Find a Financial Advisor in New Hanover County

New Hanover County at a glance: a small coastal county with a big retiree pull

New Hanover is one of the smallest counties in North Carolina by area, yet it holds about 246,000 people on a strip between the Cape Fear River and the Atlantic. According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, the median household income is $75,166, and per capita income is $48,592. Median home value is $387,800, and 45.4% of adults hold a bachelor’s degree or higher.

A port, a campus, hospitals and a film industry

Wilmington’s economy has changed shape several times. It was a rail and shipping hub, then a manufacturing town, and for the last few decades it has leaned on healthcare, higher education, tourism, the state port and a television and film production industry that has employed crews for years. UNC Wilmington anchors the education side, and medical care for a large retiree population keeps healthcare among the largest sources of jobs.

Several of those jobs are seasonal or project-based. A film crew member may work for weeks and then wait for the next production. A restaurant manager in Wrightsville Beach earns most of the year’s income between spring and fall. Freelancers and seasonal workers need irregular-income budgeting, a larger emergency reserve and their own retirement accounts, since no employer is setting one up. A planner who understands that rhythm can set a base budget on the leanest month rather than the busiest.

Taxes and rules for coastal owners

North Carolina taxes income at a flat rate, does not tax Social Security and does not currently levy an estate tax. Property tax is local, and coastal property values have risen quickly, which can lead to higher bills after a revaluation. Owners of second homes or vacation rentals should confirm the occupancy tax and sales tax rules for rentals. Everyone should check current rules with the North Carolina Department of Revenue or a tax professional.

If you move here from another state, update your domicile carefully. Driver’s license, voter registration, vehicle registration and where you spend most of the year can all be used to decide your tax home. Former high-tax-state residents sometimes leave a paper trail that invites an audit. A planner can help make the change tidy.

Retirement planning in New Hanover County

Wilmington draws retirees from the Northeast, the Midwest and other parts of the Southeast, and many bring a lump of home equity from a sale elsewhere. A couple in their late sixties, for instance, might sell a house in New Jersey, buy a townhome near Wilmington and have six figures left over. The decision to invest that remainder, pay down debt or hold it for medical costs is the first real planning question.

Other issues follow. Retirees moving from out of state should look for new doctors and confirm that their Medicare plan has local providers. Long-term care deserves honest attention in a county with so many older adults, and it is better to talk about it in your sixties than in an emergency. Sequence-of-returns risk, the danger of withdrawing during a market drop, calls for a cash buffer of a year or two of spending. For fundamentals, read the retirement planning guide.

Life insurance in New Hanover County

Among the families here, many have a household with two incomes and a pricey mortgage, with insurance costs on top. Level term insurance often protects them while the mortgage and children are the priority. Retirees ask different questions: whether to keep an old whole life policy, whether to use it to leave money to children and whether a policy with long-term care features beats paying for care from savings.

Be sure the beneficiary on each policy matches your current wishes. People who relocated here years ago sometimes still list a former spouse. The life insurance guide explains types of coverage in plain terms.

Wealth management in New Hanover County

Significant wealth here often rests on three things: coastal real estate, a business serving visitors and residents, and savings brought by retirees. Wealth management coordinates them. It might include moving part of a large home gain into diversified investments, setting up a trust for a beach house that several children want, or planning charitable gifts to local causes. If you own property in more than one state, you may need wills or trusts in each. Read the estate planning guide to see where documents fit.

Financial planners in New Hanover County

A financial planner suits working households managing high housing costs on service or healthcare pay. Planning here often starts with the rent or mortgage, since both take a large share of income, and moves to insurance deductibles, an emergency fund and retirement savings. For a nurse buying a condo in Wilmington, a plan can test how much house is truly affordable once flood insurance and association fees are included.

Investment advisors in New Hanover County

Investment advisors help turn savings into a portfolio. Retirees often want income without too much risk, while younger professionals may need help with employer stock or a sudden inheritance. Ask how the advisor will manage taxes in a taxable account, and whether fees are lower for larger balances. If you are new to markets, the investing guide covers the basics.

Financial advisors in New Hanover County: what you pay

Advisors may charge a percent of assets, a flat annual fee, an hourly rate or commissions. Request the all-in annual cost in dollars and whether any product commissions exist. Compare at least two quotes.

How to choose a financial advisor in New Hanover County

Prefer an advisor who has worked with coastal homeowners or retirees who relocate, because the problems repeat. Verify their registration with the SEC or North Carolina securities regulators, ask if they act as a fiduciary and see how they communicate. Remote service is common, so you can work with an advisor from your living room, a rental in the winter or another state altogether.

Hurricane season, flood zones and what your policies leave out

The Wilmington area has been struck by major hurricanes, and the flooding after Florence in 2018 reached well inland along the Cape Fear River. A standard homeowners policy covers wind damage but excludes flood, so flood insurance is a separate purchase, and a new flood policy generally has a waiting period before it takes effect. Many coastal policies also carry a separate and higher deductible for named storms, calculated as a percentage of the home’s insured value.

Before each season, photograph the home inside and out, save the images off-site and review coverage limits. Some barrier-island homes can only get coverage through a state-backed insurance pool, and premiums keep rising. Build the cost of insurance and storm deductibles into any decision to buy, and keep a cash reserve large enough to cover a deductible plus temporary housing.

Short-term rentals and second homes

A beach house that earns rent can look like a clever investment, but returns depend on occupancy, management fees, repairs, insurance and taxes. Some towns and neighborhoods restrict short-term rentals, and rules vary between Wrightsville Beach, Carolina Beach and Kure Beach. Before buying, run the numbers with realistic occupancy and ask how the property would work if you could not rent it. Owners should also carry liability coverage that matches rental use, and consider an umbrella policy.

For families who want to hand a beach house to children, the harder question is fairness: one child may want it, another may want cash. Written agreements and clear estate documents prevent arguments, and a trust or limited liability company is sometimes helpful.

Own or buy a coastal home?

Get help weighing storm costs, rentals and estate plans with an advisor who serves New Hanover County.

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Working households and the cost of living by the water

Retirees get most of the attention, but a large group of residents work in kitchens, hospitals, classrooms and hotels and live on far less than the county median. For them, a rent of $1,417 or more can take half of a paycheck. A home that costs $387,800 is out of reach unless two incomes and a sizable down payment come together.

Planning for this group is practical. Compare commute costs and rent between neighborhoods, check whether an employer offers a retirement match and take it, and keep renter’s insurance with coverage for storm-related living expenses. When an employer offers a health savings account or a flexible spending account, those can soften medical costs. If you rent, you may be able to save for a down payment inside a high-yield savings account or a short-term bond fund, depending on how soon you plan to buy.

First-time buyers should leave room in the budget for flood insurance, wind coverage and a reserve for the storm deductible. Many lenders require flood coverage in mapped zones, but even outside those zones, a share of flood claims arise elsewhere.

Areas we serve in New Hanover County

Advisors who serve the area work with residents of Wilmington, Wrightsville Beach, Carolina Beach, Kure Beach, Castle Hayne and Ogden, by phone or video.

Frequently asked questions