Find a Financial Advisor in Milwaukee County

Milwaukee County at a glance

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, Milwaukee County has a median household income of $64,435, a per capita income of $38,385 and a median home value of $230,700. The median age is 35.5, 14.7 percent of residents are 65 or older, and 34.7 percent of adults have a bachelor’s degree or more. Just 49.9 percent of homes are owner occupied, median gross rent is $1,101 and the unemployment rate is 4.8 percent. The 2025 population estimate is 924,216.

The split between owners and renters is unusually even. That tells you something about planning here: for roughly half the county, the question is how to build wealth without owning, and for the other half, how to manage a house that is often decades old.

Wisconsin is a marital property state

This is the first thing to understand about planning in Milwaukee County. Under Wisconsin’s Marital Property Act, most property acquired by either spouse during the marriage is treated as owned equally by both, much as in community property states. A few categories, such as gifts and inheritances, can stay individual unless they are mixed with marital funds.

That has real consequences. A will does not automatically control marital property in the way many couples assume, and each spouse can generally direct only their one-half share. Couples who moved here from other states may need to update their documents. A unilateral statement or a marital property agreement can change the default rules, and beneficiary designations on retirement accounts still control those accounts. Because the rules are technical, work with a Wisconsin estate attorney, and use a planner to line up beneficiaries and insurance. Our estate planning guide explains the documents involved.

Insurers, brewers, engine makers and a long list of employers

Milwaukee built its reputation on beer, tanneries and heavy machinery, and manufacturing still matters. Harley-Davidson, Rockwell Automation and Caterpillar’s mining operations in South Milwaukee are among the names tied to the county’s industrial heritage, and Molson Coors operates the former Miller brewery. Alongside factories sits a strong finance and insurance sector, including Northwestern Mutual’s headquarters downtown, along with staffing, software and banking jobs.

What this means for an individual depends on the employer. Longtime industrial workers may have a pension or a retiree health benefit that needs careful reading. Insurance and finance employees often get stock awards or deferred compensation. Newer tech and service jobs more often offer a 401(k) match. Understanding which of those you have, and what happens if you leave, is the first step toward a plan. If you are weighing a pension lump sum against monthly payments, take your time and get a second opinion.

Financial advisors in Milwaukee County: finding the right fit

Plenty of advisors work in the Milwaukee area, including at national firms and local independents, and the city has an unusually deep bench of people from the insurance and investment world. That can make choosing harder, not easier. Some advisors are paid by commission on products, some charge a percentage of assets, and some charge a flat or hourly fee. Our guide to financial advisors lays out how those differ.

Advisors we connect you with serve the Milwaukee area by phone or video, so you can meet over lunch at your desk or after the kids are in bed.

Wisconsin taxes that affect a Milwaukee County household

Wisconsin taxes wages and most other income on a graduated scale with several brackets. Social Security benefits are not taxed by the state, and there is a state subtraction for some retirement income that applies to older filers within certain limits. Wisconsin has no state estate tax and no inheritance tax, though federal estate rules still apply to very large estates.

Property tax is the cost that surprises many new owners. Rates in Milwaukee County vary by municipality and school district, so a similar home can carry a different tax bill in Wauwatosa than in Oak Creek. The state also offers credits, including a homestead credit for lower income households and a school property tax credit, with eligibility rules and dollar amounts that change. Confirm current rules with the Wisconsin Department of Revenue or a tax professional.

Housing and cost of living: flats, duplexes and suburban ranches

Milwaukee’s housing stock is older than in the Sun Belt. Brick bungalows, Cape Cods and the classic upper-and-lower duplexes fill neighborhoods such as Bay View, Riverwest and Washington Heights. Suburban ranches and split-levels dominate Greenfield, Franklin and parts of West Allis, and Wauwatosa and the north shore communities of Shorewood and Whitefish Bay have older, higher-priced homes near good schools.

Older homes mean maintenance. A roof, furnace and sewer lateral can each cost thousands of dollars, so a home repair fund is a budget line, not a hope. Owning a duplex and renting out one unit is a time-tested way to cover a mortgage in this market, but it adds landlord duties, insurance, and tax questions that a planner or accountant should help you see in advance.

Wealth management in Milwaukee County for business owners and executives

Wealth management brings investments, tax planning, insurance and estate work under a single plan. In Milwaukee County that suits owners of closely held manufacturers and distributors, physicians in the major health systems, executives with equity pay, and families who have sold a long-held business. Succession is a central issue in a region with many multigenerational companies: Do the children want to run it? Is the business worth more sold or kept? How is it split among heirs?

