Florida Living
Is there much PE in Florida? Where is the best place to live and raise a family? I hear Sarasota has a great public school board but West Palm Beach looks beautiful and has some bigger firms.
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Wellington if you’re into Equestrian
I am not
Miami = Hardly Florida, more like Latin/South America's NYC. Highest concentration of PE, extreme nepotism. Learn spanish, max out your credit card to drive a BMW and wear a rolex
Ft Lauderdale = Watered down Miami.
West Palm/Boca = Boats beaches golf wealth. Leans older/slower
Orlando = Commercialized suburbia built on a swamp. Great to raise a family in a DR Horton-built shoebox
Tampa/St. Pete = True Florida living IMO with *enough* big city amenities. More of a back office market but growing
Sarasota = Affluent retirees, minimal economy. most wealth was derived elsewhere and chose to migrate to white sand beaches
Fort Myers = Middle class old people
Naples = Upper class old people
Jacksonville = You're from Cleveland, but you might as well live somewhere with sun and beaches
Panhandle = Southern Georgia but it got the coastline. Midwest's favorite vacation spot
We have an office in Florida, and I have a bit of experience around the finance/banking scene down there. Here is my take:
In Palm Beach, you'll find a wide variety of private banking, wealth management, trust and family office focused firms, typically as a satellite office, to serve those on Palm Beach Island. (Note -- actual Palm Beach (Island), not West Palm Beach, as there is a big difference).
In recent years, a variety of NYC and foreign firms have opened a Miami office. Some have shifted from NYC, and others are satellite offices. These tend to include the full spectrum of finance/banking firms.
While it might be overlooked at times, there are quite a few firms in Tampa Bay (Tampa, Clearwater, St. Petersburg), including PE, HF, RE, etc. A few big name firms have established an office there, and you'll also find a variety of boutique firms that are aimed at specific markets there. I saw data a while back that the Tampa area has most historic old money than Miami (back to 1800s), except that Tampa flies under the radar; it might be, but I'm not sure if that remains the case.
Sarasota (especially downtown) has a variety of private banking, wealth management, trust and family office type firms, similar in some ways to Palm Beach.
I have personal ties to each of these areas, and to firms in each area; and I would say that each tends to have certain banking opportunities, but it tends to really depend on what you are seeking.
In Florida, you will find that they are smaller offices, and tend to be a bit more niche or specialized, and you won't be working on massive IB deals -- however, you might be surprised at how developed the finance/banking scene already is in Florida... it's established enough that people (especially women, lol) are already well aware of the "Finance Bro" stereotype, but it's an industry that tends to fly under the radar, in comparison to NYC firms.
In many ways, you'll find that Florida is more connected to NYC than perhaps any other area, and that includes finance.
In Florida, you'll find: PE, HF, RE, some IB, some S&T, along with a lot of private banking, wealth management, trust / family office, etc.
It depends on what you are seeking. Let me know if you have any specific questions about Florida, and I'll try to follow up.
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