Not all Catholic investors agree with McMahon’s stance. In an essay in the Jesuit-run America Magazine, Bernard G. Prusak, who teaches business ethics at John Carroll University in University Heights, Ohio, argued that negative screening alone risks taking a simplistic approach to investments. The 2021 framework adopted by the United States Conference of Catholic Bishops also takes a more nuanced approach, focusing on promoting the common good and supporting change in corporations alongside avoiding unethical investments. McMahon said that he hopes Aquinas Wealth Advisors will eventually grow to create that change that can help support Catholic charities and missions.
The Catholic Church has also been raising awareness regarding investments that are contrary to its teachings or that could be considered scandalous. Investors have gathered in Rome and London for Vatican-sponsored events to promote ethical investment policies. The conferences brought together Christian dioceses and congregations with an estimated portfolio of $1.75 trillion.
McMahon and other Catholic financial firms are attempting to latch on to that momentum by offering an alternative to investing in traditional large funds — many of which include stock in companies with missions or products he considers against Catholic teachings — while also taking a cultural stand against progressive ideologies. “There’s finally a seat for us at the table, and we need to step forward with the gifts we have,” he said.
Already a fixture on Fox News, McMahon hopes to launch a TV show on faith and finance on EWTN, the Catholic media giant founded by Mother Angelica. He also said he is interested in becoming a member of the Papal Foundation, an influential group of U.S. donors who commit to donating at least $1 million to the Vatican to support the pope’s projects over the course of their membership.
Through his efforts, he aims to tap into a group of wealthy Catholics seeking to match their large investment portfolios with their religious and political beliefs.
“I regret not being more open about my Catholic faith earlier in my career. Now, I want to make sure Catholic dollars aren’t funding the very causes we’re preaching against,” he said.
This article originally appeared here.
