Bank of America Corp.'s wealth-management division is ramping up its efforts to serve rich clients in Florida with a goal of doubling the number of its wealth advisers in the Sunshine State.
The firm's Merrill unit increased its private-wealth advisory staff by 40% in Florida in recent months, and remains on track to double its coverage in the "medium term," Andy Sieg, president of Merrill Lynch Wealth Management, said Wednesday.
There are now 26 private-wealth teams in the state, up from 19 at the beginning of the year, the company said.
Florida, with low taxes and warm weather year-round, has long been touted as a potential second home for Wall Street.
The migration of bankers and other financiers out of New York as the Covid-19 pandemic forced employees to work from home — and showed how much could be done remotely — spurred a new focus on Florida as an attractive destination.
With two of the country's three richest ZIP codes found in the state, building out private-wealth operations in Florida makes sense.
Bank of America isn't the only lender bulking up to the south, with Goldman Sachs Group Inc. considering relocating its asset-management arm to a new hub in Florida, Bloomberg News reported late last year.
