Managing Wealth in Southwest Florida

SOUTHWEST FLORIDA HAS EMERGED AS AN INCREASINGLY AFFLUENT AREA, ESPECIALLY ALONG THE COASTLINE WITH MORE BABY BOOMERS MOVING HERE. THERE'S A SURGEON COMPANIES OFFERING WEALTH MANAGEMENT FOR THOSE LOOKING TO MAINTAIN THEIR PORTFOLIOS IN REAL ESTATE AND IN OTHER MARKETS, WGCUS MIKE WALCHER JOINS US NOW FOR THIS WEEK'S BUSINESS REPORT. THANKS FOR JOINING US. MIKE. >> YEAH, WELL, GOOD TO BE HERE. AND WE'RE TALKING ABOUT PEOPLE RETIRING YEAR WHILE HAVING ALL THIS PROPERTY TO MANAGE ALL OVER THE COUNTRY. NOW IT COULD BE RESTAURANTS, SHOPPING, PLAZAS, MAYBE STORAGE UNITS. THE OFFSPRING OF THOSE FOUNDERS MAY HAVE THEIR OWN CAREERS, THEIR OWN FAMILIES AND NOT BE ABLE TO KEEP TRACK OF LOCAL THINGS LIKE UP-TO-DATE PERMITS. MAINTENANCE ARE COUNTING HUMAN RESOURCES. SO NOW A LOCAL FIRM IS JOINING THE GROWING NUMBER OF WEALTH MANAGEMENT COMPANIES. IT'LL CHARGE A FEE TO MANAGE COMMERCIAL PROPERTY PORTFOLIOS. WE TALK WITH THE COMPANY PRESIDENT. >> THE BABY BOOMER GENERATION IS IS HANDING THE KEYS OVER TO THE NEXT GENERATION. AND THERE'S ABOUT 127 TRILLION DOLLARS TRANSITIONING IN THE NEXT 20 YEARS FROM THE BABY BOOMER GENERATION TO THE NEXT GENERATION. AND IN SOME CASES, THE CHILDREN WANT NOTHING TO DO WITH THE REAL ESTATE. THE FAMILY. THEY'RE THE FATHER THAT BUILT OR THE MOTHER THAT BUILT UP THE COMMERCIAL REAL ESTATE HOLDINGS. THEY DON'T WANT TO LIQUIDATE THE PORTFOLIO UPON DEATH. THEY WANT THIS TO KIND OF TRANSITION TO THE NEXT GENERATION HAS A LEGACY RIGHT? AND SO THERE'S A HUGE NEED FOR ASSET LEVEL MANAGEMENT, LIKE A FAMILY OFFICE. IF THERE'S 2 DIFFERENT TRENDS, WE WE SEE FAMILIES ARE WERE MORE CO PILOT WITH THE FAMILY AND THEY'RE MORE INVOLVED IN MANAGING THE ASSETS AND THEN WE SEE WHERE YOU BASICALLY A TURNOVER KEYS AND SAY, HEY, WE JUST SENT US OR CHECKS MANAGES PORTFOLIO. >> SO LET'S SAY IT'S SHOPPING PLAZAS FAMILY EMPIRE ON SO MANY IT HAS TO HIRE A COMPANY TO MANAGE THEM ALL. WHAT DO YOU THINK ABOUT THAT? >> I GUESS IF YOU NEED IT, YOU NEED IT BY. >> I DON'T KNOW. I DON'T HAVE THAT PROBLEM. >> YOU WISH YOU DID. WELL, I'M NOT REALLY. I'M COMFORTABLE. I'M HAPPY WHERE I'M AT, BUT I CAN UNDERSTAND THAT. I MEAN, WHO WANTS TO WORK TO LURE A T AND YOU KNOW, YOU BUILD YOUR EMPIRE. WE'RE GONNA DO WITH IT. YOU GOT TO, YOU KNOW, YOU GOT TO DISSOLVE IT OR YOU NEED TO PASS IT ALONG. >> AND ON THE TOPIC OF WEALTH IN THIS AREA. TAKE A LOOK AT THE RITZ CARLTON RESIDENCES AT ESTERO BAY. THE FIRST HOURS FINISHED AND DOZENS OF HOMES ALREADY HAVE SOLD FOR JUST OVER 3 MILLION DOLLARS TO MORE THAN 7 MILLION DOLLARS EACH ACCORDING TO THE LEE COURT CLERK RECORDS AND THEY'RE BUILDING A SECOND TOWER WHEN BOTH HEARD ON THE UNITS SOLD 400 MORE MILLIONAIRES. WE'LL OWN HOMES IN LEE COUNTY. >> SO WE ARE GETTING NEW WEALTH TO OUR AREA. WHENEVER YOU GET NO MORE WELL FOR OUR NEWER FAMILIES OF HIGH NET WORTH INDIVIDUALS ARE COMING INTO OUR MARKET. THAT'S ALWAYS A FANTASTIC SITUATION. THOSE THOSE INDIVIDUALS ARE GOING TO BE GOODS AND SERVICES ARE GOING TO INVEST. AND OUR LOCAL MARKET. SO THAT'S ALWAYS VERY POSITIVE. MIKE, WHY IS SO MUCH WEALTH COMING INTO SOUTHWEST FLORIDA? WE ARE GOING TO FIND IT INTERESTING THAT A LOT OF IT RELATES TO. >> THE POST COVID POPULATION BOOM THAT HAPPENED HERE. BIG PRIVATE MANATEE BEEN AN EQUITY COMPANIES HAVE REALLY NOTICED THAT. AND THEY SAID IT'S TIME TO INVEST IN THIS AREA AND ABOUT THE SAME TIME HURRICANE IAN STRUCK AND THERE WAS SO MUCH OPPORTUNITY FOR THESE COMPANIES TO PICK UP DISTRESSED REAL ESTATE AND THAT'S REALLY WHAT'S BEEN HAPPENING WITH STALLED MASTER OF BUILDING IN THE PAST 2 TO 3 YEARS AND MORE AND MORE COMPANIES ARE NOTICING THAT AND MORE AND MORE PEOPLE ARE COMING HERE. >> AND HOPEFULLY THIS BODES WELL FOR SOLID ECONOMIC GROWTH IN SOUTHWEST FLORIDA. IT WOULD CERTAINLY SEEM TO BRIGHTEN OUR LITTLE BIT OF A SLOWDOWN, PERHAPS. BUT I THINK THAT'S NOT GOING TO LAST. >> REAL LONG IN TERMS OF BUILDING A NEW PROPERTIES. >> ALL RIGHT, MIKE WALTER, THANK YOU FOR JOINING US TODAY.