Find a Financial Advisor in Montgomery County

Montgomery County at a glance: a university town, a highway hub and the New River Valley

Montgomery County sits in southwestern Virginia, in the New River Valley, between the Blue Ridge and the ridges to the west. Blacksburg is home to Virginia Tech, and Christiansburg, a few miles away along the Interstate 81 and U.S. 460 corridor, serves the county as its shopping and highway center. The two towns are close enough that many people live in one and work or study in the other.

That pairing gives the local economy an unusual shape. A university brings a steady base of faculty, staff, researchers and students, along with the rental housing, restaurants and small businesses that grow up around them. The highway brings retail, warehousing and trucking. Farms and forest fill in the rest of the county, with Jefferson National Forest country on the edges.

The U.S. Census Bureau numbers show it. According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, the median age is only 30.2, the median household income is $72,715 and the median home value is $304,600. Just 55.3% of homes are owner occupied, which is low for Virginia and reflects all the renters, and 48.8% of adults hold a bachelor degree or higher. A financial advisor who serves the Montgomery County area, by phone or video, meets people at very different life stages: students who just opened their first account, young professionals, and long-settled families who inherited land at the edge of town.

Taxes and rules that apply to a Virginia household

Virginia taxes income at graduated rates, and the top rate applies at a relatively modest income level, so most working households pay close to the top rate on much of what they earn. Social Security benefits are not taxed by the state, and older residents can qualify for an age-based deduction on other income. Confirm current rules with the Virginia Department of Taxation or a tax professional.

Localities tax vehicles and other personal property, and the bill arrives separately from income tax. Real estate is taxed by the county and by the towns of Blacksburg and Christiansburg for those within town limits. Virginia has no state estate or inheritance tax, which simplifies planning for many families, although the federal rules can apply to larger estates.

Many households here also have federal paperwork that most workers never see: graduate stipends, scholarship income, fellowships and travel reimbursements, each with its own tax treatment. Rental owners add depreciation, repairs and passive loss rules. A preparer who has handled university and landlord returns can save more than their fee.

Retirement planning in Montgomery County

Employees of Virginia public institutions, including colleges, often take part in a state retirement system, and higher education faculty may be offered a choice between that system and an optional retirement plan. The decision is made early in a career and is hard to reverse, so it calls for a careful comparison of pensions, portable accounts, vesting rules and survivor benefits.

Imagine Gus and Noreen, a pair in their late fifties in Blacksburg, one on the university staff and the other a self-employed contractor. Gus has a pension formula and a supplemental savings account. Noreen has an IRA and a small business. They need to answer when Gus should retire, how Noreen’s income fits in, whether to claim Social Security early, and how to handle health insurance in the years before Medicare. A good retirement plan lays out each choice with numbers.

Retirement here also involves a question of where to live. Some retirees stay for the mountains, the college events and the medical care, and others move to be near grandchildren. A plan should price out each choice, including the cost of selling a house and moving.

Common checkpoints include:

• Comparing a pension with a lump sum or a defined contribution account
• Deciding on a Social Security claiming age that accounts for both spouses
• Managing the years between leaving work and enrolling in Medicare
• Drawing down tax-deferred, Roth and taxable accounts in a sensible order
• Planning long-term care without draining savings

Our retirement planning guide covers these topics in detail, and the budgeting and saving guide is a good start for those still far from retirement.

Life insurance in Montgomery County

A young couple in an apartment in Blacksburg may need little coverage today and much more after a child and a mortgage. Life insurance should follow the stages of life. Early on, an inexpensive term policy bought while healthy can lock in low rates for years. Once a mortgage and children arrive, increase coverage to match, and review it again as they grow.

University employees often get group life coverage through work, and it is typically a multiple of salary. That is a useful base, but it may not be enough for a family with a mortgage, and it may not follow you if you change jobs. Compare it to a calculation based on your own debts, income and years until the children are independent.

Students and recent graduates sometimes have co-signed loans. Check whether private loans are canceled if the borrower dies, because policies differ. A parent who co-signed may want coverage to protect against that risk. Read our life insurance guide for the basic types and questions.

Wealth management in Montgomery County

Wealth in this county is varied. A long-tenured professor or administrator may have a substantial retirement balance. A technology or engineering professional may have stock options from a company that grew out of university research. A landlord might own several rental houses and townhomes, and a longtime resident may own acreage on the edge of town that has grown in value.

Wealth management for these households ties together investments, taxes and estate planning. The questions are practical. How much of your net worth sits in one rental market, and what if enrollment shifts? How do you handle a large gain from selling a rental, and does an exchange make sense? Should you gift appreciated stock to family or a charity instead of cash?

For many families, simplification is the first step: fewer accounts, a clear target mix, and a calendar of annual reviews. Our investing guide describes the basics of asset allocation and diversification.

