Find a Financial Advisor in Story County

Story County at a glance: after the derecho, farm weather and a very young population

Anyone who lived in central Iowa in August 2020 remembers the derecho. Winds flattened corn, tore roofs and downed trees across Story County in a matter of minutes, and many homeowners and farmers learned the hard way what their policies covered. That storm is the clearest example of the risk that shapes money here, and the same weather threatens crops every summer through hail and wind. A county where farm income and household budgets both depend on the sky needs plans built with a margin for error.

Story County also has an unusual age profile. According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, the figures look like this.

Story County sits in the middle of the state, with Ames in the center, Nevada as the county seat and small farm towns spread across the surrounding cornfields. Money questions run from student loans and first jobs to farmland leases and retirement from a university career. Advisors who serve the Story County area, by phone or video, can help across that whole range.

Life insurance in Story County for young families, researchers and farmers

With a median age near 27, many people here are early in their careers and just starting families. They often assume life insurance can wait. It costs the least when you are young and healthy, because premiums rise with age and a health problem can make coverage costly or unavailable.

A new parent with a mortgage and a small savings account usually needs a term policy that runs twenty to thirty years. Farmers need a policy that fits the farm, since a death can force the sale of land or equipment to pay debts and taxes. Faculty, staff and researchers often have group coverage through the employer, though the amounts may be small relative to the family’s needs and the coverage ends if you change jobs.

Example: Priya, 31, is a postdoctoral researcher in Ames and her husband Marcus, 33, teaches high school. They are expecting their first child and have a $240,000 mortgage and student loans. An advisor would compare group coverage with a personal twenty-five year term policy for each of them, check the beneficiary forms and make sure a will names a guardian. Read more in our life insurance guide.

Retirement planning in Story County under Iowa rules

Iowa has recently overhauled its income tax. The state moved toward a flat rate and, for people aged 55 and older, exempted retirement income from state tax. Social Security benefits are also exempt. Because the rules were changed by new laws, confirm current rules with the Iowa Department of Revenue or a tax professional before making decisions based on them.

Retirement here can look quite different from one household to the next. University employees and teachers may have pensions or retirement accounts that fit the employer, and Iowa public employees usually participate in the Iowa Public Employees’ Retirement System. Farm owners often plan to rely on land, rent and a sale, with a limited amount in a traditional retirement account. Small business owners in Ames, Nevada and the smaller towns need a plan of their own.

A strong retirement plan sets the date you can afford to stop, works out Social Security timing and Medicare, and decides how to draw down a mix of accounts. For households whose wealth sits in farmland, it also shows how to turn land into income without selling the farm. Start with our retirement planning guide.

Farmland and family estates in Story County

Iowa farmland is valuable, and Story County has plenty of it. Many families own land that has passed down for generations, or they own part of an estate with siblings who live elsewhere. That can cause friction: one heir wants to farm, another wants to sell, and the land is worth far more than the operating cash.

Key questions for farmland owners include whether to hold land in a trust or an entity, how a cash rent or crop share lease is set up, what happens at death for tax purposes, and whether heirs get equal value or equal acres. Federal estate tax affects only very large estates, and Iowa has been phasing out its inheritance tax, so confirm the current law. Capital gains on a sale can still be large, though land held until death generally gets a stepped-up basis under current federal law. A farm attorney, a tax professional and an advisor should work together. Our estate planning guide covers the first steps.

Wealth management in Story County for professionals and landowners

Wealth management combines investing, tax planning, insurance and estate planning. In Story County it fits a few groups: university faculty and researchers with equity or consulting income, physicians and other health professionals, business owners in Ames and the smaller towns, and families with farmland.

A common problem is concentration. A business owner may hold most of their worth in one company. A farm family may hold it in land. A technology employee may hold a lot of company stock. A wealth manager can map the concentration, suggest ways to spread the risk and fit taxes into the plan. They can also coordinate gifts and education savings across generations.

Given the educated workforce, some clients arrive with strong opinions and plenty of reading. A good advisor welcomes that and explains choices in plain terms rather than leaning on jargon.

Investment advisors in Story County

An investment advisor builds and manages a portfolio of stocks, bonds and funds. In Ames, many clients are young, with decades to invest and not much money to start. For them, the most valuable step is a regular contribution to a retirement account or an IRA, invested in a low-cost mix.

For those with more assets, such as a physician, a farmer who sold land or a retiring professor, the advice is more detailed. The advisor looks at taxes on gains, the mix of stocks and bonds, income needs and the effect of a market decline. Check how the advisor is paid and ask for a written description of the approach. Our investing guide lists questions worth asking.

A caution for farm families: land is not a diversified investment, no matter how well it has done. Putting extra cash into other assets can reduce the risk that a bad year or a land price drop hurts the whole family.

Financial planners in Story County

A financial planner turns goals into a written plan. For the younger half of the county, that often means tackling student loans, setting up an emergency fund, planning a first home purchase and starting retirement savings. For mid-career households, it means college funding, insurance and a plan to catch up on retirement.

The college savings guide explains 529 plans, and Iowa has a plan of its own with possible state tax benefits, so ask a planner or tax professional about current details. The budgeting and saving guide helps with the basics.

Planners also help people who change jobs often. Researchers and graduate students may move for new positions every few years, which makes it important to roll over old retirement accounts, keep track of benefits and avoid gaps in health insurance.

