Kestra CIO Reflects on 9/11 Impact

Kara Murphy, the chief investment officer of Kestra Investment Management, was a 29-year-old equity analyst for Morgan Stanley working in 2 World Trade Center on the morning of Sept. 11, 2001. She has revisited that day through a piece of writing she began on the night of the attack, which has morphed over the years as she added details from her own memory and from the memories of others who were with her.

Murphy didn’t share her writing publicly until the 10-year anniversary of 9/11, and this year, on the eve of the 25th anniversary, she used writing to reflect on how the event has shaped her life and decisions over the years. “A quarter century is long enough to know that my survival wasn’t earned or even deserved,” Murphy wrote in a post on LinkedIn. “A second chance handed out at random risks being squandered, and I remain desperate to honor that gift.”

Recalling the Day of the Attack

Murphy said in an interview that, despite how harrowing that day was, she is aware that she was one of the lucky ones. In an office on a floor just below where the second plane hit, Murphy and colleagues were initially confused and unsure of whether to leave the building. Murphy wrote of the first moments of the attack, “I was considering refilling my coffee when I noticed reams of paper raining past the window, obscuring the usually serene view of the water.”

Eventually, the emergency alarms went off, and she and her colleagues scrambled to the stairwell, making their way down the flights of steps in a controlled panic. The walk continued into the street and through Lower Manhattan even as the towers collapsed and she and her traveling companions were covered in dust.

Personal Loss and Trauma

Beyond Murphy’s own trauma, she was managing fears for her cousin, who was working in the Cantor Fitzgerald offices that day in the first tower. Murphy spent the days after the attack searching with family members for some sign that he had survived, only for that quest to turn to mourning. Murphy stated that her cousin’s loss still reverberates through the family. She finds it hard not to compare herself to him, as he was super successful and older than her – she looked up to him, and that loss is still present.

This anniversary will likely prompt many in the financial services sector to recall that day and its impact. Firms including Morgan Stanley, Cantor Fitzgerald, Bank of America, Marsh & McLennan, and Aon had offices in the buildings, along with many other Wall Street firms linked to the work being done there.

Career and Giving Back

Murphy herself went back to work at Morgan Stanley’s Midtown office on the Monday after the attacks. But the event had changed her. Her first instinct, she said, was to volunteer to try to give back. Eventually, that led her to found an organization called Welcome Home that supports resettled refugees in New Jersey. Careerwise, she found success in finance, climbing the ranks to become chief investment officer for AIG Funds, overseeing more than $50 billion in assets.

As she explored work closer to financial advice, however, her desire to give back drew her to working with advisors and their clients to secure better financial futures. That led her to a job as CIO of Goldman Sachs Personal Financial Management following its acquisition of United Capital, where she led the investment-related integration efforts between the two firms. In 2021, she moved to Kestra as part of the senior leadership team for its growing network of advisors.

Murphy frequently writes for clients and investors on the financial markets and speaks at conferences and on news outlets such as CNBC and Bloomberg. This week, Murphy was in New York, in part, to meet with Kestra’s financial advisors and share her thoughts on the markets and ideas to relay to clients.

Remembering 9/11

Today, Murphy was in New York, in part, to meet with Kestra’s financial advisors and share her thoughts on the markets and ideas to relay to clients. This Friday, however, she will be remembering 9/11 and those who lost their lives with family, she said.

That will include visiting the 9/11 memorial site with her husband and children, who are flying out from their home in Austin, Texas, and then attending mass at the church her cousin attended on the Upper East Side. Murphy stated that it was important for her to not just have something for herself, but for her kids to get their arms around what happened. She is sure it will be tiring, but she is looking forward to being there.

About the AuthorSenior Reporter, Wealth ManagementAlex Ortolani is a New York-based senior reporter with Wealth Management with a focus on deals, moves and trends in the registered investment advisor space. In addition to financial and business reporting, he has worked in media relations and corporate communications for tech firms and Fortune 500 companies.