Tribal member Levi Sanchez starts financial planning business in Seattle
By Danielle Frost
Tribal member Levi Sanchez has had a passion for investing and money since he was a child.
Growing up in West Richland, Wash., Sanchez developed a love for the classic board game Monopoly at an early age.
“I also remember having conversations about stocks with my grandpa, who’s always been an investor and interested in individual stock picking,” Sanchez says. “When I went to college my interests deepened and I found myself reading articles on CNBC every morning or between classes on my phone.”
Parents Troy, who is a Tribal member, and Jill Sanchez were business owners, which helped Levi develop a strong entrepreneurial spirit.
It is also what led the 26-year-old to leave a career with Merrill Lynch Wealth Management to strike out on his own advising millennials.
“I worked primarily with near-retirees, or retirees on retirement planning and if I saw a better way to do something, I couldn’t always do it at the big firm,” he says. “Plus, I thought I could connect with my own generation much better than I could with someone who was near retirement.”
Hence, Millennial Wealth was born. Located in Seattle, Levi and his business partner, Chad Rixse, set out to help this generation get educated, invest and plan for the future.
Levi got a jump on his own wealth building by having the support of his parents while earning a business degree at Washington State University and through the Tribal money he received after turning 21.
“I immediately invested it,” he says. “I didn’t spend it on a new car, vacations or other material things. I knew that money had far more potential if I was smart, patient and invested it. For that, I’m truly grateful the Tribe gives us all a head start at such a young age.”
Levi says that he hopes to help millennials navigate a shifting economic landscape while pursuing their dreams.
“We understand today’s changing economic landscape and our generation’s attitude toward making passions and lifestyles a priority,” the business website states. “Together, we can build a brighter future.”
Millennial Wealth specializes in helping young professionals in the tech industry with full-service financial planning and investment management. Levi says this is a change from a traditional investment firm, where clients have to accumulate assets before receiving advice.
“We believed it was possible to provide financial planning services to young professionals to improve their wealth building potential and enhance their lives,” Levi says.
When he and Rixse consult with new clients, they ask about financial and life goals, such as early retirement, starting a business and overseas travel. Additionally, they help clients with cash flow and debt management, college savings, employee benefit optimization, insurance, investment management, retirement planning and a concentrated stock analysis.
“Millennials have so much time to make the right financial decisions and I wanted to help my generation avoid some of the problems previous generations have had when it comes to saving and investing enough for their later years, while still being able to enjoy and fund experiences that are important to them today,” Levi says.
He also writes a blog aimed at financial advising to help educate anyone interested in learning investing, personal finance or financial planning information, with the bulk geared toward millennials and young professionals.
Levi says his financial investing advice could be particularly meaningful and beneficial to young Tribal members because of the financial benefits the Tribe provides.
“I believe education is the most important tool to helping people make smarter financial decisions,” he says. “An individual who receives a windfall of cash and who has no financial education is not likely going to invest some, if any, of that windfall. At no fault of their own, it’s a weakness in our educational system. Some people also just have no interest in learning this stuff or managing it themselves, that’s what Millennial Wealth is for.”
Levi adds that without the support of his family, he would not be where he is today.
“My parents and family have a lot to do with fostering my entrepreneurial spirit and allowing me to start my own business,” he says. “I’ve had it a lot easier than most throughout my life and I wouldn’t be where I am without their help and guidance.”
Sanchez can be reached at email@example.com. To read his blog, visit millennialwealthllc.com/blog/.