Wealth Management Firms – The Evolution of Fortunes

Wealth Management Firms Abound in the Gables, Part of the City’s Social Fabric.

Coral Gables is home to some of the most successful and prominent wealth management firms in South Florida and around the country. Whether it be a high-profile international company or a local boutique wealth advising firm, Coral Gables has something for every size investment.

The choices are top tier, and the professionals who work most closely with their clients enjoy sterling reputations built on intimate knowledge and infinite trust.

Our long history of being home to multi-generational businesses lends itself well to these types of wealth management firms. And Coral Gables is built upon the foundation created years ago by mom-and-pop businesses that expanded as the Gables and Greater Miami grew. We have gone through amazing investment life cycles – boom or bust – and the importation of wealth over the past century has been unprecedented. What was once a quiet bedroom community adjacent to Miami has roared to life with the relocation of C-Suite professionals and the companies they lead.

Along with them came their wealth and a “best buy” opportunity that is now synonymous with the Sunshine State. Low taxes, high quality of life, and a community invested in its future are the hallmarks of the City Beautiful and a calling card for our Chamber’s business recruitment and retention.

The Coral Gables Chamber of Commerce is no different, now celebrating nearly 97 years of uninterrupted advocacy and support for the local business community. Just as the City Beautiful has grown, so have we, and so has the sophistication required by our businesses located here. Many of the firms that call the Gables home are also long-tenured members of ours. One of the featured voices in Doreen Hemlock’s feature on wealth managers rightly characterizes their relationships with clients as “psychologists,” which I fully understand as both a personal investor and manager of our Chamber’s endowment fund. In truth, financial planners oftentimes know more about their clients than extended members of their family or even their doctors do. I get that.

But I also know that professional service firms of all types – CPAs, law firms, and wealth managers – are the best of the best in our region and dot the business landscape of our city, having long added an incredible presence to our corporate community.

It is even more impressive when you think about a city of 50,000 residents that more than doubles its population Monday through Friday having a business profile such as ours, led by our banking, real estate, and professional service businesses.

These entities are not only incredibly generous corporate citizens, they also are terrific role models for their fellow Gables-based companies when it comes to environment, social, and governance (ESG). This is most notably embraced by Evensky and Katz/Foldes Financial Wealth Management and how they support their individual managers and encourage them to sit on many of our city’s most prominent boards of directors.

This is how it should always be done by our local firms and follows a path that ultimately leads to greater trust and prosperity. Now that’s a great investment.