The story is yet another example of Florida's rise as one of the main wealth management markets in the US.

Pitcairn,the family office, has appointed former Abbot Downing senior figure Jay Goetschius as managing director and head of Florida as the business focuses on developing in the Sunshine State. 

"Florida has always been important to Pitcairn because it's a region where so many of our clients maintain residences. Building a stronger presence in Florida is a vital component of Pitcairn's long-range growth strategy and another step in the natural evolution of this firm as we approach our 100th anniversary in 2023," Andrew L Busser, Pitcairn's president, family office, said. "With Jay joining our team, we now have a seasoned leader situated right where these clients are, enabling us to deliver the Pitcairn client experience in an even more personal and local way."

At Abbot Downing, Goetschius was an MD working in Palm Beach and New York, where he served ultra-high net worth families and individuals. He has spent 30 years working with private clients on a range of family wealth management areas, including investment policy development, portfolio construction and asset allocation, risk management, and tax and estate planning.

The appointment also testifies Florida’s continued rise to prominence as a hotspot for US wealth management. 

Earlier in his career, Goetschius was a principal for Bessemer Trust in Palm Beach, partner and head of client relationship management of HPM Partners, and MD with BNY Mellon Wealth Management in New York City. Goetschius served in senior roles at Bank of New York's charitable gift services, trust and private banking divisions and began his career in Chase Manhattan Bank's management development program. He earned a BA in economics from St. Lawrence University, an MBA in finance from Seton Hall University, and is a Certified Trust & Financial Advisor.

Florida has attracted a variety of wealth management organizations in recent years, and its presumed charms have shone more brightly due to its not having a state income tax (as with Texas and Nevada). 

To give various examples across the industry, Hamilton Capital, a Columbus-based registered investment advisor with more than $2.5 billion in assets under management, opened an office in Palm Beach.The Glenmede Trust Company, which formed a transatlantic pact with a multi-family office, created a new office in West Palm Beach, Florida – the firm’s first office in the state.

Among other firms expanding in Florida are Goldman Sachs, which has added hires in its private wealth management business; Rockefeller Capital Management, which has made a raft of hires; Evercore Wealth Management has opened a new office in Palm Beach; Landsberg Bennett Private Wealth Management launched as in independent Registered Investment Advisor in Punta Gorda in 2019; and Boston Private (now part of Silicon Valley Bank) appointed advisors as part of its work with a Florida-based firm. In 2019, the personal finance website WalletHub listed Florida as one of the states with the highest return on investment in terms of its tax burden and provision of public services.

In 2020, the three grandsons of Adi Dassler, founder of sports and apparel brand Adidas, created a Florida-based multi-family office.