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Florida Financial Intelligence
Week Ending June 7, 2026 · Published Monday, June 8, 2026
Florida’s Property Tax Earthquake — and What It Means for Every Financial Professional in the State
On June 2, the Florida Legislature passed a constitutional amendment that could eliminate property taxes for 60% of primary homeowners. It goes to the November ballot. The financial implications cut in multiple directions.
FLORIDA CAPITAL FLOWS
The Tax Story That Could Change Everything
Florida’s Legislature met in special session on June 2. Lawmakers passed House Joint Resolution 1-F with broad margins. The measure would increase Florida’s homestead exemption from $50,000 to $150,000 in 2027, and to $250,000 in 2028.
It needs 60% voter approval in November. If it passes, it could eliminate non-school property taxes for up to 60% of primary homeowners. DeSantis called the session. Senate President Ben Albritton called it a historic property tax cut in honor of America’s 250th birthday.
The Migration Accelerant
The amendment adds a powerful new layer to Florida’s migration story. Florida already offers zero state income tax. Add near-elimination of primary residence property taxes, and the after-tax advantage of Florida residency over New York, California, or Illinois becomes very hard to match.
One attorney quoted in Fox Business put it directly: Florida would be particularly appealing to people leaving the Northeast who are evaluating where to establish permanent residency. For financial professionals, that is an understatement.
The Non-Homestead Catch
The amendment also lowers the cap on assessment increases for non-homestead properties from 10% to 5% annually. Non-homestead includes investment homes, vacation homes, apartments, and commercial real estate.
That cap reduction will slow taxable value growth for those assets. Local governments that lose homestead revenue will face pressure on their overall tax base. For owners of commercial real estate and multi-family assets in Florida, this is not a straightforward benefit.
The five-year residency requirement for new arrivals after January 1, 2027 adds a planning dimension. New Florida residents must maintain residency for five years before qualifying for the expanded exemption.
What the Data Shows
The Tax Foundation published a critical analysis this week. Their concern: cutting homestead taxes while capping non-homestead assessment increases may undermine Florida’s overall tax structure competitiveness. Local governments losing revenue will face rate pressure elsewhere.
Miami ranked #4 in the AFIRE 2026 survey of top US markets for international real estate investment. That was cited at MIAMI Commercial’s South Florida Real Estate Summit this week. Miami’s investment case is strong either way — but the tax outcome matters for cost-of-hold assumptions.
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HOMESTEAD EXEMPTION (PROPOSED, 2028) $250K Up from current $50K |
PRIMARY HOMEOWNERS POTENTIALLY EXEMPT 60% Of non-school property taxes |
NON-HOMESTEAD ASSESSMENT CAP (PROPOSED) 5% Down from 10% annually |
RESIDENCY REQ. FOR NEW ARRIVALS 5 yrs To qualify for expanded exemption |
RIA & WEALTH MANAGEMENT M&A
Modern Wealth Makes Its Second Florida Deal in Two Months
Modern Wealth Management closed its acquisition of Flaharty Asset Management on May 29. The firm manages approximately $1.1 billion in assets. It has offices in Clearwater and Punta Gorda, Florida. This is Modern Wealth’s 22nd acquisition since its 2023 founding.
It follows the firm’s April acquisition of Legacy Wealth Management — a South Florida firm managing $1.2 billion in assets, also an LPL affiliate. Two Florida deals. Two months. Total AUM now exceeds $14 billion. President Jason Gordo expects at least five more deals in 2026.
The LPL-to-Fidelity Pattern
Both Florida deals involved LPL Financial affiliates. Both will custody assets at Fidelity after closing. This is a deliberate strategy. Modern Wealth is targeting advisors who want to offload operational burden — not just those seeking the highest valuation multiple.
That positioning is smart in a crowded buyer market. Many platforms compete on price. Modern Wealth is competing on operational relief. In a market where integration complexity is rising, that message lands.
DayMark Surpasses $6 Billion
DayMark Wealth Partners crossed $6 billion in AUM this week. A four-person team from Morgan Stanley — Rex Mack, Patrick Petsche, Vince Costanzo, and Anthony Costanzo — joined DayMark’s Ohio office. The team managed $820 million.
DayMark is Dynasty-backed, Cincinnati-based, and holds a Florida presence via Fort Lauderdale and Stuart. The pace of growth is worth noting: $1.4 billion at founding in 2022, over $6 billion today. Constellation Wealth Capital holds a minority stake.
