We talk to the US accounting and advisory firm and how its recent expansion to the Sunshine State fits into its business strategy, and we also ask its views about Florida's wealth market.

This news service has interviewed Kathleen Braica, CPA, who leads a team in the Florida office of Anchin, which is a full-service accounting and advisory firm. It has offices in New York and Long Island, as well as Boca Raton, Florida. Anchin opened the Florida office in July this year. 

Family Wealth Report knows how significant Florida is and continues to be as a wealth management state; it is home to a multiple variety of firms catering to specific types of client. Florida is a complex state with a cluster of different specific high net worth people who live in the state all year around, some of whom have Latin American links and sources of wealth; some spend the winter there and have primary residences in other parts of the US; there is a family offices segment and a diverse range of accounting advisory firms. 

What in your view are the dominant trends in the Florida financial market in which you operate? 
The dominant trends I’m seeing in the Florida financial market include a migration of high net worth individuals/families. The pandemic has been an accelerant of this trend, as it propelled many business owners to shut down or sell their companies and relocate to Florida. We have also seen the businesses that serve this socioeconomic group move and/or expand in the Florida marketplace. I have been in Florida for 25 years and can personally attest that this resulting migration to Florida is due in part to the state’s appealing lifestyle, climate, and tax benefits.

We read a lot about how much inward migration there has been to Florida because it does not have a state income tax, etc. How much of this is still going on? Are property prices now so high that this is starting to be a deterrent?
I’ve watched the inward migration for some time and there are a few things I’ve noticed. While Florida property prices have increased, they remain relatively cheaper than areas where people and businesses are migrating from, including California, New York and other Northeastern states.

Our new Florida resident clients have shared that their move to Florida was only partially motivated by lower taxes. Other factors include safety, lower living costs, ease of movement, and escaping less desirable climates (cold/wildfires). While tax savings may help tip the scales toward Florida, there are other factors that cause individuals and businesses to leave their home state. 

Tell us more about the clients you have. What are the current and future trends in the services they want? 
Our clients are high net worth individuals and families, family offices, investment/trading partnerships and privately held middle-market businesses. Many of our clients have multigenerational wealth and are concerned, not primarily with growing wealth, but with preserving it and transferring it to future generations in a tax-efficient manner. Anchin’s expertise in tax consulting/compliance, estate/gift planning and philanthropic advisory services are offerings that our clients appreciate most about us. We have been hearing from our new clients that they left their prior CPA because they want more timely attention as well as a more holistic approach that includes their advisors communicating and coordinating their efforts to achieve optimal results. We believe that clients receive better service with collaborative professionals, and some of the most effective client meetings that I have are with a financial advisor, attorney and myself.

How best to describe your firm? What are its distinguishing qualities? 
Anchin is a highly experienced and effective organization that evolves to serve our clients. We believe one of the biggest compliments that we have received as an organization is that financial executives and attorneys represent a significant part of our client base, which speaks volumes about the confidence that they have in our firm, to deliver, not only for their clients or portfolio companies, but for their own needs as well. Our services really shine for high net worth clients with assets of $20 million or more, or $10 million or more for private businesses. 

Anchin has a small-firm, familial feel in terms of its accessibility and partner-led engagements. Impressive offerings allow us to measure up against the biggest players in the accounting industry. What sets Anchin apart is partner-level involvement with all clients, low staff turnover which results in continuity and reliability, and seamless internal coordination to meet our clients’ custom needs, from real estate to cash flow planning, intricacies related to distribution waterfalls and even cybersecurity. 

In your view, what is your forecast for the Florida financial market – as it relates to accounting – over the next five, 10 years? 
The forecast for the Florida market is just as sunny as the weather. With respect to the accounting industry, favorable tax laws will add to the strength and growth of the market as long as the economics and pro-business culture remain. As more families and professionals move to Florida, word will continue spreading at an accelerated rate about the benefits of living and doing business in the Sunshine state.

I moved here 25 years ago and stayed, because I found that I could have a career and more time for my family and personal life in a climate that provides nine months of beautiful outdoor weather. As the migration here continues, many of the firms we collaborate with – accountants, financial advisors and attorneys – are drawn here to both serve clients and improve their quality of life.