Harbor Investment Advisory, LLC has developed a Business Continuity Plan describing how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions are unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our business continuity plan.
If after a significant business disruption, you cannot contact us as you usually do at (410) 659-8900, or via your financial advisor’s email address or cell phone, you may contact our Chief Compliance Officer, William Schadty at wschadty@harborLLC.com. If you cannot access us through any of those means, you should contact our clearing firm, Pershing, LLC, at (201) 413-3635, or www.pershing.com, for instructions on how it may provide services to you in the event of a significant business disruption, such as prompt access to funds and securities, entering orders, and processing other trade-related, cash, and security transfer transactions for your account(s).
We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption. Our business continuity plan addresses: data back-up and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank, and counter-party impact; regulatory reporting; and ensuring our customers prompt access to their funds and securities if we are unable to continue our business.
Our clearing firm, Pershing, LLC, backs up our important records in a geographically separate area. While every emergency poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by our clearing firm that its objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments within four hours. Your orders and requests for funds and securities could be delayed during this period.
Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within the same business day. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area and recover and resume business within one business day. In either situation, we plan to continue in business, transfer operations to our clearing firm if necessary, and notify you by leaving instructions on an emergency recording on (410) 659-8900 on how to contact us. If the significant business disruption is so severe that it prevents us from remaining in business, we will ensure our customers’ prompt access to their funds and securities.
If you have questions about our business continuity planning, you can contact us at (410) 659-8900.
This plan is subject to modification, an updated summary will be promptly posted on our website and customers may alternatively obtain updated summaries by requesting a written copy by mail.
Last Updated:
November 2023
Harbor Investment Advisory, LLC is dually registered with the Securities and Exchange Commission ("SEC") as both a broker-dealer and an investment adviser and is a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). These registrations and memberships in no way imply that the SEC has endorsed the entities, products or services discussed herein. Harbor Advisory is the marketing name of Harbor Investment Advisory, LLC. Investing involves risk, including risk of loss.
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