A top-rated millennial wealth manager explains why he's risking 100% of his 401(k) in the stock market — and shares other strategies he's pursuing for clients

"I am proceeding with caution with regard to public equities," he said.

Doré says he's keeping his risk profile balanced in other ways, as he has higher concentrations of fixed-income investments and cash in taxable, non-401 accounts. That provides diversification and stability while also minimizing the taxes he owes relative to the tax-advantaged 401.just a few months after the market appeared to be in a rising-rate environment. So Doré argues that the right move today is minimizing the risk of getting caught off-guard.

He's also discouraging clients from considering lower-quality, higher-yielding bonds as they hunt greater income. He said he believes the bond part of a portfolio should be the safest, not the highest-yielding.

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