The Top Regional RIAs: Four hot spots?
Few cities took a harder hit in the recession than Miami, and the city's all-important real estate sector may never recover. For the clever adviser, however, pockets of opportunity remain.
“This is a high-profile city,” explained one Miami resident. “Especially at the low end, you'll find people who'd much rather have a flashy car than a decent house.” So it's perhaps all the more tragic in such a visually oriented city to see so many foreclosed properties in what was a real estate paradise.
With the economy still fragile, it's easy to conclude that the best thing for an adviser is to hang a shingle somewhere else, but well-focused professionals can still carve out profitable niches.
Dennis Nason, a former financial executive who now runs an executive search firm in Miami, tells advisers to be equally aware of pitfalls and possibilities.
“There's probably some $425 billion in investment funds available,” and about 75% of the financial institutions advising on that money are "carpetbaggers' — that is, headquartered outside of the South, he said. “So there's lots of opportunities for niche players. You only need a small piece of the pie to become successful.” (Click here for the full regional RIA rundown of Miami.)