Finance in Florida?
Anyone move from NY to work in finance in Florida? What’s it like and how does it compare?
Wondering why there aren’t more finance firms out there
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Based on the most helpful WSO content, there's been a significant exodus from high-tax states like New York to more business-friendly states like Florida. This isn't just limited to individuals, but also includes a variety of industries such as fintech, commercial real estate, and tech companies.
One of the latest firms to make the move to South Florida is BlackRock. This shift has resulted in a boom time for places like Miami, with new developments, revitalization efforts, and a flood of new money invigorating the local economy.
As for why there aren't more finance firms in Florida, it's likely due to a variety of factors. However, the trend seems to be shifting, and Florida is becoming an increasingly attractive destination for finance professionals and firms alike.
In terms of comparison, while I can't provide a direct comparison, the move seems to be driven by a combination of factors including lower taxes, a more favorable business environment, and lifestyle factors such as weather and quality of life.
Remember, every monkey's jungle is different. What works for one might not work for another. So, consider your own priorities and preferences when making such a decision.
Sources: A Regressive Tax | The Daily Peel | 8/9/22, Really unsatisfied with SA group placement and looking for advice?, I Don't Want to be Underpaid, Hedge Funds in Miami?
I used to work at a fintech firm prior to ib and worked remotely outside of miami. From what I’ve seen, not as many banks and it’s mostly asset management and investment firms, and seems to be building a tech community slowly.
You see more international people, and many people speak spanish as their native language. People like to enjoy life more and there are lots of good beaches, nightlife and restaurants and warm weather
More entrepreneurs over there than ny. But similar to ny, the city seems very unequal and is expensive, but not as expensive. The area around Aventura is starting to get nicer and gradually gentrifying. Bal Harbor and Sunny Isles are great neighborhoods as well. They have nice suburban towns south of the city too but not as familiar with those neighborhoods.
No idea why there aren’t more finance firms down there. Maybe not as much emphasis on education in fl so harder to find local talent supposedly
Yeah, you'd think the lack of state income tax would motivate a lot of firms to move there
Firms or people?
I spent the last 2 years in NYC before moving down to Miami. Agree with what comments other folks left but I’ll give my perspective.
People are generally more laid back down here and it’s very different from New York in terms of culture. People are never really in a rush which I kind of miss about New York. The flip side is that my quality of life feels much better down here. I’m less stressed, more active during my downtime, and I’m definitely more active. At my shop, there’s a little more balance and not as much working 24/7.
The no state income tax is a game changer. I’m making slightly less in base compared to my last firm, but my take home pay is almost $1,000 more per month. Rent in a high rise condo building will still be similar to New York but I also live by myself.
Something that took me by surprise is just how small the finance network is down here. Every office is spread out versus being concentrated in Midtown where the vast majority of the finance community works. I think it makes a difference if you’re trying to build out a network.
Hope this helps, happy to answer any additional questions
This 100%. The culture just isn't the same and that's not something that changes overnight. There is a noticeable lack of 'hustle' that the city has compared to NY.
Walking around Miami you start to wonder, does anyone here ever work? The people you meet have money but don't have demanding jobs. The large majority of the skyline is luxury housing, not offices. People seem to just mill about, it is very similar to a European or Central/South American town in terms of culture and pace of the city.
NY is a mecca for driven people, Miami is for people looking to relax. NY is where business is done and money is made, Miami is when business is done (completed) and money is spent.
There really should be a larger financial center out there with more firms. Any lack of education or talent from in-state could be made up for by better recruitment and marketing to better schools from companies.
If there were more IB offices and PE firms out there, there should be hundreds or thousands of kids lining up from top schools to apply.
A first year analyst makes 150k,nets 117k. Offer more spots for promotes to good performers to retain talent. The analysts one day become a vp making 400k and nets ~300k etc. Over time one could accumulate more money more efficiently, while living in a warmer and nicer city
Current undergrad who grew up in Miami
Historically a big city for Private Banking / WM / Real Estate, lots of latam investment firms and WM BB branches dealing mostly with LatAm clients. Would love to see more IB/PE/HF based in the city due to the great lifestyle, but also scared about inflation since the great influx of people from the northeast moving into the city. Almost as expensive as NYC (not taking taxes into account of course) and only bound to get more expensive with heavy RE investing and influx of money into the city
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