This isn’t so much a real con as it is an observation that feels like a relatively fair trade-off that I think people need to be made aware of.
While the culture and people are awesome, this isn’t New York, Chicago, LA, or any of the other major financial hubs. There are only a few smaller investment banks in the Tampa area, and some are just regional offices or boutiques (so if you want to work at Raymond James in St. Petersburg, you likely would have to move again if you wanted a new job). As a result of its HQ's location, there isn’t much of a competitive market for salaries or benefits. Raymond James is pretty much the only major player here. Being a middle-market firm, they can essentially set compensation as they see fit that is more favorable to the company's expenses.
But the location is also one of its biggest draws. That said, Florida (particularly the Tampa Metro area) isn’t as cheap as it might seem, even with the appeal of no state income tax.