Why Florida is attracting more trust professionals than ever

Florida is in the middle of a hiring wave for trust professionals. Demand for trust officers, senior trust officers, administrators, and related roles is strong across the state — and expected to keep growing through 2030. The hotspots are Miami and Palm Beach, where wealth migration and firm expansion have been concentrated, with Tampa Bay emerging fast as a more institutional hub.

Why is this happening?

Between 2019 and 2023, Florida saw the largest net income inflow of any state ($137B) according to the Miami Association of Realtors, and remained the number one state for net income migration as of late 2025, as reported by Forbes. Pull factors driving the shift include Florida’s lack of state income tax, estate tax or inheritance tax – as well as its warm climate, business-friendly environment and availability of luxury real estate.  

More flexible regulation of trusts

A number of legislative and regulatory changes over the past 5 years have increased Florida’s attractiveness for HNW and UHNW individuals.  The Florida Uniform Directed Trust Act (FUDTA), adopted in 2021, modernised trust administration, bringing Florida in line with top-tier states in terms of flexibility. 

In the same year, the Florida Community Property Trust Act allowed married couples to classify assets as community property via a specialised trust, minimising capital gains tax on a spouse’s death. And in 2025, State Senate Bill 262 allowed for decanting of assets to special needs trusts to protect beneficiary government benefits.

“Wall Street South”

As new wealth has poured into the state, firms have followed the money, creating the “Wall Street South” effect – a rapid expansion of the financial services industry in South Florida, particularly Palm Beach County and Miami. Over 250 firms, including Wells Fargo WIM, JPMorgan Private Bank and Citadel, have expanded their operations in the state – or in some cases, relocated their wealth management HQs. As a result, over 120,000 jobs have been created in the financial services and related business sectors – 74,000 in Palm Beach County alone, according to the local Business Development Board.

What skills are in demand?

We’re seeing sustained demand in South Florida for both client-facing roles, such as senior trust officers, trust officers, and private bank advisors, as well as operations-focused positions, including trust administrators, operations specialists, and trust accountants. Ideal profiles vary by location, though.

• Miami – The significant presence of LATAM capital means bilingual fluency (English plus Spanish/Portuguese) is an advantage, and cross-border expertise is key alongside FATCA/CRS/AML compliance.
• Palm Beach – As a centre for “old money”, experience in multi-generational trust management and family office coordination is highly valued.
• Tampa Bay – Rapid institutional growth here creates a need for corporate fiduciary experience and professionals comfortable with scalable operations. 

The opportunity for trust professionals

Skilled trust professionals looking to relocate from more traditional financial centres can expect compensation on par with TX and LA – and while salaries are lower on paper than in NYC, taking Florida’s zero income tax and lower cost of living into account helps to narrow that gap.

There are also real choices in terms of career path. Established, PE-backed firms offer a formal progression ladder, larger bonus pools at senior levels, and long-term incentive plans. Opportunities at smaller, boutique firms can mean faster title advancement, broader responsibilities earlier on, and a more entrepreneurial working environment. 

If you’re still figuring out the best route for your career, see our comparison guide: Charting The Right Career Path: PE-Backed Versus Independently Owned Firms | Victus Search

Looking to make a move?

Victus Search specialises in Florida’s trust and fiduciary market, working with both global institutions and boutique firms as they expand operations across the state. We’re currently recruiting for senior trust officers, trust officers, trust administrators, and related roles — including positions that aren’t publicly advertised. 

If you’re exploring your options or just want to understand what’s out there, get in touch. Or, review our current opportunities in Florida.