“People are dealing with losing their homes and possessions. Many are temporarily living with friends and family,” says Maddox. “I don’t think we’re over the shock of this event, and in many cases, I just don’t know what will happen next.”
Some clients are calling firms concerned about the well-being of their advisors. Zschiesche says that Financial Synergies attempted to assuage client concerns with pre-emptive calls informing them that the firm would operate as normal.
“Most of the replies we’ve received expressed concern, encouragement and well wishes,” says Zschiesche. “We have worked diligently to create a reputation for lightening-quick response and follow-through, and any client requests we have received since the storm began have been handled same day.“
Most of the clients Hall has heard from have been responding to Hill Investment Group’s outreach efforts.
“Most are thanking us for reaching out,” says Hall. “Many of our clients have left and are in safe spaces, but a few are still there and are mostly affected in a sense because they cannot travel normally and are blocked off from places they would normally go by the flooding.”
In some cases, Harvey’s damage will alter or scuttle retirement plans, acknowledges Hall, but most advisory clients are resilient.
“Like any unexpected challenge, people find ways to be resilient and bounce back,” says Hall. “Responding is a matter of prioritizing the things that matter the most. If a client suddenly finds themselves without a residence, we might end up talking about that first and the normal business second. In our firm, we talk about resilience and what creates it so we’re not overwhelmed and so we don’t feel completely out of control.”
Sather is advising clients affected by the storm to get an early start on their insurance claims.
“We told clients to contact their insurance companies immediately and start the claims process,” Sather says. “It’s one of those situations where you just do the best you can and make sure everyone is safe. The money aspect of it will work itself out. Safety and security are the important things.”
In addition to the property damage, Harvey also leaves behind likely economic and policy impacts. Ameriprise Financial expects that the storm will have a negative impact on national economic data due to its ferocity, the population density of the affected areas, the presence of the oil and gas industry in the region and the fact that most of the damage was caused by flooding, which in many cases will be uninsured.