Wells Fargo moves wealth management headquarters to West Palm Beach
Related Ross Executive Vice President Jordan Rathlev and health-tech firm Visium CEO John Rajchert speak to Fox News Digital about the influx of businesses and employees moving to West Palm Beach and how their companies are leading the charge.
Another major 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, underscoring a growing exodus of money and corporate influence from traditional financial hubs to low-tax, business-friendly states.
The relocation makes Wells Fargo the first major U.S. bank to base its wealth-management operations in the Sunshine State.
“Wells Fargo Wealth and Investment Management (WIM) is advancing its strategic commitment to serving high and ultra‑high‑net‑worth clients by increasing its presence in West Palm Beach,” a spokesperson told Fox News Digital. “Several senior leaders are relocating to the area, strengthening our local leadership presence, and deepening engagement with clients in this high-opportunity market.”
“West Palm Beach’s strong business climate and expanding economic opportunities align well with our long‑term growth priorities—both in the region and across our organization,” they continued. “Numerous members of WIM’s leader team will continue to be based in New York, St. Louis and Charlotte, North Carolina.”
A Wells Fargo bank branch in New York, on Tuesday, Oct. 21, 2025. (Getty Images)
Striking a deal with Stephen Ross’ Related Companies, the San Francisco-based banker will reportedly lease a 50,000-square-foot office space at 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 on track to open in August.
Wells Fargo Wealth and Investment Management unit generated $16 billion in revenue last year and accounts for about 20% of the bank’s total revenue.
CEO, chairman and real estate billionaire Stephen Ross is openly pushing to turn Palm Beach County into a “Silicon Valley of the East,” and recently said he expects more recognizable names to expand their presence.
The Corcoran Group agent Julian Johnston exclusively speaks to Fox News Digital about the new wave of California billionaires migrating to South Florida due to a proposed wealth tax.
“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 with Bloomberg last week. “People are seeing the growth and where the country is headed.”
Related Companies did not immediately respond to Fox News Digital’s request for comment.
The move comes just over a month after local leaders told Fox News Digital that West Palm Beach is…
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