Despite holding nearly $16 trillion in wealth, millennials are often overlooked by the financial services industry.
In this quick video, Rory O’Hara, CFP®, shares why that’s a mistake—and what high-income millennials are really looking for when it comes to financial advice.
If you’re a millennial or work with them, this is a must-watch.
Transcript:
Millennials Have Trillions—Why Isn’t the Financial Industry Paying Attention?
Hi, I’m Rory O’Hara, founder of Ausperity Private Wealth. Let’s talk about a generation that’s been misunderstood for too long: Millennials.
For years, we’ve heard the stereotypes—lazy, entitled, and irresponsible with money. But here’s the truth: Millennials are one of the most financially engaged generations in history.
How Millennials Are Leading the $88 Trillion Great Wealth Transfer
Today, millennials control nearly $16 trillion in wealth. And by the year 2045, that number is expected to soar to over $88 trillion as part of the Great Wealth Transfer.
So why is the financial services industry still focused on baby boomers? Even though most millennials have money and interest, only one in four are working with a financial professional. Yet most say they want one.
Why Millennials Want More from Financial Advisors
At Ausperity, we believe this is a huge missed opportunity for both clients and advisors. We specialize in working with high-income millennials who are navigating complex financial lives.
They’re not looking for a cookie-cutter approach or generic advice. They’re looking for a strategic partner—someone who understands their drive, their lifestyle, and their long-term goals.
Every week, we hear questions like:
- Should I be investing in crypto?
- How do I invest in private investments or real estate?
- How do I reduce my taxes?
- Should I be maximizing contributions toward my retirement plan?
- Should those contributions be Roth or pre-tax?
- How do I complete a backdoor Roth IRA for tax-free growth?
They don’t just want answers—they want real guidance that evolves as their lives do.
How Millennials Can Build Over $1 Million of Tax-Free Wealth
Do you want to know how to build over a million dollars of tax-free wealth? The key is a Roth IRA and time.
In this simple calculation, I’ve used a 30-year contribution period of $7,000 in annual Roth IRA or backdoor Roth IRA contributions with an average yearly return of 10%.
The result is over $1.1 million of wealth.
If you meet the certain requirements for withdrawals correctly and effectively, you could have over $1.1 million of tax-free wealth.
Now, let’s say your returns are not 10% per year, but 7% per year. But your contribution period is 40 years—you start Roth IRA contributions at age 20 and continue until age 60.
The result here is once again over a million dollars of tax-free wealth.
In fact, nearly $1.4 million would be accumulated.
So, set up a Roth IRA, understand how to effectively make those Roth IRA contributions, and do it consistently year over year. You’ll be on your way to growing tax-free wealth.
Why Millennials Value Real Financial Relationships, Not Just Apps
What we’ve found is this: Millennials don’t just want a slick app or finance tips from Instagram. They want a real relationship with someone who listens, understands, and helps them build wealth on their terms.
They want an advisor who can introduce them to strategies they may not even be aware of—from tax reduction to wealth accumulation—so they can be confident they’re maximizing their financial potential.
Will the Financial Industry Step Up for Millennials?
Millennials have the wealth. They’re hungry for advice.
The question is: will the financial industry step up or continue to miss the mark?
At Ausperity, we’re answering that call.
