Part 7/9:
While Miami’s ascent challenges the conventional wisdom of financial hubs, some argue that the most significant shift is the transformation of finance itself. Traditional banking institutions are facing obsolescence as fintech firms and hedge funds disrupt their established models.
Banking, once central to financial ecosystems, has diminished in dominance as non-bank financial institutions rise in influence. Many industry insiders suggest a migration to Miami is necessitated by tax advantages, favorable climates, and even lifestyle changes, appealing to professionals seeking a different pace of life compared to the intensified atmosphere of New York.