Snowden Lane Increases South Florida Presence
By Sam Del Rowe
Snowden Lane Partners is increasing its presence in South Florida with plans to tap new advisor talent and expand its international business.
In September the firm announced a nearly 10,000-square-foot expansion of its Coral Gables, Florida office space. The firm first opened the office in 2019, it says.
Florida is appealing to the aging advisor population on account of its low income taxes, according to Richard Ganter, managing director of the southeast region at Snowden Lane.
“When you look at advisors that are thinking about relocating or making a change, Florida is a friendly state,” he said.
The average advisor is 51 years old, according to a report from Cerulli Associates.
Florida’s low corporate taxes also made it attractive for New York-based Snowden Lane, according to Ganter. He says that the company paid approximately 50% less for the new office space than it would have paid in cities such as New York and Chicago.
Additionally, the location in South Florida provides a “corridor into Latin America” according to Ganter. Snowden Lane has been focused on expanding its international business, onboarding advisors from Wells Fargo after that firm announced plans to exit its international business.
The firm’s most recent ADV indicates that it managed about $159.4 million on behalf of clients outside of the U.S. The firm had just under 100 staffers, about 85 of whom had advice-giving responsibilities, at the time its ADV was filed.
Ganter says that Snowden Lane is taking into consideration Covid-19 precautions such as social distancing in the new office space, but that having a physical location remains crucial.
“Our business fundamentally isn’t going to change — we have to connect with our clients, advise our clients and give sound investment advice. We do a lot of that in person, and we look at our office space as a function of our brand and our reputation,” he said.
Snowden Lane oversees $8.7 billion in total client assets, according to a spokesperson.
About Snowden Lane Partners
Snowden Lane is a nationally branded, open-architecture, hybrid registered investment advisor and
broker-dealer that provides wealth advisory services to high net-worth individuals, families, and
Snowden Lane is led by an experienced team of industry executives, including Lyle LaMothe, Chairman
of the Board of Managers, Rob Mooney, Managing Partner & CEO, and Greg Franks, Managing Partner,
President & COO, who are dedicated to building a client-focused, nationally branded, boutique wealth
Snowden Lane is headquartered in New York City and operates an SEC registered investment adviser
and a broker-dealer. Snowden Lane provides a multi-custodian, multi-currency platform, with
aggregated performance reporting and leading analytical tools for clients and advisors. It further
provides full operational, finance, compliance, human resources, and financial advisor transition support
to its financial advisors.
For more information about Snowden Lane, please visit www.snowdenlane.com.
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