Ameriprise predicts that higher gas prices will cause a decline in consumer purchasing power, and that the overall economic impact from the storm may be enough to delay monetary tightening by developed market central banks.
In the wake of the storm, advisors exploring opportunities for service and philanthropy, as are many clients.
“There are issues at work here far greater and more important than financial advice, people are trying to arrange for the survival of themselves, their children, their pets, they’re struggling to find shelter and food,” says Hall. “For a lot of people in Houston, just getting out of town was complicated. It’s been difficult to watch and not really be able to help yet, but we’re looking to see if there’s anything we can do for our clients, and we’re donating money to several organizations trying to do work in the affected areas.”
Likewise, Maddox has added prompts to give and donate to his e-mail signatures.
In the aftermath of a major disaster like Harvey, fraudulent charity and service organizations take advantage of many philanthropically minded individuals, notes Hall.
“One of the best ways to protect against fraud is to have a personal connection to the charitable organization you’re working with,” says Hall. “These situations are ripe with that kind of bad behavior.”
It may take years to discover the true extent of Harvey's destruction, yet in the long run, Texas will recover, says Hall.
“Texas is tough-minded and fiercely independent,” says Hall. “When mother nature shows us her worst side, it tends to bring out the best in people.”