Find a Financial Advisor in Davis County

A Tuesday in Layton: one household’s money questions

Here is an example, invented for illustration. Dan is 39 and works as a civilian employee near Hill Air Force Base. His wife Marisol is 37 and teaches in a Davis County school. They have four children, a house in Layton bought a few years ago, and a 401(k) and a Thrift Savings Plan that neither of them has looked at since the move.

On a normal Tuesday their questions pile up. Should they refinance? Is one term life policy through work enough for six people? What does the oldest child’s college fund look like if the plan is to start in six years? Can Marisol’s pension and Dan’s federal retirement together cover a retirement at 62?

None of those questions is unusual in Davis County, and none has a single right answer. They are the reason people talk to an advisor, and the sections below follow the order that household would probably meet them: a planner first, then investments, then cost, then wealth, retirement and insurance.

Davis County at a glance

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, median household income in Davis County is $110,884 and per capita income is $42,483. The median home value is $505,500, median gross rent is $1,621 a month, and owners with a mortgage pay a median of $2,047 a month. About 77.3 percent of homes are owner occupied. The median age is 32.5, 11.0 percent of residents are 65 or older, and 39.3 percent of adults hold a bachelor’s degree or higher. Unemployment in the survey period was 2.7 percent, and the 2025 population estimate is 381,227.

Per capita income is far below household income because households here are large. A plan built on the household figure alone can overstate how much is left after feeding, clothing and schooling several children.

Financial planners in Davis County

A planner puts the whole household on paper: cash flow, debt, insurance, savings goals and taxes. For a family like Dan and Marisol’s, the first deliverable is often a one page picture of where each month goes and what is left for the mortgage, college and retirement.

Ask to see a sample plan before you hire anyone. Look for clear next steps with dates attached, not a binder. Our budgeting and saving guide is a useful place to start before a first meeting.

Investment advisors in Davis County

An investment advisor manages or recommends portfolios. The practical question for a Davis County saver is usually how to spread money across a workplace plan, an IRA, a my529 account and a taxable account without duplicating risk. The investing guide explains the basic building blocks.

Ask how the advisor is paid, what the portfolio holds and what happens in a bad year. A good answer names the funds, the fee in dollars and the reason each one is there.

Financial advisors in Davis County: what they cost

Advisors are paid in a few ways. Some charge a percentage of the assets they manage, some a flat annual or project fee, some an hourly rate, and some earn commissions on products. Ask for the total yearly cost in dollars, written down, before you sign. Our guide to financial advisors lists the questions worth asking.

For a young family with modest assets, a flat or hourly planner often costs less than a percentage fee. Once investments grow, the percentage model can make sense. Either way, advisors who serve the Davis County area work by phone or video, and the first conversation is free.

Wealth management in Davis County

Wealth management usually means one team coordinating investments, taxes, insurance and estate paperwork. It tends to fit households with a sale of a business, a large inheritance, stock compensation or a net worth that has outgrown simple advice.

In Davis County that often describes a Farmington or Bountiful couple with a family business, rental property on the side, or a long career at a company that paid partly in stock. It can also describe parents who have built real equity in a home that has gained value over the past decade. Ask how a wealth team handles taxes on selling appreciated property, since those decisions often matter more than the investment picks.

Utah has no estate tax or inheritance tax, but federal rules still apply, and a will or trust is still the way to decide who raises minor children and who inherits. Read our estate planning guide if you have not named guardians.

Retirement planning in Davis County

Because the county skews young, retirement planning here is mostly about building habits early. A 35 year old with four children often has competing goals, and the plan has to say which one is funded first. A common order is an employer match, an emergency fund, then retirement contributions, then college savings.

For people who are closer to retiring, the questions turn to Social Security timing, health coverage before Medicare at 65, and where to draw income first. Utah taxes retirement income, and it has offered credits tied to Social Security income and to military retirement pay that phase out at higher incomes, so confirm current rules with the Utah State Tax Commission or a tax professional. Our retirement planning guide covers the basics of each.

Many Davis County retirees stay close to children and grandchildren, so downsizing often means moving a few miles, not a few states. That can free equity without changing community ties.

