After Venezuela Earthquakes, Miami

After Venezuela Earthquakes, Miami-based RIA Moves to Help Clients, Staff Activist Wealth Management has staff on the ground and in the Miami area working to provide assistance, supplies and relief to clients and families affected by the earthquakes. For one registered investment advisor based in Miami, the recent earthquakes in Venezuela and the subsequent aftershocks have hit close to home—both for clients and team members in the country. Activest Wealth Management, an Aventura, Fla.-based RIA, has clients in 10 countries and manages more than $3 billion in assets. Several of those clients are in Venezuela, where the northern part is still reeling from the devastation of two earthquakes and numerous aftershocks that began last Wednesday. And while these are ultra-high-net-worth individuals who have means, many are still scrambling to deal with damaged homes, stay safe and help others in their community, said Jacobo Taurel, managing partner at Activest, who was born and raised in Venezuela. “We’re basically just trying to keep in touch with them,” Taurel said from his office in the Miami area. “In terms of financial planning or portfolios, thank God it’s not an issue right now. ... It’s more about emotional support for them and practical support, such as identifying places where they can stay.” The earthquakes struck Northern Venezuela on June 24, hitting areas including Caracas and the coastal state of La Guaira. According to the most recent reporting from Reuters, the death toll has climbed to 1,750, with thousands more injured, and tens of thousands of others still missing. Jacobo Taurel: Activest Wealth Management has clients and staff in the affected areas of Venezuela. Since the earthquakes, Taurel and Activest staff, both in and out of the country, have been donating to organizations they know are legitimate, as well as to family and friends in Venezuela. Taurel said it’s important to donate to the right places, given the country’s history of corruption and crime, including within the government. In a post on LinkedIn on Sunday, Activest shared links for people to donate to FUNDANA, a nonprofit that is taking in children who have lost their parents in the disaster, and to Cadena Foundation, a humanitarian group working on relief efforts. It also listed the We Love Foundation, along with Yajad, a support group for Jewish communities in the country. Taurel has also been working daily with Activest team members based in the country. Initially, that was just ensuring their safety. As the days have passed, the firm has supported some of them in finding volunteer roles. “Some of them went to La Guaira, which is like hell on earth right now,” Taurel said. “Some others went to help out children who are orphaned, and others are just helping neighbors and friends.” Taurel said helping lost children is especially important in Venezuela, as there are active human trafficking criminals trying to take advantage of the situation. Some employees have also asked to return to work, at least part-time, to focus on something besides the disaster, Taurel said. “Our message is simply that the firm is supporting you 100%,” he said. For his part, Taurel canceled all non-Venezuela-related meetings to focus on clients, staffers and aid organizations in the country. “There is a frustration that you can’t do anything,” he said. “So focusing like that helped.” Financial advisors are often engaged in local disaster relief efforts in their communities. The situation in Venezuela is somewhat more complicated, Taurel said, because of the country’s history and rocky relationship with the international community. “You can see videos of military standing by rubble while everyday people are there digging with their bare hands,” he said. “We are receiving support from the U.S., Mexico and El Salvador, which is great, but every minute is crucial. So far, we are mostly relying on miracles.”