Wells Fargo is moving the headquarters for its wealth management business to West Palm Beach, becoming the first big bank to run that operation from the heart of the wealth boom in South Florida.
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The San Francisco-based firm signed a lease with Related Ross to rent 50,000 square feet at the One Flagler office building, according to wealth chief Barry Sommers, whose unit generated $16 billion in revenue last year.
South Florida has drawn a multitude of billionaires and corporations in recent years, buoyed by tax advantages and a booming finance and technology scene. Real estate mogul Stephen Ross, the founder of Related Cos., is trying to make Palm Beach County the next Silicon Valley, with years of investment in real estate, education and health care there.
About 100 employees will be moved to Wells Fargo’s new office by year-end, mostly senior executives in the wealth operation, including nearly half of the unit’s operating committee. Sommers, 57, and his wife moved their main home to Palm Beach county last month.
“When you think about some of our largest competitors, I think it is unique that we moved our wealth business down here,” Sommers said in an interview. “I couldn’t be more excited about the position we’re in and attracting really talented people to come to Wells Fargo.”
The new office, scheduled to open in August, will allow the firm’s wealth executives to be closer to their largest clients, Sommers said.
Ross called Wells Fargo’s decision to move its wealth leadership a “big step,” and said he expects more companies to expand their presence.
“What we’ve seen is companies that have already dipped the toe — have been here for years — have expanded their offices,” Ross said in an interview. “People are seeing the growth and where the country is headed.”
Ross now oversees the day-to-day operations of Related Ross as CEO and chairman of the company, which was spun off from Related Cos. in 2024 with the goal of concentrating on South Florida.
Wells Fargo’s neighbors on the same block include JPMorgan Chase and Citizens Financial Group — firms that recently branched out in South Florida, enticed by the wealth-management opportunity. Bank of America has also been investing in Palm Beach County.
But those firms haven’t made the location as significant as Wells Fargo. The move is just the start of an extension into that market that will include hiring experienced people, Sommers said. The bank might rent more space over time, and wants to attract financial advisors, private bankers and independent broker-dealers.
Sommers said he began talking with Wells Fargo CEO Charlie Scharf about the plan over a year and half ago. The bank’s senior leadership for the wealth business has been dispersed geographically, spurring interest in seeking a new hub for the operation.
Sommers and the wealth boss before him, Jon Weiss, were both based in New York, where the bank’s leadership is concentrated. Its brokerage is headquartered in St. Louis, because of A.G. Edwards, which was acquired by Wachovia Securities a year before Wells Fargo bought Wachovia.
The move to Florida isn’t about shrinking elsewhere, Sommers said. Some of the senior members of the wealth business will continue to be based in its existing hubs in New York, St. Louis and Charlotte, North Carolina.
“Florida’s a good market where clients are relocating, but more importantly it’s a very easy market to travel,” said Sommers, who’s been used to a demanding travel schedule for visiting clients and intends to keep it.
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