Financial planners in Montgomery County

Planning for a younger population looks different. A graduate student with a stipend and loans needs a budget and a plan for repaying debt. A newly hired assistant professor needs to choose between retirement options, set up emergency savings and decide when to buy a house. A young couple wants to know how much house they can afford with student loans.

Ask a planner to run scenarios on renting versus buying, since the median home value of $304,600 and median rent of $1,240 make the comparison close for many people. A planner can also help with saving for children’s education, using the guidance in our college savings guide, and with insurance, estate documents and tax planning.

Because the county includes so many people who move in and out, planners often help with transitions: a first job, a move abroad, a new position, a return to school. Each of those has money steps that are easy to miss, such as rolling over an old plan or updating beneficiaries.

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Investment advisors in Montgomery County

An investment advisor selects and monitors your investments. In a community with so many educated, analytical clients, expect good questions about fees, benchmarks and process. Ask whether the firm is a registered investment adviser, read its Form ADV, and find out whether it acts as a fiduciary for all of your accounts.

Some residents prefer to invest on their own with low-cost funds and want a second opinion once or twice a year. Others want full management. Both approaches can work. The right choice depends on how much time and interest you have, and whether you tend to stay calm when markets fall.

University retirement plans often come with a limited list of funds. An advisor can help pick among them, coordinate your plan with your spouse’s, and decide where an outside IRA fits.

Financial advisors in Montgomery County: fees in short

Expect to see a percentage of assets, a flat annual fee, an hourly rate or a one-time planning fee. Commissions apply to some insurance and annuity products. Ask for the total dollar cost per year, get the terms in writing and compare two or three advisors. Our financial advisors guide explains the credentials you may see.

How to choose a financial advisor in Montgomery County

Match the advisor to your stage. A young faculty member may value someone who knows university benefits, while a landlord may want someone who understands rental property taxes and a retiree may want income planning. Ask about typical clients and how often they would meet with you.

Check registration on the SEC and FINRA sites, read any disciplinary record and confirm how the advisor gets paid. Because advisors who serve the area work by phone or video, you can interview a few without leaving home. Choose the one who explains things clearly and answers questions without pressure.

Student housing, rentals and the landlord’s balance sheet

Rental income is part of many local budgets. With a large student population, a house or townhome near campus can bring steady rent, but it comes with turnover, repairs, insurance, vacancy and a sensitivity to enrollment trends. A rental can look strong on paper and still strain cash flow.

Owners should track income and expenses separately from personal accounts, set aside reserves for roofs and heating systems and talk with a tax preparer about depreciation. Think about liability too: an umbrella policy and a limited liability company may be worth discussing with an attorney. Do not let a rental become the whole retirement plan. Spread risk with other investments.

For parents of students, the reverse question comes up: is it cheaper to rent or to buy a place for a child? The answer depends on the number of years, the loan rate and what you would do with the property later.

Mountains, creeks and winter weather

Montgomery County is hilly, with creeks and the New River winding through the valley. Heavy rain can bring flash flooding to low-lying areas, and winter storms can bring ice and snow that close roads and knock out power. Standard homeowners and renters policies often exclude flood, so ask about a separate policy if you live near water.

Renters should consider renters insurance, which is inexpensive and covers belongings and liability. Keep an emergency fund large enough to cover a few days without work if roads close, and a stash of supplies at home. Landlords should check that their policies cover loss of rent.

Working for the university and living in the valley

Virginia Tech is the county’s most recognized institution, and it shapes the rhythm of the year. Staff and faculty get benefits that are generally good but have rules about vesting, leave, health coverage and retirement. Graduate students and postdoctoral researchers often come and go within a few years, which creates a need for portable savings.

If you work for the university, collect your benefit documents every year, review your beneficiaries and check the investment menu. When you leave, decide promptly about your retirement account. An advisor can help you compare keeping it, rolling it over or taking a distribution, and show the tax effect of each.

New to the valley: remote workers and families relocating

Some of the newest residents bring jobs from elsewhere. A remote worker with a salary from a larger metro area may find that housing here stretches further, and that a spare room, a mountain view and a short drive to trails come cheaply compared with where they lived before. That is a real gain, and it also raises planning questions.

Check that your employer withholds the right state tax, and that you have updated your address on every account. Review health insurance, since networks differ by region. Revisit your emergency fund, because a move often brings one-time costs. If you sold a home elsewhere, decide what to do with the proceeds before they linger in a bank account. A planner can lay out a few options in one meeting and show how each changes your timeline.

Areas we serve in Montgomery County

Advisors who serve the area work with residents by phone or video across the county, including Blacksburg, Christiansburg, Elliston, Shawsville, Riner and Prices Fork, and the rural roads in between. Many clients live in one town and work in another, or work remotely for employers elsewhere.

Frequently asked questions