Find a Financial Advisor in Oakland County

Where the money comes from in Oakland County

The auto industry created much of the wealth in Oakland County and still pays many of its bills. Stellantis has a major presence in Auburn Hills, suppliers fill office parks in Troy, Southfield and Farmington Hills, and engineering firms, test labs and design studios employ people who never touch an assembly line. Health care is the other pillar, with large hospital systems in Royal Oak, Pontiac and across the county. Add law firms, banks, insurance offices and a long list of small manufacturers, and you get a county where well-paid professional work is common.

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, median household income is about $97,760 and per capita income is about $56,696, which is high for Michigan. The median home value is $343,600 and the median gross rent is $1,376. About 72.7 percent of homes are owner occupied, 51.0 percent of adults hold a bachelor’s degree or higher, the median age is 41.3 and 18.4 percent of residents are 65 or older. The Census Bureau’s 2025 estimate puts the population at about 1.29 million, and unemployment in the survey period was 4.8 percent.

Financial advisors in Oakland County

People who search for a financial advisor in Oakland County usually want one of three things: a second set of eyes on investments, a plan for leaving a company, or help with a retirement date. The county has independent planning practices, bank and brokerage offices in Birmingham, Troy and Southfield, and advisors across Michigan and the country who work by phone and video.

The label matters less than the answers to a few direct questions. How are you paid? Do you act as a fiduciary every time you advise me? What do all the fees add up to, in dollars, over a year? Our financial advisor guide lists what to ask and what the answers mean. A first meeting with an advisor who serves this area is typically free.

Corporate benefits, stock awards and buyouts

A large share of Oakland County households work for or retire from big employers, and those packages are complicated. Here are some situations that come up again and again.

• Company stock. Engineers and managers sometimes build a large position in their employer through awards and purchase plans. A schedule for selling, tied to the tax treatment of each lot, reduces the risk that one company drives your retirement.
• Pension lump sum or monthly check. Some older plans let you choose between a lifetime income and a lump sum. The right answer depends on your health, your spouse, your other income and the plan’s funding.
• Buyouts and early retirement offers. A sudden offer can come with a short deadline. Decide how long the money must last, what health coverage costs until Medicare and whether you will keep working.
• Deferred compensation. Executives may need to choose a payout date years in advance. Our investing guide explains the account types behind those trade-offs, and a tax professional should check the details of any payout election.

These choices are hard to reverse. Spend a few hundred dollars on a planning review before signing a form that locks in a decision for decades.

Michigan tax rules worth knowing

Confirm current rules with the Michigan Department of Treasury or a tax professional, since rates and limits change.

Flat income tax. Michigan taxes most income at a single rate, rather than a ladder of brackets. That makes the state side of planning simpler, though federal brackets still drive most decisions.

City income taxes. Some Michigan cities levy an income tax on residents and sometimes on people who work there. Pontiac, in Oakland County, is one of them. If you are choosing between a home in a city that has one and a home in a township or city that does not, include that in your comparison.

Retirement income. Michigan has treated pension and retirement income differently depending on birth year, and the rules have been revised by law in recent years. Social Security is not taxed by the state. Ask a tax preparer how your own mix of pension, IRA and 401(k) income is treated before you pick a retirement date.

No estate or inheritance tax. Michigan does not impose either one. Only the federal estate tax applies, and it affects a small share of families, but wills, trusts and beneficiary forms still matter for control and for avoiding court delays. See our estate planning guide.

Property tax. Michigan limits how fast the taxable value of a home can rise each year while you own it, but taxable value resets when the home is sold. A buyer should not assume the seller’s tax bill carries over.

Retirement planning in Oakland County

With 18.4 percent of residents already 65 or older, retirement is a present reality here, not a distant one. Many retirees come from careers with pensions, others from white-collar jobs with 401(k) balances, and some own small businesses.

A useful plan sorts income into fixed sources and flexible ones. Fixed sources include Social Security and any pension. Flexible ones include IRA and 401(k) withdrawals and taxable accounts. The aim is to cover basic costs with the fixed pieces and let the portfolio handle the rest.

1. Estimate monthly spending in retirement, including property tax, home upkeep and health premiums.
2. List fixed income, and see what is left to cover from savings.
3. Choose a Social Security claiming age that fits your health and your spouse’s benefit.
4. Decide the order in which to draw from taxable, pre-tax and Roth accounts.
5. Plan for long-term care costs, which often arrive late and cost a lot.