Life insurance in Davis County

With big households and a high rate of home ownership, life insurance is often the plan’s safety net. Term coverage is the usual fit for working parents, sized to cover the mortgage, childcare, schooling and a few years of lost income. A rough rule some planners start with is a multiple of annual income, then adjust for debts and the number of dependents.

Group coverage through an employer is useful but usually ends when the job does. Look at a separate policy so the protection moves with you. Compare the length of the term with the age of your youngest child, and see our life insurance guide for how policy types differ.

Pay attention to who owns the policy and who is named as beneficiary. Mistakes there can send money to a former spouse or tie it up in court.

Working at or near Hill Air Force Base

Hill Air Force Base, near Layton and Clearfield, is one of the largest employers in northern Utah, and its civilian and military workforce shapes planning for thousands of Davis County households. Federal employees often have a Thrift Savings Plan, FERS pension and Federal Employees Group Life Insurance. Each has rules about beneficiaries, rollovers and what happens at separation or retirement.

Military families have their own issues: Servicemembers Group Life Insurance, the Survivor Benefit Plan, and state tax filing rules that depend on where you are stationed and where you claim residence. A planner who works with federal and military pay can walk through those decisions. Questions to bring include how your TSP is invested, whether your survivor benefit is chosen, and what happens to coverage if you move to a private employer.

The nearby Freeport Center in Clearfield also supports a large private workforce in logistics and manufacturing, many of whom have a 401(k) and no pension, so their planning looks different from a federal worker’s.

Big families and the cost of raising them

Davis County has some of the larger households in Utah, and that changes how money moves. Childcare, school fees, activities, grocery bills and car seats compete with retirement savings in the same month. Planners often suggest naming each goal with a monthly dollar amount, so the plan shows what is funded and what is not.

• Open a my529 account early and automate small monthly deposits. Utah residents may qualify for a state tax credit on contributions, so confirm current rules before relying on it. The college savings guide explains how 529 accounts work.
• Revisit life and disability coverage each time a child is born.
• Include regular giving, including to a church or charity, in the budget so it does not compete with savings by surprise.
• Plan for the years when several children are in college at once.

Earthquakes, foothills and insurance gaps

The Wasatch Fault runs along the base of the mountains through Davis County, and a large earthquake along it is a known risk for homes in Bountiful, Centerville and Farmington. Standard homeowners insurance does not cover earthquake damage. Ask your agent about a separate policy or endorsement and what the deductible would be, because it is often a percentage of the home’s value.

There are other exposures too. Homes in the foothills face wildfire and, after fires or heavy storms, debris flows from canyons. Homes near the lake can have high groundwater, and flood damage is excluded from standard policies. Winter inversions affect air quality, which matters for health costs more than for insurance. Review the policy limits each year, since rebuilding costs have risen faster than many people assume.

An umbrella liability policy is also worth a quote for families with teenage drivers and a trampoline in the yard.

Is your home covered for the risks that matter here?

Describe your situation and we will match you with an advisor who serves Davis County and can review coverage gaps.

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Areas we serve in Davis County

Advisors who serve Davis County work with households throughout the county, including Bountiful, Clearfield, Farmington, Kaysville, Layton and Syracuse. They also help families in Centerville, Clinton, West Point, Sunset, Woods Cross, West Bountiful and North Salt Lake. The south end around Bountiful and Centerville has older, higher priced homes, while Syracuse, Clinton and West Point have more newer subdivisions.

The FrontRunner commuter rail line runs through the county, so many residents commute to Salt Lake City or Ogden. A planner who understands those commutes can account for transit and fuel costs in your budget. Meetings happen by phone or video, so there is no need to drive anywhere.

How to choose a financial advisor in Davis County

Use this checklist when you compare advisors.

1. Ask how the advisor is paid and request the yearly cost in dollars.
2. Ask whether the advisor is a fiduciary at all times when giving advice.
3. Check credentials such as CFP, and look the person up on the SEC and FINRA public databases.
4. Ask about experience with households like yours, such as federal workers or large families.
5. Request a sample plan or a description of the first ninety days.
6. Ask who handles questions between meetings and how fast they reply.
7. Find out where your money is held and who has access to it.
8. Make sure you understand how to end the relationship if it is not working.

Take your time, and compare at least two advisors before choosing.

Frequently asked questions