Wells Fargo moves wealth management headquarters to West Palm Beach

One other main monetary big is planting its flag in Florida.

Wells Fargo confirmed to Fox Information Digital that it’s shifting its wealth administration headquarters to West Palm Seashore, underscoring a rising exodus of cash and company affect from conventional monetary facilities to low-tax, business-friendly states.

The transfer makes Wells Fargo the primary main U.S. financial institution to determine its wealth administration operations within the Sunshine State.

“Wells Fargo Wealth and Funding Administration (WIM) is advancing its strategic dedication to serving high- and ultra-high internet price shoppers by increasing its presence in West Palm Seashore,” a spokesperson informed Fox Information Digital. “A number of senior leaders are relocating to the world, strengthening our native management presence and rising buyer engagement on this high-opportunity market.”

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“West Palm Seashore’s robust enterprise local weather and rising financial alternatives align properly with our long-term development priorities – each within the area and inside our group,” they continued. “Quite a few members of WIM’s management workforce will stay based mostly in New York, St. Louis and Charlotte, North Carolina.”

A Wells Fargo financial institution department in New York, on Tuesday, October 21, 2025. (Getty Photos)

Make a deal with Stephen Ross’ Associated corporations, the San Francisco-based banker will reportedly lease a 50,000-square-foot workplace area within the Class-A, One Flagler constructing.

Barry Sommers, CEO of Wealth & Funding Administration at Wells Fargo, informed Bloomberg that about 100 staff – principally senior executives – will transfer to the brand new headquarters by the top of the yr, with the workplace anticipated to open in August.

The Wells Fargo Wealth and Funding Administration unit generated $16 billion in income final yr and accounts for about 20% of the financial institution’s whole income.

CEO, chairman and actual property billionaire Stephen Ross is brazenly pushing for a U-turn Palm Beach County in a “Silicon Valley of the East,” and not too long ago mentioned he expects extra recognizable names to extend their presence.

“What we have seen are corporations which have already stepped up, been right here for years and expanded their workplaces,” Ross mentioned in an interview with Bloomberg final week. “Folks see the expansion and see the place the nation goes.”

Associated Corporations didn’t instantly reply to Fox Information Digital’s request for remark.

The transfer comes simply over a month after native leaders informed Fox Information Digital that West Palm Seashore is shedding its tourist-driven picture and changing into America’s subsequent enterprise metropolis.

“I believe once you begin a job or a enterprise, safety is all the time paramount. And the safety to do enterprise, to get issues executed, there is no higher place to try this than South Florida. And we consider West Palm Seashore and Palm Seashore County is basically the epicenter of that,” Associated Ross Government Vice President Jordan Rathlev mentioned beforehand.

“We’ve a variety of staff right here who’re joyful to be right here merely due to the life-style and connection that West Palm Seashore gives,” mentioned Visium CEO John Rajchert, who relocated the corporate from Orlando. “The willingness to maneuver could be very, very, excellent. So what we’re discovering is that we’ve a nationwide expertise pool that’s keen to maneuver right here.”

Over the previous 5 years, Palm Seashore County has skilled the relocation of more than 140 companiescreating or retaining greater than 13,110 direct jobs and greater than $1.12 billion in capital investments, in line with the Enterprise Improvement Board of Palm Seashore County. Because the 2020 U.S. Census, West Palm Seashore has seen the most important inhabitants development within the county almost 9,600 new residents.

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“Once we opened this workplace eight years in the past, the 4 of us known as West Palm Seashore residence. Right this moment there are greater than 160,” says Rathlev. “That is the place folks need to be and that is the place you need to increase a household.”

“There isn’t any doubt that persons are absolutely, absolutely conscious of what is occurring right here. And I believe so [in the] It is simply the early days for what will likely be an enormous development story.”

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