Our retirement planning guide works through each step. Michigan winters also lead many retirees to split the year between Michigan and Florida or Arizona, which raises questions about residency and a second home.

Wealth management in Oakland County

Wealth management brings investing, tax, estate and insurance planning under one advisor. In Oakland County it suits executives with stock and deferred pay, physicians and specialists, successful business owners in Bloomfield Hills and Birmingham, and families who have sold a company or inherited property.

Typical fees run as a percentage of the assets managed, with the rate dropping at higher balances. A flat annual retainer is another option. Ask for total costs, including funds, in one figure, and ask which services are included, such as tax return review and estate coordination.

A wealth manager can also coordinate with your attorney and CPA, so that a trust document, a tax return and an investment plan point in the same direction.

Housing, lakes and the cost of owning

Oakland County has more lakes than almost any county in the state, and lakefront and lake-access homes in Waterford, West Bloomfield, Commerce and Orchard Lake come with a particular set of costs. Seawalls, docks, septic systems and flood coverage are common. Older neighborhoods in Royal Oak, Ferndale and Rochester carry their own maintenance bills, from sewer lines to roofs.

With a median home value of $343,600 and median owner costs with a mortgage of about $1,998 a month, housing is manageable for many households, though prices differ a lot between Pontiac and Bloomfield Hills. A few points to check:

• Basement flooding after heavy storms is common in older areas, and sewer backup coverage is often a separate endorsement.
• Furnace and roof replacements should be in the long-term budget.
• Older homeowners weighing a move to a condo or ranch should compare the true cost, including closing and moving expenses.

Our budgeting and saving guide helps set up a repair reserve.

Financial planners in Oakland County

A financial planner writes a plan that links goals to numbers. In a county where many households have two professional incomes, planning often centers on cash flow, saving for children, catching up on retirement contributions and checking whether insurance fits.

Some planners charge a flat fee for a plan, some bill hourly, and some are paid through assets under management. The CFP credential shows that a planner has met education, exam, experience and ethics standards. Ask whether they will update the plan each year and what that costs.

Life insurance in Oakland County

Life insurance protects the people who depend on your income. A couple in Rochester Hills with a mortgage and two children in elementary school may want term coverage that lasts until the youngest is through college. Business owners may need coverage that funds a buy-sell agreement, and families with a child who has special needs may need a trust to receive proceeds.

Term policies are inexpensive compared with permanent coverage, and permanent policies fit narrower goals such as leaving a legacy or covering estate costs. Workplace coverage usually ends when a job does, so a layoff or buyout should prompt a review. See our life insurance guide for the differences.

Investment advisors in Oakland County

An investment advisor manages portfolios for a fee. Advisers register with the SEC or with the state, and registered advisers owe clients a fiduciary duty. You can check a firm’s background and any disciplinary history on the SEC’s adviser search tool before you hire.

Portfolios for Oakland County clients often start from one problem: too much of one stock, or too much cash after a sale. A good advisor will explain how they rebalance, how they keep taxes down and what you pay once fund fees are counted.

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How to choose a financial advisor in Oakland County

Pick on fit, price and trust, in that order of effort.

• Fit. An advisor who has helped engineers with stock awards will handle your files faster than a generalist.
• Price. Get the annual cost in dollars.
• Trust. Check registration, read the Form ADV, and ask what happens if you want to leave.
• Contact. Decide how often you want to meet, and whether video calls suit you.

Talk to at least two advisors, and bring last year’s tax return and a list of accounts.

Universities, hospitals and notable communities

Oakland University in Rochester gives the county a large public campus, and Oakland Community College has several locations. The Cranbrook campus in Bloomfield Hills is known for its schools and museum, and the Detroit Zoo in Royal Oak draws visitors from across the region. Large hospital systems employ physicians, nurses and administrators across the county, which is why many Oakland County households have a health care salary. Families saving for college can compare Michigan’s 529 plan and other options in our college savings guide.

Winters, storms and flooding

Heavy snow and ice can cut power for days, and summer thunderstorms bring wind and flooding. The region saw severe flash flooding in August 2014, and many basements flooded. Review your homeowners policy for water backup and sump pump failure, and keep a cash cushion for deductibles.

Areas we serve in Oakland County

Advisors who serve the county work with residents in Auburn Hills, Farmington Hills, Madison Heights, Novi, Oak Park, Pontiac, Rochester Hills, Royal Oak, Southfield and Troy, as well as Birmingham, Bloomfield Hills, Waterford, West Bloomfield and the rest of the county. Meetings are by phone or video.

Frequently asked questions