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:
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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.
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.
This is a great question. Retirement assets are split through a process called a Qualified Domestic Relations Order, or QDRO for short. This order will determine what assets should be delegated to the parties involved. However, it really comes down to your individual situation and what is set forth in the divorce decree. With that being said, you are typically entitled to half of the total balance, both pricipal and growth, that was accumulated during your marriage. Most states defer to a 50/50 split of assets between spouses during a divorce. Keep in mind any contributions and growth accumulated prior to marriage is left out of any of the calculations, unless otherwise determined by the decree. One of the unique traits to assets divided by QDRO is the accessibility without penalty. Typically, if you are not age 59 1/2 and take a withdrawal from a retirement account, you will be penalized 10% of your withdrawal. In the case of QDRO, the penalty is waived. A divorce attorney should be able to tell you the specifics of you situation and walk you through the state's requirements for assets in case of divorce. Hope this is of help! If you have any other financial questions, consult a fee-only financial planner.
This is a great question! The best place to put your money depends on a lot of different factors. If you have any debts that have interest rates in excess of 10%, you should highly consider paying them off. This is the easiest way for you to earn a guaranteed rate of return. If you are debt free, you may want to start investing in a retirement account. If you are employed and your employer is offering you a match, then you should contribute at least enough to get your full match. If they do not offer a match, then you may want to fund an IRA. However, if you are planning on needing the money at age 35, then a retirement account would not be a great option due to penalties and taxes. A brokerage account is always an option if you are needing access. As you can see, we really need more information about your situation to know what is best. Generally, I would say a diversified portfolio of stock-based ETFs would be a great start to put your money to work. I hope this helps! If you still have questions about your situation, talk to a fee-only financial planner.
First of all, great job placing priority on your financial future! There are tons of options when it comes to investing and working with an advisor.
If you are an individual that does not like to handle your own investment decisions, there are firms that are dedicated to helping young professionals, like yourself, plan for a successful financial future. I would look for a fee-only firm that understands your unique needs and ideals as a Millennial, one that does not require any minimums, and one that puts an emphasis on financial planning.
This day and age it is becoming more common to work with a financial professional, remotely, utilizing technology to connect from anywhere in the world. This may be a value-add for a young professional that enjoys travelling frequently or one that is not tied down to any one location or city. Starting a relationship with an advisor that can work with you from anywhere will allow for a continuous relationship no matter the changes in your life.
I am a member of the XY Planning Network, which is committed to serving the needs of the next generation of investors, and you can find a professional to work with by clicking here. The advisors on the network are all fiduciaries, putting your best interests first, and do not sell any products or earn any commisions, thus, avoiding any conflicts of interest.
I hope this has been helpful! Keep it up and you may end up on FIRE, financially independent retiring early!