LPL Signals a Pause
LPL Financial will slow down on major M&A. CEO Rich Steinmeier said the firm is focused on retaining assets and integrating Commonwealth brokers. It will not pursue another large acquisition in the near term.
For Florida advisors affiliated with LPL or Commonwealth, this is a meaningful signal. Integration focus means less strategic attention to independent Florida practices. Fidelity, Schwab, and Dynasty are already moving into the space that creates.
A New Dynasty-Backed Platform Launches
A former Wells Fargo team managing around $750 million launched N10 Holdings with Dynasty Financial Partners. Andrew Urbanski, Lauren Urbanski, Adam Urbanski, and Karo Lokmanyan built a dual structure: N10 Wealth for advisory services, N10 Capital for proprietary ETFs.
Most breakaways build an advisory firm. This team built a product business at the same time. Dynasty’s St. Petersburg headquarters makes this a Florida-networked launch with ongoing platform support.
BANKING / INSURANCE / PRIVATE CREDIT
The Amendment’s Credit Market Implications
The homestead amendment has direct implications for credit markets. Lower holding costs on primary residences mean higher net returns for homestead owners. That raises collateral values for securities-backed lending against primary residence equity.
The non-homestead assessment cap works the other way. Investment and commercial properties will see slower assessed value growth. That affects the underwriting assumptions for CRE credit in Florida markets, particularly for multi-family and mixed-use assets.
Miami Stays Strong for International Investment
Miami ranked #4 in the AFIRE 2026 survey of top US markets for foreign real estate investment. South Florida recorded 361 residential property sales above $10 million in 2025. That was the highest total since 2021.
Luxury price growth is forecast at approximately 3% annually through 2026 and 2027. That is stable, not explosive — which is what institutional credit markets prefer when underwriting long-duration loans. The collateral base is reliable.
Private Credit Continues to Lead Large Transactions
The structural dynamic from prior weeks is unchanged. Banks remain largely absent from Florida construction lending above $100 million. Debt funds continue to lead. Bridge loan rates in Florida are holding at 10-12% for most investment-grade collateral.
Miami is now second only to New York City on the East Coast in concentration of financial institutions. Density creates deal flow for credit managers who are positioned locally. That origination advantage compounds over time.
INSTITUTIONAL & ALLOCATOR MOVES
The Property Tax Amendment as an Allocator Signal
If the $250,000 homestead exemption passes in November, Florida’s value proposition to UHNW individuals and family offices becomes harder to match. The arithmetic is clear.
A $5 million primary residence in Palm Beach currently carries a significant property tax burden. Under the proposed amendment, the non-school portion of that assessment would be materially reduced. For a UHNW principal choosing between Florida and New York, the after-tax advantage grows substantially.
More arriving principals means more new UHNW relationships. More new UHNW relationships means more family office formations. The allocator pool in Florida will grow faster if the amendment passes.
The Five-Year Residency Requirement as an Advisory Opportunity
New Florida residents after January 1, 2027 must maintain residency for five years before qualifying for the expanded exemption. For a New York hedge fund PM considering a move, the tax benefit is real but deferred.
Wealth managers and financial advisors in Florida have a clear opportunity here. Helping new and prospective residents plan around the timing and structure of their Florida transition is differentiated, high-value advisory work. It requires specific knowledge of the amendment’s provisions. Most advisors do not have it yet.
Florida SBA — Still Watching
The Florida SBA’s consideration of long/short equity mandates remains unresolved. No formal RFP has been issued. The institutional timeline is moving through the SBA’s board meeting calendar.
Managers who have begun relationship development are ahead. The cycle from first meeting to shortlist at a public pension typically runs 18-24 months. That clock is running. Waiting for the RFP means competing against managers who have already had multiple conversations with the investment team.
AFIRE Ranking Confirms International Conviction
Miami’s #4 AFIRE ranking reflects institutional commitment. It is not driven by lifestyle buyers alone. Pension funds, sovereign wealth vehicles, and global family offices are allocating to South Florida real estate as a core long-term hold.
That base creates stable demand under the luxury segment. It also concentrates decision-makers in Miami who are seeking co-investment opportunities across real estate, private equity, and credit.
