The move adds to a trend of wealth management firms expanding their presence in Florida.

Pinnacle Investments, a New York-based investment advisor/broker-dealer, has opened a new office in Boca Raton, Florida, adding to its existing presence in the Sunshine State.

"While we already have a presence in Florida, the opening of our new Boca Raton office reflects the importance of the Florida market to our national expansion plan," chief executive, Ryan York, said.

Pinnacle Investments was founded in 1995.

The move is a further example of how Florida's prowess as a wealth management market is gaining traction. Florida is increasingly visible as a wealth management arena. A few weeks ago, for example, Dynasty Financial Partners, the US wealth management group, said it was moving its headquarters to St Petersburg in Florida, leaving New York City in the second quarter of this year, a move that chimes with recent moves and entrants into the Sunshine state by other firms.