Find a Financial Advisor in Knox County

Rivers, ridges and interstates: getting around Knox County

Knox County is built around the Tennessee River and a series of long ridges that run southwest to northeast, which gives the county its look and its traffic patterns. Downtown Knoxville sits on the river, with the University of Tennessee campus just to the west. Farragut and Bearden spread out along the west side, Powell, Halls and Karns lie to the north and northwest, and South Knoxville across the river climbs toward the foothills. The Great Smoky Mountains National Park is a short drive east, in the neighboring counties. This page is about Knox County, Tennessee only. Illinois, Kentucky, Maine and many other states also have a Knox County, each with different taxes and housing.

Interstates 40, 75 and 640 and the Pellissippi Parkway shape the commute. Many residents drive west to jobs along the parkway or toward the national laboratory in Oak Ridge, and others work downtown or at the hospital and university complexes near the river. Because the ridges limit the number of cross-town routes, a house ten miles away can mean a 40-minute drive at rush hour, and housing prices in Farragut reflect that trade-off.

Financial advisors in Knox County: costs, models and what to ask

An advisor can be paid in several ways: a percentage of assets, a flat annual fee, an hourly rate or commissions on products. There is no single correct model. What matters is that you see the full price in dollars and that the pay arrangement matches the help you need. Someone with a $90,000 rollover may not need ongoing management, while a household with $1.2 million and a complicated tax picture could.

Tennessee has no state income tax on wages, so advisors here spend less time on state tax filing and more on federal tax, sales tax, property tax and insurance. Ask about conflicts of interest and how the advisor handles them, and request the answer in writing. Our guide to working with a financial advisor covers the questions to ask. The consultation we arrange is free, and you do not have to hire anyone afterward.

Investment advisors in Knox County: from TVA pensions to university plans

Investment advisors build and monitor the portfolio. In Knox County many people hold a defined-benefit pension or a federal plan on top of a 401(k) or 403(b), which changes how much risk they need in the portfolio. Someone with a fixed monthly pension can often invest the rest more growth-oriented than someone without one.

Consider a pair in West Knoxville, ages 52 and 50. He works for a utility with a pension and a 401(k), she is a university employee with a 403(b) and a Tennessee Consolidated Retirement System account. An advisor can look at the total picture, choose a target mix across accounts and make sure funds are not duplicated. Ask how often the portfolio is rebalanced and what the all-in cost is each year. Our investing guide covers the basics.

Financial planners in Knox County: students, young families and first homes

A financial planner looks at the full household. Knox County has a large student and young professional population because of the University of Tennessee, and a growing number of families moving in from other states. Housing costs have risen, so many first-time buyers stretch to afford a house in Hardin Valley, Powell or Farragut.

A realistic case is a couple in their early thirties, new to Knoxville, with a $330,000 home purchase, one child and a car loan. The planner helps them decide how much of the budget goes to the mortgage, how to build an emergency fund and which retirement accounts to use. Because Tennessee has no income tax, it does not offer a state tax deduction for 529 contributions, but the accounts still grow tax-deferred, and our college savings guide explains how they work. Our budgeting guide is a useful first read, especially for households watching grocery and sales tax costs.

Wealth management in Knox County for business owners and executives

Wealth management brings together investments, taxes, estate documents and business planning. In Knox County, it fits owners of family businesses, trucking and logistics firms along the interstates, physicians and specialists at the larger health systems, and executives at companies that have headquarters in the metro. Knoxville is the home of the Tennessee Valley Authority, and companies such as Pilot Company and Regal have long been based here, so some households hold employer stock or deferred pay.

Take a couple in Farragut, ages 58 and 56, who own a stake in a family distribution company. A wealth manager would work with their accountant to plan a sale or succession, think about how the proceeds would be invested and prepare estate documents. Tennessee has no state inheritance or estate tax, but federal rules still apply to larger estates. Our estate planning guide covers wills, trusts and beneficiary forms.

Life insurance in Knox County: coverage for families and small businesses

Life insurance pays a death benefit that replaces income, covers debts and gives a family time. In Knox County, families with children and a mortgage commonly need term insurance that lasts 20 to 30 years. Self-employed contractors, dental and medical practice owners and farm families may also need coverage tied to business loans or a buy-sell agreement.

