The battle for executive finance talent between New York and West Palm Beach pits the scale, prestige and compensation power of Wall Street against the tax advantages, lifestyle appeal and rapid wealth migration fueling “Wall Street South”.

It’s a rivalry being closely watched in the US finance ring. On Thanksgiving weekend 2024, Palm Beach County’s Business Development Board (BDB) even lit up Times Square with a provocative message: “Dear NYC, it’s not you, it’s me”, followed by the Wall Street South logo.

But this isn’t a zero-sum war. It’s a story of how each market is reshaping its identity in response to the other, and how that push-and-pull is changing where executives build a career in finance.

How West Palm Beach is Challenging New York’s Dominance

On one side of the battle between Wall Streets is New York, the traditional finance capital, and the wealthiest city in the world, with:

• Nearly half-a-million finance professionals
• 384,500 millionaires and 66 billionaires
• A steady influx of new talent
• Record-breaking bonuses for top executives
• An unmatched network and gateway to career growth

On the other side is West Palm Beach (WPB), the nation’s second-fastest growing finance hub, and the world’s fourth-fastest growing wealth hub, powered by:

• An explosive 112% increase in millionaires from 2014-2024
• A surge of capital (roughly $10 billion net)
• Florida’s 0% state income tax, vs. New York’s rate of up to 10.9%
• 250+ financial firms opening offices since 2020, including big names like BlackRock

The contest between the Wall Streets has resulted in a two-coast battle for the same prize: the loyalty of senior finance executives. While decidedly smaller, WPB’s concentration of new financial powerhouses, its favorable tax regime and lifestyle appeal is making it a serious rival to New York in attracting global finance executives.

How New York firms are responding to Wall Street South

Wall Street saw record bonuses in 2024, with firms paying out $47.5 billion – an average bonus of around $245K per employee. While this was driven by surging profits, it’s also not a bad way to keep your best executives happy and neutralize Florida’s tax edge.

Firms are also banking on the reality that New York’s density of expertise continues to be the ultimate accelerator for ambitious finance careers. Companies are marketing that advantage to recruits who might be lured by Florida sunshine, but don’t want to miss out on big-league deal flow or career-defining opportunities.

But New York’s biggest response isn’t panic. Many firms are actually embracing the rise of Wall Street South, with NYC financial giants like Goldman Sachs, J.P. Morgan Private Bank and BlackRock expanding operations into West Palm Beach. This is a great example of how the most successful firms aren’t taking an “us vs. them” stance. They’re planting flags in Wall Street South, so that rather than lose people entirely, they’re accommodating high-value executives who want the Florida lifestyle, while keeping them within the firm.

What West Palm Beach firms can do to keep winning talent

In order to compete with the prestige of New York roles, firms in West Palm Beach must actively promote what the region’s leaders are calling “an unmatched quality of life.” No state income tax, A-rated schools, plus sunnier weather and a vibrant, easy-going community. Even the CEO of Virtu Financial told BDB “we’re never going back”.

But lifestyle alone won’t be enough to secure the best. You must also think about:

• Compensation: The lower cost of living doesn’t mean you can pay less. Top talent expects salaries on par with national levels, especially since they know New York firms are upping pay. By offering New York-level compensation and treating the tax break as an added bonus, firms can remain compelling on both lifestyle and financial fronts.
• Business-friendly policies: Palm Beach BDB offers incentives that firms should utilize and make known to recruits – things like concierge relocation services for executives and their families, which can often swing the decision. Also remember to operationalize Florida’s tax advantage by baking it into your talent strategy.
• Perception: Firms in the region need to show that Wall Street South is serious and that executives won’t be professionally isolated by moving there. It’s about redefining South Florida’s image from a retirement haven to a fast-scaling finance hub where ambitious deals happen. Highlight the numbers (e.g. 483 asset managers in Palm Beach County managing $36+ trillion globally) and the roster of major firms now in the area. When executives see this, it proves their career can thrive in South Florida.

Finally, acknowledge that New York isn’t going away. The smartest firms in West Palm Beach are encouraging their teams to maintain New York ties, whether by attending major industry events in the city, or flying to Manhattan for investor meetings, or inviting NYC peers down for winter conferences.

Many WPB executives boasted to the Palm Beach Post they can “fly to New York in the morning and be home by dinner”. That’s the sweet spot: by framing a West Palm Beach job as getting the best of both worlds, firms can attract top executives who want the Florida base and reassurance that they won’t lose touch with the action in New York.

Securing talent in Wall Street South

New York has long been the capital of finance, and will likely continue to be so. But the rise of Wall Street South is challenging the status quo. To ensure you keep attracting the talent you need to maintain West Palm Beach’s momentum, local firms need to:

• Spotlight the quality of life
• Lean on the region’s business-friendly policies
• Match New York’s compensation
• Prove that careers can scale just as ambitiously as they do in NYC

If you’re a firm in West Palm Beach looking to secure exceptional finance talent or refine your pitch to senior leaders, reach out to me directly. I’d be glad to help.

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