Florida Outlook Weekly “FLOW”.
Sept 29th 2025 – Florida’s financial sector saw notable mergers, market entries, policy concerns and wage changes this week, reflecting both the state’s fast‑growing wealth industry and broader economic currents.
Concurrent Investment Advisors completes $10B retirement deal. Tampa‑based RIA Concurrent Investment Advisors closed its first full acquisition by buying San Diego‑based Next Retirement Solutions (NRS) and rebranding it Concurrent Retirement. NRS advises roughly $10 billion in assets across 401(k) plans and other benefits for about 150,000 participants, and its addition takes Concurrent’s assets under advisement to around $24 billion. The transaction, finalized Sept. 10 for a mix of equity and cash, will allow Concurrent to cross‑sell retirement and retail services and help the firm pursue a goal of reaching $30 billion within three years.
Mid Penn Bancorp makes Florida entry. Pennsylvania‑based Mid Penn Bancorp agreed to acquire Sarasota‑headquartered Cumberland Advisors, a fee‑for‑service investment manager founded in 1973. The deal, expected to close in Q4 2025, will add $3.3 billion in assets under management and approximately $9 million in annualized revenue to Mid Penn. Cumberland will keep its brand and operate as a division within Mid Penn; the acquisition marks the bank’s first expansion into Florida.
Two new insurers approved as market reforms draw more capital. Florida Insurance Commissioner Mike Yaworsky approved Stand Insurance Exchange of Tallahassee and Praxis Reciprocal Exchange of Tampa as the 16th and 17th property‑and‑casualty insurers to enter the state since recent legislative reforms. The influx of new carriers since those reforms has brought over $574 million in policyholder surplus. CFO Blaise Ingoglia said the competition should help drive down homeowners’ premiums, and both Stand and Praxis plan to assume 25,000 Citizens policies each later this year.
Healthcare premium warning. At a Sept. 25 press conference, U.S. Rep. Debbie Wasserman Schultz warned that Florida’s nearly 5 million Affordable Care Act enrollees could see health‑insurance premiums jump 15%–41% if enhanced federal tax credits are allowed to expire. She noted that losing subsidies would make coverage unaffordable for many low‑income families and raise costs for other insured consumers.
Bank of America raises wages. Bank of America announced it will raise its U.S. minimum hourly wage to $25 in early October. The increase pushes annualized pay for full‑time employees above $50,000, nearly 80% higher than Florida’s $14 minimum wage, and represents a 67% rise in the bank’s minimum pay since 2018.
Commercial real‑estate sale. Local financial firm Alegian Growth Partners bought a 0.84‑acre lot at 2675 Del Prado Blvd S. in Cape Coral for $550,000. The seller, an LLC linked to California’s IRA Capital, paid $424,483 for the property in 2022. The parcel, zoned for commercial development with 155 feet of frontage, sits at a key intersection.
New Tampa Bay ferry operator. Pinellas Suncoast Transit Authority selected Hubbard’s Ferry of Madeira Beach to operate a daily, year‑round ferry service between Tampa and St. Petersburg, replacing the Cross Bay Ferry. Service is expected to begin next year and will include purchasing two new vessels.
About this report: This summary highlights significant financial developments in Florida during the week ending Sept. 28, 2025, for wealth managers, RIAs, insurers and other stakeholders.
