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 had thought firms moving - taking their people with them. Citadel moved to Miami and income tax is one reason why.
Oh ok - makes sense
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
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