Grayson Hofferber

Personal Finance, Retirement, Investing
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“Grayson Hofferber is the President of Millennial Wealth Management, an independent, fee-only financial planning firm dedicated to serving the next generation of investors.”
Firm:

Millennial Wealth Management, LLC

Job Title:

President

Biography:

Grayson Hofferber is the President of Millennial Wealth Management, LLC, a different kind of financial advisory firm dedicated to serving the needs of Millennials. Grayson and his team's comprehensive financial planning service is unique in the investment industry, as it is a true partnership between the firm and their clients. No two client relationships look the same when working with them, because let's face it, nobody is in the same financial position with the same goals and life circumstances. Grayson and his team promise to their client is to always put their interests first, which they committed to when they took the fiduciary oath.

Millennial Wealth Management, LLC was created from many years of personal experience as a financial advisor, and understanding that the vast majority of financial firms were really only looking out for one person... themselves. Think about it, should you trust the financial firms that nearly brought down the global economy a few years ago (the largest crash since the great depression) with your hard earned money? No?! Me neither!

Financial representatives make a sizable commission when they sell you a product, sometimes as high as 8%... Can they really put your best interests first? I don't think so, either. With that being said, Grayson created a firm designed to eliminate any and all conflicts of interest with the sole focus on helping his clients achieve financial success through prudent financial planning and low-cost, tax-efficient investment options. Grayson and his team are proud to hold themselves to a higher standard at MWM.

Fee Structure:

Fee-Only

CRD Number:

5894660

Disclaimer:

The information on this site is provided “AS IS” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable laws, Millennial Wealth Management, LLC referred to as "MWM" disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability, non-infringement and suitability for a particular purpose. MWM does not warrant that the information will be free from error. None of the information provided on this website is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information is at your sole risk. Under no circumstances shall MWM be liable for any direct, indirect, special or consequential damages that result from the use of, or the inability to use, the materials in this site, even if MWM or a MWM authorized representative has been advised of the possibility of such damages. In no event shall Millennial Wealth Management, LLC have any liability to you for damages, losses and causes of action for accessing this site. Information on this website should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized. COPYRIGHT MILLENNIAL WEALTH MANAGEMENT, LLC 2016. ALL RIGHTS RESERVED.

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    Retirement Savings, Asset Allocation
Are we strong candidates to consolidate our retirement funds?
100% of people found this answer helpful

Fantastic question and thank you for asking!

You may be strong candidates for consolidating, but there are a couple of considerations before doing so.

The fees that you have on the accounts seem reasonable, however, there may be some additional fees to consider. In addition to looking at the expense ratios of the mutual funds, there may also be administration fees and servicing fees attached to these 401(k) plans  If, indeed, there are other fees on the retirement plans that you have not noticed or been aware of, your decision to consolidate may be more clear. Also, take note of any fees attached to any IRAs that you are considering, like any annual admin fees or fees for closing the account.

Of course, fees are not the only reason to consolidate. The investments themselves may need some attention. The biggest concern for your portfolio may be overlap and the concentration of your dollars to certain asset classes. You may be way overweight in US Large Cap stocks, which is a common issue for folks with multiple retirement plans and mutual funds. This over concentration could affect your returns as well as your risk profile.

Another big consideration is peace of mind. If having your money scattered all over the place causes undue stress or anxiety, then absolutely, you should consolidate. Many folks talk about the numbers and often overlook the mental health side. I am a firm believer that you can make better money decisions and take better action on your portfolio if you are in a place of peace, as opposed to anxiety.

Lastly, if you are self-managing your investments at this point and you are spending too much time or are starting to have more questions about what retirement is going to look like from a draw down perspective, it may be time to consider hiring an advisor to help get you to and through retirement. There are many advisors that are fiduciaries, that do not sell products, that can truly help you and may be able to reduce your fees even further. I hope this is of some help. If you still have questions, consult with a fee-only financial planner.

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