to core values of trust, service, and personalized care.
A Call to Action
For individuals frustrated by the high costs and impersonal nature of large financial institutions, it’s time to consider alternatives. Firms like 49th Parallel Wealth offer not just financial planning but a partnership rooted in empathy and expertise. They demonstrate that when clients are treated as individuals rather than revenue streams, both parties thrive.
In a world where corporate greed often overshadows the client’s best interests, 49th Parallel Wealth Management stands as a beacon of what financial services can and should be—an intimate, empowering, and transformative experience for those seeking to secure their financial future.