A wealth manager can coordinate with your attorney and accountant on a buy-sell agreement, a trust or a gift strategy. If you hold a concentrated stock position from an employer, ask about ways to diversify gradually while managing capital gains tax.

Financial planners in Milwaukee County: a plan for the next decade

A financial planner helps you answer a short list of questions. What can we afford? What should we pay down first? How much should go to retirement, college and a house? Because so many Milwaukee County households split costs among renters, landlords, homeowners and multigenerational families, a plan should be written around your own arrangement.

For parents, Wisconsin’s Edvest 529 plan is one way to save for college, and our college savings guide describes how 529 plans work. Planners also help with the common middle-class gaps: no will, no disability insurance, beneficiary forms that were never updated and a single savings account holding everything.

Not sure what to do first?

Share your goals and we will connect you with an advisor who serves Milwaukee County. Free, private and with no obligation.

Get my plan started →

Retirement planning in Milwaukee County

Retirement planning here often involves a blend of pensions, Social Security and savings. State, county and school employees generally participate in the Wisconsin Retirement System, which is well known for its structure and for variable annuity features, and the plan has specific rules about benefits, survivor options and health insurance conversion. City and county workers may belong to local plans with their own rules. Always request a benefit estimate and ask how marital property rules interact with your pension and survivor choices.

Then consider Wisconsin winters. Many Milwaukee retirees divide the year between home and a warmer place, which raises questions about which state counts as your home for tax and legal purposes, and about health coverage while traveling. Others stay near the lake, close to family, and aim to keep the house or downsize to a condo. Our retirement planning guide walks through Social Security timing, withdrawals and Medicare.

Life insurance in Milwaukee County

Milwaukee is a hub for the life insurance industry, which gives residents plenty of access to agents and information. That does not make every policy a good fit. Term life insurance typically provides the most coverage per dollar for working parents, covering years when the mortgage is large and children are young. Permanent policies cost more and can serve estate liquidity, business succession or lifetime needs.

For couples in a marital property state, make sure ownership and beneficiary choices are deliberate, because a policy purchased with marital funds may have ownership consequences. Ask how much of the premium goes toward the death benefit versus cash value, and compare quotes. Our life insurance guide explains how types compare.

Investment advisors in Milwaukee County

An investment advisor builds and monitors the stocks, bonds and funds in your accounts. A registered investment advisor owes a fiduciary duty to clients, but not every person who calls themselves an advisor does. Ask which hat they wear and how they are paid.

For retirement accounts, a handful of low-cost index funds can do the job at a very low price. More complex situations, such as employer stock, rental property or inherited accounts, are where continuing advice can pay for itself. Typical advisory fees are around 1 percent of assets a year. See our investing guide for more on costs and risk.

Lake Michigan, winter storms and sewer backups

Milwaukee County’s risks are tied to water and cold. Heavy rain can overwhelm sewers and flood basements, and Milwaukee has had several storms that sent water into thousands of homes. A standard homeowners policy often excludes sewer backup and sump pump overflow, and you may have to add that coverage by endorsement. Flood from rising water is a separate policy.

Winter brings ice dams, burst pipes and heavy snow. Strong summer thunderstorms and the occasional tornado also cross southeast Wisconsin. Walk through your policy with an agent each year, check limits for water damage, and keep an emergency fund larger than one deductible.

Hospitals, universities and the lakefront economy

Marquette University, the University of Wisconsin-Milwaukee, the Medical College of Wisconsin, Froedtert Hospital in Wauwatosa, Children’s Wisconsin and several large health systems anchor education and care. Summerfest, the Port of Milwaukee and the lakefront draw visitors and support jobs. Graduate students, residents and faculty have their own planning needs, including student loan strategy, disability insurance and retirement plans for university staff such as 403(b) accounts.

How to choose a financial advisor in Milwaukee County

A good fit is someone who explains things in plain terms and does not rush you. Try this checklist when you interview candidates.

1. What exactly will you do for me, and how often will we meet?
2. How are you paid, and what will I pay in total each year?
3. Are you a fiduciary on everything you recommend?
4. Have you handled a situation like mine, such as a pension decision or a business sale?
5. Can I see your record on FINRA BrokerCheck and the SEC adviser database?

Areas we serve in Milwaukee County

Advisors we connect you with serve households across the county by phone or video, including Milwaukee, Wauwatosa, West Allis, Greenfield, Franklin and Oak Creek. The county also includes Shorewood, Whitefish Bay, Glendale, Brown Deer, Cudahy, South Milwaukee and Greendale. Mention your community on the first call, since tax rates and schools differ.

Frequently asked questions