Financial advisors in Story County and the cost of advice

The term financial advisor is used loosely, and it helps to ask exactly what a person does and how they get paid. A short list of the main pay models:

• Assets under management: a yearly percentage of what you invest with them.
• Flat or hourly fees: a set price for a plan or a review.
• Commissions: payment from product companies when you buy.
• Hybrid: a mix of the above.

In a county with so many young households, flat-fee and hourly planning often make sense early on, and ongoing management comes later when savings grow. Whatever you choose, ask for the first-year cost in dollars. For more background, see our financial advisors guide.

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Money by life stage in Story County

Students and graduates. Federal and private loans, a first job and a first lease. The goals are repayment, emergency savings and a retirement plan from the first paycheck.

Young families. Childcare, a first home and term life coverage. This is also a good time to write a will and name guardians.

Established households. Higher income, higher spending and more risk. Raise retirement savings, review insurance and plan for college.

Landowners and business owners. Succession, leases, taxes and liability.

Retirees. Income from savings, Medicare, care costs and legacy planning. Some stay in Ames near family and the university community, while others move to a small town or leave the state.

Iowa taxes and paperwork for Story County households

• Iowa income tax has moved toward a flat rate, and the details change, so check the current year.
• Social Security is not taxed by Iowa, and retirement income is exempt for those who are 55 or older under current law.
• Property taxes are set locally. Iowa has rollbacks and credits that can lower the bill, and farmland is valued differently from homes.
• Sales tax applies to most goods, with a local option in many counties.
• Farm income has special reporting rules, so work with a preparer who knows agriculture.

An advisor can coordinate with your accountant so decisions on investments, retirement and gifts line up with the tax picture.

Derecho, hail, flood and insurance gaps in Story County

The 2020 derecho taught many Iowans that wind damage can be widespread and that contractors, materials and adjusters become scarce after a major storm. Hail is a yearly threat, and the Skunk River and creeks can flood low ground after heavy rain. Winter ice and cold are routine.

Review these points each year:

1. Is your roof covered at replacement cost or actual cash value? Older roofs are often paid at a reduced value.
2. What is the wind and hail deductible, and is it a flat amount or a percentage of the home’s value?
3. Do you have a separate flood policy if you live near a river or creek?
4. Does your auto policy include comprehensive coverage for hail?
5. If you farm, what do your crop and equipment policies cover, and what is excluded?

Keep photos of your home and its contents, store copies online and know your policy before a storm, not after.

Renting, buying and the housing payment in Story County

Only 55.5% of homes are owner occupied, a lower share than much of Iowa, because of the large renter population. The median home value is $258,700, median rent is $1,018 and median owner costs with a mortgage are $1,710 a month. For a household with the median income of $69,685, that is a manageable but meaningful share of pay.

Buyers moving from out of state or from graduate housing should compare Ames with smaller towns such as Huxley, Story City or Nevada, where prices may be lower and commutes short. A planner can help set a down payment target, compare a fixed-rate mortgage with other options and test the budget against insurance and repair costs.

Graduate students, postdocs and early-career workers in Story County

A university town has a steady stream of people who earn little while training and a lot more later. Graduate students and postdoctoral researchers often live on stipends, borrow to bridge gaps and move on after a few years. The money habits they set now can pay off for decades.

Three steps matter most. First, understand your loans: the interest rate, whether payments can be tied to income and whether any public service forgiveness program might fit your next job. Second, if a retirement account is offered, even a small contribution adds up over a long career. Third, keep health insurance continuous when you change positions, since a gap can be costly.

International students and scholars face extra rules about taxes, bank accounts and which accounts they can open, so they should seek advice from the university office and a qualified tax professional before choosing investments. When a first full-time job arrives with equity, a signing bonus or relocation pay, a planner can help turn a raise into a lasting plan instead of a bigger lifestyle.

Small towns around Ames: commuting, local business and slower growth

Outside Ames, Story County is a collection of small towns where people know each other. Many residents commute to Ames for work, and many work in farming, trades, schools and local shops. Business owners in these towns often have no employer plan, no group insurance and little time to think about retirement.

For them, a solo or small business retirement account can shelter income from tax and build savings. Disability coverage protects the business owner’s paycheck, and a buy-sell plan protects the business if a partner dies. Farm equipment, trucks and commute miles add up to meaningful liability, so an umbrella policy is worth pricing.

Housing in the small towns can cost less than in Ames, though homes may be older and need upkeep. Ask a planner to run the numbers on commute cost, house size and repairs together, instead of looking only at the purchase price.

How to choose a financial advisor in Story County

Q: What should I decide first? A: What you want help with. A one-time plan, ongoing investing, farm succession and insurance all point toward different people.

Q: What should I ask? A: How you will pay in dollars, what duty the advisor owes you, who holds your money and what happens if the advisor leaves the firm.

Q: How do I check? A: Use adviserinfo.sec.gov and FINRA BrokerCheck, and look for disciplinary history.

Q: Does the advisor need to be nearby? A: No. Many advisors who serve Story County work by phone or video, and you can meet during a lunch break or after the kids are in bed.

Areas we serve in Story County

We help residents across Story County reach advisors who serve the area, by phone or video. That includes Ames, the largest city, and Nevada, the county seat, along with Huxley, Story City, Roland, Cambridge, Maxwell, Slater, Colo, Collins, Gilbert and Zearing, and the farms between them. Whether you live near campus, in a small town or out on the land, an advisor is one call away.

Frequently asked questions