Glenmede Taps Veteran Banker for Florida Wealth Market Offensive

PALM BEACH, FL – January 09, 2026 – In a strategic move reflecting the immense shift of capital to the Sunshine State, wealth management firm Glenmede has appointed industry veteran Joe Coconate as its new Managing Director and Regional Head of Florida. The appointment signals a significant escalation in the firm’s commitment to capturing a larger share of one of the nation's fastest-growing and most competitive markets for ultra-high-net-worth (UHNW) families.

Based in Glenmede’s Palm Beach office, Mr. Coconate will report to Adam Douberly, Director of Regional Markets, and is tasked with spearheading the firm's strategy, elevating its regional profile, and expanding its relationships with families of significant wealth and their advisors. The move comes as financial institutions scramble to serve an unprecedented influx of affluent clients drawn to Florida's favorable economic climate.

Riding the Wave of Wealth Migration

Florida is no longer just a retirement destination; it has become a primary hub for American wealth. The state is at the epicenter of a "great wealth migration," leading the nation with a staggering net income migration that exceeded $39.2 billion in 2024. This trend has been fueled by an exodus from high-tax states like New York, California, and Illinois, with Florida attracting more than 20,000 high-earning households in the past year alone.

The numbers paint a vivid picture of this transformation. Over the last decade, Miami’s millionaire population has surged by 94%, while the Palm Beach and West Palm Beach areas have seen a 93% increase in high-net-worth residents. This influx of capital and clientele has turned Florida into a critical battleground for wealth managers. Glenmede's leadership acknowledged this trend as a key driver for the new appointment.

“Glenmede has seen both a significant rise in the migration of our existing clients and an increase in interest from prospective clients in the region,” said Adam Douberly. This dual pressure of serving relocating clients while attracting new ones necessitates strong, experienced local leadership.

A New Leader for a Competitive Landscape

To navigate this dynamic environment, Glenmede has chosen a leader with deep roots in the UHNW space. Joe Coconate brings nearly two decades of experience from some of the biggest names in private banking. Most recently, he served as a Director and Senior Banker at Citi Private Bank, advising ultra-high-net-worth clients and family offices on complex wealth strategies. His career also includes leadership roles at Northern Trust Corporation, Bank Leumi USA, and Credit Suisse, where he specialized in investment management, trust and estate planning, and multigenerational family strategies.

This background makes him a formidable player in a market crowded with established giants. Coconate will lead Glenmede’s Florida team against fierce competitors like J.P. Morgan Private Bank, Morgan Stanley Private Wealth Management, and UBS, all of which have a major presence and dedicated teams serving the state's wealthiest residents. These firms, along with a robust ecosystem of independent family offices, are all vying for the same affluent clientele, making specialized expertise and deep relationship-building skills paramount.

“Joe brings the experience and leadership needed to support our thoughtful and disciplined growth,” Douberly added, emphasizing the firm's strategy of deliberate expansion rather than growth at any cost. Coconate’s primary mission will be to lead a team of planning, fiduciary, and investment professionals to deliver the comprehensive, tailored solutions that UHNW clients demand.

Strategic Realignments and National Focus

The appointment of Coconate is part of a broader strategic realignment at Glenmede. Mark Parthemer, who successfully led the Florida market for the past four years and was instrumental in establishing the firm's presence, will now dedicate his full attention to his expanded role as Chief Wealth Strategist. This transition allows Parthemer to focus on national-level tax, estate planning, and fiduciary strategies, bolstering Glenmede's thought leadership across all its markets.

Parthemer’s shift highlights a dual-pronged approach: strengthening on-the-ground leadership in a key growth region while simultaneously enhancing the firm's national brain trust. This structure ensures that clients in Florida and beyond benefit from both dedicated regional management and top-tier, centralized expertise. The transition appears seamless, with Parthemer publicly endorsing his successor.

“Having known Joe for many years, I couldn’t be more excited to welcome him as the leader of what we are building in Florida—a client-focused culture that supports deep customization, empowers financial futures, and embraces sophisticated, long-term thinking,” said Parthemer. His comments underscore a focus on cultural continuity and a shared philosophy of client service.

Glenmede's Deepening Florida Commitment

While this appointment marks a new chapter, Glenmede's Florida story began in 2018 with the opening of its West Palm Beach office. That move formalized the firm's commitment to a state where many of its clients already resided, at least part-time. The Philadelphia-headquartered firm, which was founded in 1956 and oversees $49.3 billion in assets under management, is known for its independent ownership and long-term, fiduciary mindset.

Coconate’s mandate is to build upon this foundation. He is charged not only with managing operations but also with attracting top-tier professional talent and cementing Glenmede's reputation as a premier wealth manager in the state. As Florida continues its ascent as a global economic player, the ability to provide sophisticated, holistic advice on everything from investment strategy to multigenerational wealth transfer will be the defining factor for success. With Coconate at the helm, Glenmede is making a clear statement that it intends to be a leading force in shaping the financial future of its clients in the Sunshine State.