Find a Financial Advisor in Henrico County

Henrico County wraps around Richmond, and so do its commutes

Henrico County curves around the north side of the city of Richmond, from the Short Pump area in the west through Glen Allen and Lakeside to the older neighborhoods of Highland Springs and Sandston in the east. Interstate 64, I-95 and I-295 tie it together, and Richmond International Airport sits in the eastern end. Because the county touches the city on three sides, many households live in one jurisdiction, work in another and shop in a third.

A state agency employee may drive from Glen Allen into downtown Richmond. A healthcare worker in the Tuckahoe area may head west on Broad Street. A couple in Short Pump may both work remotely and rarely leave the neighborhood. In the east, a family in Varina may drive a half hour in the other direction to a job near the airport or toward Williamsburg. The money questions differ along the same lines, which is why a one-size plan rarely works here.

Advisors who serve the Henrico County area, by phone or video, let you schedule a conversation around the school pickup instead of a trip on Broad Street at rush hour. What follows is a plain description of each type of advisor, what they cost and how the local picture, from state retirement benefits to Virginia tax rules, should affect your choice.

What the Henrico County data says

According to the U.S. Census Bureau, 2020 to 2024 American Community Survey, Henrico County has about 342,775 residents and a median age of 39.4. Median household income is $88,783, per capita income is $51,931, and the median home value is $359,200. Median gross rent is $1,541, and 64.5% of homes are owner-occupied. Adults with at least a bachelor’s degree make up 46.5% of the population, 17.0% of residents are 65 or older, and the unemployment rate is 3.9%.

Financial advisors in Henrico County, and the cost question

People use the title financial advisor loosely, so focus on how the person is paid and what they are required to do. An advisor who charges a flat fee has no reason to push a particular fund. One who charges a percentage of your portfolio gains when your balance grows, which aligns with your interest, though it also gives them a reason to want your money under their management. One who earns commissions is paid when you buy, which creates a different incentive.

None of these models is automatically wrong. A person who needs a one-time plan before a job change can reasonably pay a flat fee. A retired couple with a large rollover from a state retirement account may prefer ongoing management for a percentage. Someone who needs term life insurance will usually buy through an agent who is paid a commission, and that is a normal way to buy.

Ask three questions on the first call: how will I pay you, what services does that cover, and what else do you earn from my business. Then compare two or three answers side by side.

Investment advisors in Henrico County

Investment advisors manage the portfolio side of your finances. In a county with a large number of professionals, many clients arrive with several accounts: a workplace 401(k), an old 403(b), a Roth IRA, maybe a Virginia529 account for a child and a brokerage account that grew without a plan.

The advisor’s job is to see the whole thing at once. That includes asset allocation, the cost of the funds, the tax consequences of moving money, and how the investments will be drawn down later. It also includes the part that is hard to do alone: sticking with the plan when markets fall.

Example: a couple in their forties in Glen Allen have saved steadily and own about a dozen funds across five accounts. An advisor might find that three of the funds overlap heavily, that fees on an old account are higher than they need to be, and that the couple holds far more cash than their goals require. Consolidating and simplifying can take a few hours of work and save real money over a decade.

Ask what standard of care applies to each of your accounts, how the firm is paid, and where your assets are held. Investment advisors with assets under management must register either with the state or with the SEC, and you can check both.

Financial planners in Henrico County

A financial planner organizes the whole of your money life into a written plan. Typical topics include how much to save, which accounts to use, how to handle debt, how much insurance to carry, when to claim Social Security and how to leave assets to heirs.

In the Richmond area, planners often see families with a state or local government job, a hospital job, a bank or insurance job, or a small business. Each comes with its own benefits, and a planner helps decide which to rely on. A county employee may have a pension through the Virginia Retirement System and a supplemental deferred compensation plan. A software developer may have a 401(k) and equity compensation. A couple with one of each needs the two plans coordinated.

For a household with children, a planner can compare Virginia529 options with other savings, project college costs and show how those costs compete with retirement savings. For a household in its fifties, the plan shifts to catch-up contributions, long-term care and parents who need support.

If you want a credential you can check, look for the Certified Financial Planner mark and verify it with the CFP Board. A planner should be willing to put the scope of work and the price in writing.

Wealth management in Henrico County

Wealth management is for households with enough assets, income sources or complexity that investing, taxes, estate work and insurance need to be coordinated. In Henrico County that includes owners of businesses in the Innsbrook and West Broad Street corridors, physicians and other highly paid professionals, executives with stock compensation, and families with real estate or inherited property.

A wealth management team may include a lead advisor, a tax specialist and an estate planning coordinator. They work alongside your attorney and accountant. It is reasonable to ask who actually does the work and whether you get access to those specialists or only to a salesperson.

Wealth management is not an investment strategy. It is a process. You should expect an annual review of your goals, tax planning ahead of year end, and a written estate and insurance check. If a firm only talks about returns, it is offering something narrower than wealth management.

For families who own farmland or older family homes in the eastern end of the county, the planning often includes how to hold property, whether to use a trust and how to divide it fairly among children who live in different states.

Life insurance in Henrico County

Life insurance is a promise to pay a death benefit to the people you name. For a typical household in this county, the need peaks when children are young and a mortgage is large, then falls as the loan is paid off and the children become independent.

