Millennial Wealth Management
Grayson Hofferber is the President and Founder of Millennial Wealth Management, a Fee-Only Registered Investment Adviser in the State of Colorado serving clients of the Millennial Generation in the Denver/ Boulder area as well as other states virtually.
Grayson has been featured in industry publications such as FA Magazine, Advisor News, and Investopedia as well as local publications of the Broomfield Enterprise and the Boulder Daily Camera.
As of 2019, Grayson has been in the financial services industry for 9 years, holding roles as a broker with a major retail brokerage firm, pension and retirement plan consultant, a private client banker working with households of $5 - 15M, and a financial planner before founding MWM. The varying roles and knowledge gained in the industry have prepared him for the unique needs of serving clients’ total financial planning picture.
As a Millennial himself, Grayson understands that achieving financial independence is the new “retirement”. Clients choose to work with MWM because they want a financial advisor that understands them both personally and financially and is going to be able to serve their needs for a long time, as the average age of a financial advisor is 51 and 38% of all advisors are planning to retire in 10 years (according to Cerulli Associates).
MWM believes that financial planning should be affordable and accessible and is unique in that comprehensive financial planning is delivered through a monthly subscription fee instead of large upfront planning fees. MWM has no income or net worth minimum requirements, but most clients are high-income earning young professionals or entrepreneurs. One of the benefits of the subscription model is having a financial advisor on retainer where clients are expected to reach out for any, and all questions regarding money. Clients also get timely market information through the weekly market update videos, the blog, and an email newsletter.
Grayson enjoys helping clients see the power of saving through a developed financial plan and experiencing the big wins like when a client maxes out a retirement plan for the first time, becomes debt free, or reaches financial independence.
Grayson resides in Broomfield, CO with his wife and 3 children and is very active in the local community. He currently serves as the Chairman of the Broomfield Chamber of Commerce and ran for Broomfield City Council in 2017. He is the founding member of HYPE: Helping Young Professionals Evolve, a networking and personal development group for young professionals in the Broomfield area. He enjoys sports and camping and when he is not working you can find him enjoying local craft beer at one of the many area breweries, hiking in the mountains, or just hanging out with the family at one of the many local parks.
Assets Under Management:
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. ALL RIGHTS RESERVED.
Great question! There is no hard and fast rule on how to properly perform the backdoor Roth, but one of the best reads I have found on the topic can be found on the Nerd's Eye View blog at Kitces.com. Here Michael Kitces outlines how to do a backdoor "safely." Take a look at his process below:
HOW TO DO A BACKDOOR ROTH IRA CONTRIBUTION SAFELY
- Verify there are no other pre-tax IRAs
- If there are, roll over existing pre-tax IRAs to a 401(k) (if available) to avoid the IRA aggregation rule
- Contribute to non-deductible IRA (if eligible)
- Invest funds in the non-deductible IRA
- Keep invested for 1 year (or if you’re more aggressive follow the “one-statement” rule)
- Convert to Roth IRA
- Repeat steps 2-5 annually as desired
- Do not at any point along the way note that you are doing a “backdoor Roth contribution”!
Hope this helps! If you have any further questions, consult a fee-only financial planner.
Great question! The answer is simple, you are never too young to start investing for your future. Now, "investing" and "playing" with your money are two different things. It would be a great idea to develop a long-term investment strategy and start putting money away. Unless you have a great deal of knowledge about the markets, you should not "play" with your money.
Take a peak at some scenarios where you make a monthly deposit with annual compounding of interest at 7% at the end of each year.
$25 per month would be $30,321.91 at the end of 30 years.
$100 per month would be $121,287.65 at the end of 30 years.
$1000 per month would be $1,212,876.50 at the end of 30 years.
As you can see, even small amounts invested for the long-term can become a nice little nest egg! I hope this helps. If you still have questions, contact a fee-only financial planner.
Great question and thanks for asking! One of the most basic investing principles is to buy low and sell high. I think what we are seeing in tech is a product of this principle. The tech names that we saw selling off the last couple of days have had really great runs this year. Let's look at the FAANG stocks for example. Apple was up almost 29%, Google up 23%, Amazon up 30%, Netflix up almost 28%, and Facebook up 30%. Meanwhile, we are up about 7% ytd on the S&P 500. There are certainly other things that may trigger broader sector sell-offs. A good example is the energy sector, which is highly correlated to the price of oil. When oil is trading lower, typically, the big energy producers follow suit. Financials being closely aligned to the changes in interest rates and monetary policy. So on and so forth... But, as I said earlier, I think this is a product of the tech names just having one heck of a year so far and some people are pocketing the profits. Hope this was insightful!
Great question and awesome job on your successes to this point! This may be a good time to consider hiring a fee-only financial planner to start working with you on both short-term and long-term financial goals. If you do not have debt and if your expenses are pretty low, you may consider maxing out your 401(k) or contributing as much as possible. This may also be a good time in your life to consider saving for a real estate purchase. Many of my clients like to travel and plan for life experiences, which should also be considered. You are asking the right questions to really do well financially. A good financial planner will get to know you both personally and financially to help you make the best financial decisions along the way. Hope this offers some help.
Great question! Assuming you are talking about the Roth contributions to your employer retirement plan. If so, they can put "rules" on any money that is within the retirement plan. Meaning, until you are no longer an active employee, you are subject to the rules of the plan. It may take your employer some time after your official last day to notify Vanguard of your termination date. Many employers drag their feet when it comes to this... My best advice to expedite your withdrawal is to call Vanguard and your retirement plan administrator, usually someone in your HR dept, everyday until your withdrawal is processed.
Now, if you are talking about an actual Roth IRA, your employer has no say, whatsoever, in how you manage your money in your IRA. Plain and Simple. Hope this helps! Contact a fee-only financial planner if you still have questions.