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 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

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

Events

5 tech innovations you can't afford to ignore

Technology innovation is always top of my at Pershing. What does Pershing have on tap for 2018 and beyond.

Latest news & opinion

Meet our new 40 Under 40s

For a fifth year, InvestmentNews is proud to shine a spotlight on the amazing accomplishments and potential of top young financial professionals.

10 biggest retirement mistakes

Adhere to enrollment deadlines and distribution rules or pay a hefty penalty.

DOL fiduciary rule on brink of death as key deadline passes

Justice Department didn't petition the Supreme Court to rehear the case. A mandate from the 5th Circuit would finally lay the fiduciary rule to rest.

Finra to overhaul broker information system, cut compliance costs for broker-dealers

The move is intended to cut compliance costs for firms as well as make the registration and disclosure process more efficient.

SEC rule proposal doesn't include 401(k) sponsors in 'best interest' advice

Plan sponsors are left out of the equation because they don't appear to fall within the definition of "retail" investor, legal experts say.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print