Advisers prep for Hurricane Sandy to land

Firms put emergency, contingency plans in place for 'Frankenstorm'

Oct 26, 2012 @ 3:50 pm

By Liz Skinner

advisers
+ Zoom
(Bloomberg News)

Advisers along the East Coast, including those in New York, Philadelphia and Washington D.C., are considering their emergency plans and preparing to deal with power outages and transportation nightmares that weather watchers say Hurricane Sandy is likely to leave in her wake.

With expected winds of 30-50 mph and flooding rains starting as early as Sunday, utilities are warning customers to prepare for possible weeklong power outages in many areas as far inland as Pittsburgh. The storm's timing, close to Halloween on Oct. 31, has been dubbed "Frankenstorm" by the National Weather Service.

“We have a business continuity plan and we're prepared to put that into effect if access to the office isn't possible,” said Ian Armstrong, chief operating officer of Clear Harbor Asset Management LLC in New York. “We haven't, as of yet, canceled any meetings with the clients and companies that are set to come in Monday.”

In Philadelphia, Janney Montgomery Scott LLC, which has about 740 advisers, will post information for clients as soon as there is a more complete understanding of what the impact will be, said Chris Munafo, director of private-client-group administration.

“We don't want a client trying to get to a closed location or calling into a closed office,” he said.

The top priorities are the safety of employees and keeping client information secure, Mr. Munafo said. Operationally, power outages are the biggest concern, and he expects to be busy Monday and Tuesday communicating with branches. About 50 branches were affected by Hurricane Irene last year.

'Smack into New Jersey'

“This one is supposed to make a left smack into New Jersey,” Mr. Munafo said. “We could really be impacted by this, and that's why it's important that we have a plan in place.”

The generator at Convergent Wealth Advisors in Washington is ready, and a plan to post updates to staff through a weather emergency phone number is in place.

“We have an extreme-weather policy here, and when it's bad, we don't ask people to come in,” said Doug Wolford, Convergent's president. “Safety comes first — we want to make sure advisers and staff are safe.”

Also in Washington, the annual conference of the American Society of Pension Professionals and Actuaries is set to begin Sunday. So far, the 46th annual meeting plans to go on as scheduled, a note on the association's website says.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

RIA Data Center

Use InvestmentNews' RIA Data Center to filter and find key information on over 1,400 fee-only registered investment advisory firms.

Rank RIAs by

B-D Data Center

Use InvestmentNews' B-D Data Center to find exclusive information and intelligence about the independent broker-dealer industry.

Rank Broker-dealers by

Featured video

INTV

How T. Rowe Price is courting advisers

Managing editor Christina Nelson and senior columnist John Waggoner discuss the storied fund family and the ways it is aggressively moving into the financial adviser space.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

TD Ameritrade triples time before it charges fees on popular ETFs

Extending free trading of Vanguard and iShare ETFs to January.

Trump rejects idea of new caps on 401(k) savings in tax plan

GOP reportedly had been considering reducing the cap on the annual amount workers can set aside for 401(k)s.

Finra's stats reveal an industry in decline

The broker-dealer regulator reports fewer entities under its watchful eye.

T. Rowe Price steps up its game to serve financial advisers

The Baltimore-based mutual fund giant is more aggressively targeting financial advisers with a beefed-up wholesale crew and placement on custodial platforms.

The most important tax changes for 2018

The Internal Revenue Service issued inflation adjustments to more than 50 tax provisions for 2018.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print