The organization is adding another office in Southern Florida, continuing a trend of US wealth managers expanding in the state and building out operations there, given the attractions of expanding wealth in this part of the country.

Boston Private has become the latest US wealth management house to expand its Florida presence, joining a trend of firms building out business in the Sunshine State.

The organization is opening a new office in downtown Miami. This is the firm’s second South Florida location; the first opened in Palm Beach Garden in 2014.

The office, located in the Four Seasons Hotel Office Tower at 1441 Brickell Avenue, will provide access to Boston Private’s wealth management solutions for high net worth individuals and family offices, as well as endowments and foundations, the firm said in a statement yesterday. 

The firm has hired several advisors and administrative staff to serve the region, “with plans to hire more”, it said.

“Miami is an important wealth market in the country and we are thrilled to bring our thoughtful advice and exceptional service to clients in the area,” Anthony DeChellis, CEO of Boston Private, said.

In addition to the two Florida locations, Boston Private also serves clients with offices in Boston, New York, San Francisco and Los Angeles. In November 2019, Boston Private announced that it was breaking ground in San Francisco with a new downtown office at 255 Battery Street, replacing its previous location on California Street. 

Appealing Florida
A number of wealth firms have set up offices in Florida. In the case of Dynasty Financial Partners, it has moved its headquarters there from New York City. Hamilton Capital, a Columbus-based registered investment advisor with more than $2.5 billion in assets under management, opened an office in Palm Beach. The Glenmede Trust Company, which formed a transatlantic pact with a multi-family office, is opening a new office in West Palm Beach, Florida – the firm’s first office in the state.

Among other firms expanding in Florida are Goldman Sachs, which has added hires in its private wealth management business; Rockefeller Capital Management, which has made a raft of hires in recent weeks, named the first person to join its newly-opened office in Florida; Evercore Wealth Management opened a new office in Palm Beach; Landsberg Bennett Private Wealth Management launched in 2019 in Punta Gorda, Florida; and Boston Private appointed advisors as part of its work with a Florida-based firm. SunTrust Banks added a team of four wealth management professionals to its business in Naples. In 2019, the personal finance website WalletHub put Florida as one of the states with the highest return on investment in terms of its tax burden and provision of public services.

(Editor's note: What started as an occasional set of Florida moves has almost become a flood. There appear to be new Florida offices and business developments every month, and several M&A deals in the industry have also involved Florida-based firms. Several forces appear to be in play: some offshore Latin American money is run there; Florida's economy is robust and there is a large middle class, and not just among retired citizens but also much younger ones. I was struck by how Shirl Penney, CEO of Dynasty, for example, last year told journalists in New York about how vibrant St Petersburg was, and how this has attracted young talent and was a good fit with clients. Of course, there are some downsides to every state, such as Florida's hurricane season, but clearly it is hotting up as a wealth management center, and it is likely to remain so for quite some time to come.)