Florida-based broker-dealers flee Irma, setting up operations out-of-state
September 11, 2017 | Bruce Kelly | Investment News
As Hurricane Irma lashed the sunshine state from its tip to its top over the weekend, business continuity plans for independent broker-dealers based in Florida kicked in, keeping the firms open for business for thousands of financial advisers.
Prior to the hurricane, Raymond James Financial Inc., with more than 7,000 financial advisers across business lines, had shifted critical business operations from its St. Petersburg campus to facilities in Memphis, Detroit and Denver in anticipation of the storm. At noon on Monday, the company said in a statement that it expected to re-open its Florida headquarters by Wednesday.
"While we assess the safety and well-being of associates and facilities impacted by the storm, we continue to operate under our business continuity protocol, which has allowed us to maintain operations and service levels at our back-up facilities," the company statement said.