Most families in their thirties and forties use term insurance. A level-premium term policy lasting twenty or thirty years is easy to understand and costs less than permanent coverage. Permanent insurance can help with estate liquidity, business succession or a dependent with special needs, but should be considered after the basics are covered.

State and local government employees and hospital staff often get some basic group coverage. Look at what the multiple is, whether it follows you if you leave, and whether your spouse has coverage too. A stay-at-home parent has real economic value in childcare and household work, and many families overlook insuring that.

When you buy, answer the health questions fully and accurately. Mistakes can delay or void a claim. Review beneficiaries after any major life event, and keep a copy of the policy where your spouse can find it.

Retirement planning in Henrico County

Retirement planning in Henrico County often begins with an employer plan and ends with a decision about where to live. Public employees may have a defined benefit pension through the Virginia Retirement System, and they face a set of choices about survivor options, health insurance in retirement and when to begin payments. Private-sector workers rely more on a 401(k), an IRA and Social Security.

Virginia does not tax Social Security benefits. The state also offers an age-based deduction for residents who are 65 or older, subject to income limits, and pension and retirement account income is otherwise taxed at ordinary state rates. The rules have changed over the years, so confirm current rules with the Virginia Department of Taxation or a tax professional.

Consider a couple, ages 61 and 63, in Lakeside. One is retiring from a state job with a pension, the other is a nurse who plans to work three more years. They have a 401(k), a paid-down mortgage and a home worth around the county median of $359,200. A planner can map out the pension survivor choice, the sequence of account withdrawals, the effect of Medicare at 65 and when each spouse should claim Social Security.

Healthcare in retirement deserves its own line in the plan. Medicare supplement and Advantage choices vary by region and change annually, and long-term care costs can be high. Start the conversation before a health event forces it.

Taxes, assessments and paperwork in Henrico County

Virginia has a graduated state income tax with several brackets, so a household with two incomes pays more at the margin than the same total split differently. Social Security is exempt. Virginia has no estate tax and no inheritance tax, which simplifies planning for modest estates, though federal rules still apply.

Henrico County collects real estate tax on assessed value and a personal property tax on vehicles. The vehicle tax surprises people who move from states that do not charge one. Tax relief programs exist for qualifying older or disabled homeowners, with application deadlines, so check the county’s current requirements.

Virginia offers a state tax deduction for contributions to Virginia529 accounts, with annual limits, and that benefit can make a college savings plan more attractive. Confirm current rules with the state or a tax professional.

For your first meeting, gather your most recent tax return, pay stubs or benefit statements, retirement and brokerage account statements, insurance policies, a list of debts, your mortgage statement and any will, power of attorney or trust. The more complete the file, the more specific the advice.

Floods, ice and falling trees

Henrico County is inland, but weather still affects planning. Remnants of hurricanes can bring heavy rain and flooding along the Chickahominy River and creeks. Hurricane Isabel in 2003 caused widespread tree damage and power outages across the Richmond area, and later storms have brought similar issues. Winter ice storms and the occasional tornado are other possibilities.

Standard homeowners insurance excludes flood, so check whether your home sits in or near a mapped floodplain and whether a separate policy is appropriate. Large mature trees are part of the appeal of many Henrico neighborhoods, but a falling tree is a common claim, so understand your deductible and your coverage for debris removal and temporary housing.

Older homes in the inner suburbs may carry higher maintenance costs. A repair reserve, kept apart from retirement savings, is a quiet protection. A liability umbrella policy is inexpensive for the coverage it adds, especially for families with teenage drivers.

Areas we serve in Henrico County

Advisors who serve the Henrico County area, by phone or video, work with households in Short Pump, Glen Allen, Innsbrook, Lakeside, Tuckahoe, Highland Springs, Sandston, Varina and the neighborhoods that sit between them.

The west end of the county, around Short Pump and Glen Allen, tends toward newer subdivisions, higher incomes and busy families. The Lakeside and Tuckahoe areas have established neighborhoods and many long-time homeowners. The east, including Highland Springs and Sandston, has more affordable homes and more renters, while Varina still has farmland and large lots.

How to choose a financial advisor in Henrico County

Choosing an advisor is mostly about fit and honesty. Begin by deciding what you want help with, then shortlist two or three people who say they do that work regularly. Someone who spends most of their time on retirees may not be right for a young family, and the reverse is true.

Look them up before the call. The SEC adviser database and FINRA BrokerCheck list registration and complaints, and the Virginia State Corporation Commission regulates advisors and securities in the state. It takes a few minutes and tells you whether anything unusual has happened.

During the meeting, listen to the questions you are asked. A good advisor wants to know about your family, your job, your health and what you fear. They should explain a recommendation in plain terms and be willing to say what they do not know. Ask to see a sample of what you would receive and how often you would meet.

Finally, make sure the working style suits you. Video calls, secure document sharing and an agreed schedule are normal now. If the firm wants you to sign immediately, that is a sign to slow down.

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If you would like to read first, our guide to financial advisors, the explainer on investing, the overview of life insurance and the guide to college savings are good places to start.

Frequently asked questions