Wells Fargo becomes the first major bank to move wealth HQ to Florida
- Jake Nicholas
- Jan 21
- 2 min read
Wells Fargo has officially chosen West Palm Beach as the new headquarters for its wealth and investment management division, marking the first time a major U.S. bank has based its wealth operations in Florida.
The San Francisco–based institution will relocate roughly 100 employees—primarily senior leadership—to a 50,000-square-foot office at One Flagler, Related Ross’ flagship Class A tower in downtown West Palm Beach. The office is expected to open in August, with the full executive transition completed by year’s end. Wells Fargo’s wealth division generated $16 billion in revenue last year, accounting for roughly 20 percent of the bank’s total business.
In a statement, the bank cited West Palm Beach’s business climate and growth trajectory as key drivers behind the move, describing the region as a “high-opportunity market” aligned with its long-term strategy for serving high- and ultra-high-net-worth clients. While parts of the leadership team will remain in New York, St. Louis, and Charlotte, the shift establishes Palm Beach County as the division’s operational center.
The relocation deepens a trend that has been building across South Florida since 2020, as financial firms and executives migrate away from traditional hubs toward lower-tax, lifestyle-driven markets. Wells Fargo has already expanded locally in recent years, including a major Boca Raton office upgrade in 2024 to support growth in private banking and advisory services as affluent clients continue to pour into the region.
West Palm Beach, in particular, has emerged as the epicenter of this transformation. Over the past five years, Palm Beach County has attracted more than 140 corporate relocations, generated over 13,000 direct jobs, and secured more than $1.1 billion in capital investment. Since the last census, West Palm Beach has posted the county’s largest population gain, signaling that the city’s evolution is being fueled not only by capital, but by people choosing to build their lives there.
Stephen Ross has been explicit about the ambition behind this momentum. The Related Ross chairman has framed Palm Beach County as a future “Silicon Valley of the East,” betting heavily on office, residential, and mixed-use development designed to attract global firms and top-tier talent. One Flagler, now home to Wells Fargo’s wealth headquarters, sits at the heart of that strategy.
Local business leaders say the shift is already reshaping how the city is perceived. Once known primarily as a leisure destination, West Palm Beach is now building an identity as a national business center—one defined by walkable downtown districts, expanding corporate campuses, and a lifestyle that makes relocation appealing at every level of an organization.
