Find a Financial Advisor in Scott County

Scott County at a glance: growth along the river

Scott County changed more in a generation than most Minnesota counties do in a century. Farm fields south and west of the Minnesota River gave way to subdivisions, shopping centers and warehouses as the Twin Cities spread outward. Shakopee now mixes a historic downtown with an amusement park, a horse racing track and card room, and large distribution buildings. Prior Lake wraps around its lakes. Savage sits on the river near the metro edge. Jordan, Belle Plain and New Prague keep a small-town feel in the south, with farms still part of the economy.

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, the county has about 159,017 residents and a median age of 37.8. Median household income is $119,314 and per capita income is $54,014. About 44.1% of adults hold a bachelor’s degree or higher, unemployment is listed at 3.5% and 12.7% of residents are 65 or older. The median home value is $419,400 and 83.8% of homes are owner occupied.

Those figures describe a county of mid-career professionals, dual-income families and growing households. Money here goes first to the mortgage, then to child care and school costs, and only after that to long-term goals, which is why retirement saving can slip. Our guide to budgeting and saving is a plain place to build a baseline before meeting an advisor.

Minnesota tax and estate rules that reach Scott County households

Minnesota has a state income tax with several brackets, and in recent years the state stopped taxing Social Security for most people. Rules and thresholds change, so confirm current details with the Minnesota Department of Revenue or a tax professional. Minnesota also levies its own estate tax at a threshold well below the federal one, which surprises families who assume that a modest estate is safe. A couple with a $420,000 home, retirement accounts and life insurance can cross that line without feeling wealthy.

Property taxes rise with valuation and with local levies for schools, the county and cities. Savage, Shakopee and Prior Lake differ, and a home’s classification affects its bill. Read your annual notice carefully and learn how to appeal if you think the value is wrong. A summary of what to document is in our guide to estate planning, which also explains why beneficiary forms matter.

Retirement planning in Scott County

The average household here is far from retirement, which is an advantage. A couple at 40 who contribute steadily to workplace plans have decades of compounding ahead. The risk is that child care, a big mortgage and lifestyle spending crowd out savings. A common target is to save 15 percent of gross income across workplace plans and IRAs, though your own number depends on age, pension and goals.

For those closer to 60, the questions get specific. Take a couple, 60 and 62, who both work for large Twin Cities employers. Each has a 401(k), one has a small pension and both expect Social Security. They need to decide when to retire, how to cover health insurance until Medicare and how to draw from taxable, pre-tax and Roth accounts in a sequence that keeps taxes low. Our retirement planning guide covers the building blocks.

Many Scott County retirees later consider downsizing. A house bought near $420,000 may have grown in value, and selling it can fund part of retirement. Think through where you would live, what a smaller home costs and the tax result of a sale.

Life insurance in Scott County

A mortgage near $2,329 a month, the median owner cost with a mortgage here, is a heavy obligation for a family to carry on one paycheck. That alone makes life coverage a priority for young parents. A rule many families use is ten to fifteen times income in term coverage, adjusted for existing savings, debts and the number of children. Compare this against group life offered at work, which is often one or two times salary. Our guide on life insurance explains how to size a policy.

Stay-at-home parents often go uninsured, though the cost of replacing child care, cooking and transportation is large. A policy on each adult is usually sensible. Business owners, including those who run trades or small firms in the southern towns, may also want a policy that funds a buy-sell agreement.

As you age, review what you hold. Term coverage that was right at 35 may no longer be needed at 60, while a permanent policy might serve a planned estate bill.

Wealth management in Scott County

Income from large employers often arrives as base pay plus bonuses, restricted stock or options. Selling shares at the wrong time, or holding too much of one company, can undo years of good saving. Wealth management here frequently centers on equity compensation: when shares vest, how they are taxed and how to diversify without paying more tax than necessary.

Business owners and professionals add other needs. A dentist opening a second office, an owner of a trucking or construction company or a couple who farm land south of Jordan all hold wealth that is illiquid and tied to the business. A wealth manager coordinates with an accountant and attorney on succession, retirement funding and gifting. Ask for a clear description of how the team works and what you will pay.

Equity pay or a business to plan around

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Financial planners in Scott County

The typical planning client is a two-income family with kids. A planner pulls the pieces onto one page: emergency fund, mortgage prepayment versus investing, saving for school, life and disability coverage and retirement accounts. If your children are young, our overview of college savings shows how education accounts work. A fixed-fee plan can cost less than ongoing management, and many households use a planner once every few years for a tune-up.