Because Tennessee has no income tax, the sales tax and property tax tend to be the larger public costs, and the death of an earner can strain a household that has little cushion. Check any coverage you have at work, since it often ends when you leave. Compare quotes from several insurers, ask how premiums are locked in and review your coverage after major events such as a birth, a new home or a retirement. Our life insurance guide explains term, whole and universal life.

Retirement planning in Knox County: a popular place to retire

Knoxville draws retirees who want a mild four-season climate, a lower cost of living than many large metros, no state income tax and easy access to the Smokies. Tennessee does not tax Social Security, pensions, IRA withdrawals or 401(k) distributions, which makes income planning simpler than in many states.

New arrivals sometimes underestimate other costs. Property taxes are lower than in many states, but home prices, sales tax on groceries and car registration add up, and health insurance before Medicare requires a plan of its own. Tennessee offers property tax relief programs for older and disabled homeowners, and the rules and income limits change, so confirm current rules with the county or the state. A couple moving from the Northeast to Farragut at 64 should compare the full yearly cost before they sell. Our retirement planning guide walks through the main steps, including Social Security timing and Medicare enrollment.

Taxes and paperwork for Knox County households

Tennessee taxes spending and property instead of wages. The state sales tax is among the higher ones, and local governments add to it, so a household’s yearly cost is better estimated by tracking actual purchases than by relying on a comparison with other states. The old tax on interest and dividends has been repealed, and the state does not levy an inheritance or estate tax.

Property taxes are billed by both the county and, inside city limits, the City of Knoxville. Appeals follow a schedule with a deadline, so keep your notice of appraisal and compare it with recent sales of similar homes. Older homeowners can ask about the tax freeze and relief programs offered by the state, and the application process requires documentation each year. Keep a folder with your appraisal notices, insurance policies, beneficiary forms and retirement account statements. Because there is no state income tax return, many people let this paperwork slide, which makes it harder to find during an emergency.

Have paperwork scattered across drawers?

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Flash floods, storms and Smoky Mountain wildfires

Knox County’s valleys collect rain quickly. Heavy storms can bring flash floods along creeks and low areas, and the county has seen severe thunderstorms with straight-line winds that bring down trees. In November 2016, wildfires near Gatlinburg in the Smokies caused deaths and destroyed hundreds of homes, and smoke reached Knoxville. Winter ice storms occasionally shut down power. Standard homeowners insurance excludes flood, so ask whether a flood policy fits your address, and read your wind and hail deductible. A larger emergency reserve helps with outages and repair bills, and a documented home inventory helps with claims.

The University of Tennessee, hospitals and federal science

The University of Tennessee, Knoxville is the county’s well-known institution, and the University of Tennessee Medical Center and Covenant Health provide thousands of jobs. Oak Ridge National Laboratory and related federal contractors in nearby Oak Ridge employ many Knox County residents. Faculty and hospital staff often hold 403(b) plans, and federal and contractor employees have their own pension or Thrift Savings Plan rules. Each type has distinct rules for rollovers, survivor benefits and withdrawals, which an advisor can explain.

Areas we serve in Knox County

We connect people with advisors who serve the Knox County area, including Knoxville and Farragut, along with nearby communities such as Powell, Halls, Karns and Bearden. Advisors work by phone or video, so you can meet from home or the office.

How to choose a financial advisor in Knox County

First figure out what you want. Some people need a retirement income plan, some need help with an inheritance, and some want a second opinion on a plan they already have. Say so up front, because it determines whether you need a planner, an investment manager or both.

Then ask about payment and credentials. Request the total yearly cost in dollars, confirm whether the person is a fiduciary and look up the CFP designation and the SEC and FINRA records. Tennessee residents who move from other states should ask whether the advisor understands the Tennessee tax system and the federal pension rules that apply to them.

Finally, choose a person you can talk to. Meet by phone or video with at least two advisors, and notice whether they listen first or sell first.

Game days, short-term rentals and second homes

Football Saturdays at Neyland Stadium turn the river corridor into a very busy place, and some homeowners near campus and South Knoxville rent rooms or whole houses on game weekends. Rental income is taxable, local rules on short-term stays can change, and a standard homeowners policy may not cover paying guests, so check with your insurer and the city or county before you list a property.

The same questions arise for families who buy a cabin in the Smokies or a condo for a student. Weigh the loan, insurance, property tax and upkeep against what it earns, and think about who inherits it. An advisor can run those numbers with you, and an estate attorney can explain how to title the property so it passes smoothly.

Frequently asked questions