To Our Valued Clients and Friends:
I am writing to update you on HM Payson’s preparations and policies for managing the Coronavirus/COVID-19 outbreak. We will continue to keep you informed of our response on the portfolio management level, but this note is to inform you of our Firm’s operational plans.
At the time of this communication, there are 17 confirmed COVID-19 case in Maine. We anticipate that number will rise, perhaps significantly.
Our One Portland Square office remains open, but we are monitoring the situation closely and are prepared to conduct all our operations remotely, should conditions warrant. Rest assured, whether we are operating from our physical headquarters (One Portland Sq.) or remotely, there will be no interruption in the high level of service that you, our clients, deserve and have come to expect from HM Payson. Here are some of the measures we have already taken:
Business Continuity Planning: Even if our physical offices close temporarily, HM Payson will remain open. We prepare for unforeseen circumstances (like Covid-19) that may necessitate the closing of our offices. Business continuity planning is not only prudent business practice but is also required by our regulators, the Securities and Exchange Commission and the State of Maine; the latter due to our status as a Maine Chartered Trust Company. Our Firm’s technology configuration is designed specifically to allow our employees to seamlessly transition to remote work at a moment’s notice.
Client Service: HM Payson is committed to providing our clients with the highest level of service without disruption. We have implemented processes and technologies that, in the event of a temporary office closure, will allow us to communicate, move money, and manage portfolios remotely.
Employee Travel: As a precautionary measure, and until we have a higher comfort level with nationwide containment efforts, we are suspending all non-essential out-of-state business travel. We are also discouraging our employees from taking personal trips that require air travel.
Communications: HM Payson will continue to keep you informed as circumstances dictate. We doubt we can improve on the 24/7 news coverage related to this Pandemic so communications will be directly pertinent to your financial interests, the stewardship of which you have entrusted to us. Again, in the event of a temporary office closure, all communication channels will remain unchanged. All e-mails will be accessed remotely and phone calls to the main switchboard or to employees’ direct lines will be forwarded to a member of your service team.
Thank you for placing your trust in our firm during this uncertain time. We will remain vigilant in the service of your best interests while the Covid-19 pandemic runs its course. If there is one lesson the people of HM Payson have learned (repeatedly) over the Firm’s 166-year history, it’s that “this too shall pass.” Please don’t hesitate to contact a member of your service team with any questions or concerns.
President & Managing Director
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