Investment advisors in Scott County

Investment advisors manage portfolios, and with higher incomes comes a bigger taxable account to look after. Placing assets in the right account type, harvesting losses and rebalancing carefully can improve after-tax returns over time. Ask how an advisor chooses investments, how they report performance and what they charge, then read our investing guide to check the language.

Financial advisors in Scott County and what the fees look like

Fees typically fall into four patterns: a percentage of assets, a flat retainer, hourly billing or commissions. A fee of one percent on a $500,000 account is $5,000 a year, so small differences add up over decades. Always ask for dollars and what is included. Our overview of financial advisors compares the types.

How to choose a financial advisor in Scott County

Look for someone who has worked with households like yours, whether that means equity pay, a business or a young family. Verify registration, ask how they are compensated and whether they must act in your interest, and talk to two or three. Advisors who serve the area work by phone or video, so a Prior Lake or Jordan household can meet with a planner anywhere without a drive across the metro.

High water, hail and summer storms

The Minnesota River floods in wet springs, and low areas near the river and its tributaries can be affected. Standard homeowners policies exclude flood, so check your coverage if you live near the water. Hail and wind are the more common claims in the metro area, and some insurers apply a separate, higher deductible to wind and hail. Learn what your deductible is as a dollar amount before a storm, and keep an emergency fund large enough to cover it. Sewer backup coverage is a small add-on that can save thousands.

Winter adds its own costs. Heating bills, snow removal and vehicle repairs are budget items that rise just when holiday spending does. Setting aside a monthly amount for annual home upkeep, roughly one percent of the home value, is a simple habit.

Growing into a bigger home

Many Scott County families start in a townhome or starter house and move up as income and children grow. Median gross rent is $1,568, so renters often decide to buy relatively quickly. Before stepping up, work out what the new payment, property tax and insurance will be and whether you can keep saving at the same rate. A useful test is whether you could still afford the payment if one income paused for a year. If the answer is no, the house may be too large for now.

Lake properties around Prior Lake add another layer. Waterfront homes carry higher taxes and insurance, and seasonal costs such as dock and lift installation. Families who buy one should plan for those costs and for how the property will be passed on.

Working in the metro, living in Scott County

A large share of residents leave the county each weekday for jobs in Minneapolis, Bloomington, Eden Prairie and other parts of the metro, while others work locally in distribution, retail, hospitality, health care, schools and construction. Highways 169, 13 and 101 carry much of that traffic, and a slow bridge crossing or a winter storm can add real time to the day. Two commuters in one household means two vehicles, two insurance policies and a steady cycle of tires and repairs. Those costs deserve a line in the budget, not a surprise in the spring.

Employer benefits matter more than many people realize. A worker at a large company may have a match on retirement contributions, a health savings account, stock purchase plans and disability coverage. Leaving the match unclaimed is leaving pay on the table. When a spouse changes jobs, sit down together and compare plans for health coverage, deductibles and retirement matching before choosing which of the two employers should hold the family coverage.

Self-employed residents, from contractors to consultants, need to set up their own retirement plan and pay estimated taxes. Putting aside a fixed share of each payment into a separate account makes quarterly payments easier. An advisor can help pick between the plan types available to a sole proprietor and show how contributions lower taxable income.

Paying for school and first cars

With a median age under 38, many Scott County households have children at home or on the way. Child care costs can rival a mortgage payment for a few years, then give way to activity fees, sports, braces and eventually driving costs. When a teenager starts driving, auto insurance can jump, and it pays to shop around and ask about discounts for good grades or completed driver training.

Saving for college works well with a steady habit. A family that puts $200 a month into an education account from a child’s birth can build a meaningful fund, and grandparents often wish to contribute. Discuss with an advisor how a college account affects financial aid and what to do if a child chooses a different path, such as trade school or work, since some accounts allow a change of beneficiary.

Do not let college savings push out retirement savings. Students can borrow for school, but no one lends for retirement. Many advisors suggest funding your own retirement first, then adding to education accounts with whatever is left.

Areas we serve in Scott County

The largest communities are Shakopee, Prior Lake and Savage. Others include Jordan, Belle Plain, Elko New Market, New Prague, Credit River and Spring Lake. Advisors who serve the area, by phone or video, can work with households in each of these places.

Frequently asked questions