Wells Fargo is moving its wealth management headquarters to West Palm Beach
Ross Related Vice President Jordan Rathlev and Visium healthcare company CEO John Rajchert spoke with Fox News Digital about the influx of businesses and workers moving to West Palm Beach and how their companies are leading the charge.
Another financial giant is planting its flag in Florida.
Wells Fargo confirmed to Fox News Digital that it is moving its wealth management headquarters to West Palm Beach, citing the growing outflow of money and corporate influence from traditional financial institutions to low-tax, business-friendly states.
The move makes Wells Fargo the first major US bank to base its wealth management operations in the Sunshine State.
“Wells Fargo Wealth and Investment Management (WIM) furthers its commitment to serving high net worth and high net worth clients by expanding its presence in West Palm Beach,” a spokesperson told Fox News Digital. “Several senior leaders have moved to the area, strengthening our local leadership presence, and deepening customer engagement in this high-opportunity market.”
BILLIONS TO FLY CALIFORNIA ‘WITHIN SEVEN DAYS’ DUE TO PROPOSED WEALTH TAX: INSIDE MIAMI MIGRATION
“West Palm Beach’s strong business climate and expanding economic opportunities align well with our long-term growth priorities—both regionally and throughout our organization,” they continued. “Many members of the WIM leadership team will continue to be based in New York, St. Louis and Charlotte, North Carolina.”
Wells Fargo New York branch, Tuesday, October 21, 2025. (Getty Images)
Starting a deal with Stephen Ross Related Companies, the San Francisco businessman will reportedly lease 50,000 square feet of office space in the Class-A, One Flagler building.
Barry Sommers, CEO of Wealth & Investment Management at Wells Fargo, told Bloomberg that about 100 employees – mostly senior executives – will move to the new headquarters by the end of the year, with the office set to open in August.
The Wells Fargo Wealth and Investment Management unit generated $16 billion in revenue last year and makes up about 20% of the bank’s total revenue.
CEO, chairman and real estate billionaire Stephen Ross is clearly pushing to turn Palm Beach County into the “Silicon Valley of the East,” and recently said he expects more recognizable names to expand their presence.
Corcoran Group agent Julian Johnston speaks exclusively to Fox News Digital about the new wave of California billionaires moving to South Florida because of the proposed wealth tax.
“What we’ve seen are companies that have already dipped their toes, they’ve been here for years, they’ve expanded their offices,” said Ross in an interview with Bloomberg last week. “People see growth and where the country is going.”
Related Companies did not immediately respond to Fox News Digital’s request for comment.
The move comes more than a month after local leaders told Fox News Digital that West Palm Beach is shedding its tourist-driven image and becoming America’s next business hub.
“I think when you’re starting a job or starting a business, having certainty is always top of mind. And the certainty of doing business, making things happen, there’s no better place to do that than South Florida. And we believe that West Palm Beach and Palm Beach County are the epicenter of that,” Related Ross Executive Vice President Jordan Rathlev said previously.
West Palm Beach has seen tens of billions of dollars in business investment in recent years. | Getty Images
“We have a lot of employees here who enjoy being here because of the lifestyle and connectivity that West Palm Beach provides,” said Visium CEO John Rajchert, who moved the company from Orlando. “The willingness to move is very, very good. So what we’re getting is that we have a national pool of talent ready to move here.”
In the past five years, Palm Beach County has seen the relocation of more than 140 companiescreating or maintaining more than 13,110 direct jobs and more than $1.12 billion in capital investment, according to the Business Development Board of Palm Beach County. As of the 2020 US Census, West Palm Beach has seen a regional population increase of nearly 9,600 new residents.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business host Marcus Lemonis discusses billionaires fleeing California to avoid proposed wealth tax on ‘The Bottom Line.’
“When we opened this office eight years ago, four of us called West Palm Beach home. There are over 160 today,” Rathlev said. “That’s where people want to be and that’s where you want to raise a family.”
“There’s no doubt that people are fully, fully aware of what’s going on here. And I think we do [in the] it’s too early to tell what the future growth story will be.”
READ MORE AT FOX BUSINESS