DEAL RADAR
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DEAL / MOVE |
DETAIL |
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Florida $250K homestead exemption |
HJR 1-F · June 2, 2026 · DeSantis-backed special session · $150K in 2027, $250K in 2028 · Non-school levies only · 60% voter approval needed · 5-yr residency rule for new arrivals |
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Modern Wealth → Flaharty Asset Mgmt |
$1.1B AUM · Clearwater + Punta Gorda, FL · June 3 · 22nd acquisition · LPL → Fidelity · Modern Wealth’s 2nd FL deal in 60 days · $14B+ total AUM |
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DayMark surpasses $6B AUM |
$820M Morgan Stanley team joins June 1 · Dynasty-backed · FL presence via Fort Lauderdale + Stuart · $1.4B → $6B+ since founding in 2022 |
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N10 Holdings launches (Dynasty-backed) |
$750M Wells Fargo breakaway team · N10 Wealth (advisory) + N10 Capital (proprietary ETFs) · Dynasty Financial Partners, St. Pete, FL |
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LPL Financial signals M&A pause |
CEO cites Commonwealth integration focus · Window opens for Fidelity, Schwab, Dynasty to recruit LPL-affiliated FL teams |
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Focus Financial → EverNest Financial |
$960M Indiana RIA · June 1 · Focus Partners Wealth $181B+ in AUA · Part of $500B+ Focus network |
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Miami ranked #4 AFIRE 2026 |
Top US markets for international RE investment · 361 S. FL sales above $10M in 2025 · 3% luxury price growth forecast for 2026-27 |
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Modern Wealth 2026 acquisition target |
CEO expects at least 5 more deals in 2026 · LPL-affiliated FL practices in active target profile · Targeting operational-relief motivated sellers |
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FL homestead tax amendment — financial implication |
Non-homestead cap drops 10% → 5% · CRE/investment property value growth slows · Collateral underwriting assumptions affected |
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Florida SBA long/short equity mandate |
No RFP yet · Board meeting calendar is timeline · 18-24 month relationship-to-shortlist cycle means clock is already running |
3 STRATEGIC INSIGHTS FOR MANAGERS
01 The Property Tax Amendment Is a Capital Formation Event — Plan Around It Now, Not After November
Be precise about what HJR 1-F does. It eliminates non-school property taxes on primary residences up to $250,000 in assessed value. It does not eliminate all property taxes. But the migration signal is larger than the direct tax impact. Florida with no income tax and near-zero primary residence property taxes is a different financial proposition than any other major state. For managers building Florida LP pipelines and client relationships, passage in November would accelerate the UHNW migration already underway. The correct response is to build the relationships and referral infrastructure now — before the wave arrives. Also: the five-year residency requirement creates an advisory opportunity. Principals moving to Florida in 2027 will need structured guidance on transition timing. That is differentiated, high-value work for advisors who are ready for it.
02 Modern Wealth’s Two-Deal Florida Strategy Reveals the Next Phase of RIA Consolidation in the State
Two Florida acquisitions in 60 days — both LPL affiliates, both moving to Fidelity. This is not coincidence. It is a targeting strategy. Crestview-backed Modern Wealth has identified the LPL-to-independence pipeline in Florida as a priority. LPL’s own M&A pause reduces its internal focus on independent practice retention. That creates an opening. For Florida advisors affiliated with LPL or Commonwealth, competitive outreach from Modern Wealth and similar platforms will intensify in the second half of 2026. Principals who understand their options and begin exploring them proactively will have more leverage than those who wait for inbound calls. The best deals in this cycle go to sellers who approach the process from a position of choice — not urgency.
03 LPL’s Pause Is Dynasty’s Opening — and Florida Is Where It Will Be Most Visible
LPL is the dominant independent broker-dealer platform in the US. When its CEO signals an M&A pause, the competitive landscape shifts. Dynasty Financial Partners — headquartered in St. Petersburg, Florida — is the natural beneficiary in the Florida market. Its network already includes DayMark, Cyndeo Wealth, and dozens of Florida-based practices. The N10 Holdings launch this week shows Dynasty is still attracting breakaway teams. For advisors considering independence in the current cycle, Dynasty offers something LPL currently cannot: full attention and active investment in platform growth. And its Florida headquarters makes the in-person relationship development — the critical ingredient in advisor platform decisions — structurally easier for Florida-based teams than for any out-of-state competitor. Watch Dynasty’s Florida deal count in the next 90 days.
About this report: This weekly summary highlights major deals, adviser moves, policy developments and market data for Florida’s wealth‑management and insurance sectors. For questions or media inquiries, please contact the author.
