9. Are they still paying a cable TV bill? Your client’s cable bill might bundle phone, internet and cable access. Is there more than one cable provider in their area? Does their phone provider offer internet access or smart TV services? Do they have alternatives? What are the costs?
10. How many subscription services does your client have? It has been said 84% of American households have subscription TV services and the average is four services. Do they use them regularly? What are they paying? Should they continue each subscription?
11. What about trash collection? Some communities provide trash collection as a municipal service. Others use independent providers who charge residents. What is your client paying for trash collection? How many pickups during the week? Are there other providers? Who are their neighbors using? What are they paying?
12. What are they paying for health insurance? Your retired client is likely paying for supplemental health insurance and a drug plan. What is it costing them? Have prices increased year over year? Do they have an insurance agent specializing in health insurance? What are their alternatives? It is important that the agent understands the client and their needs.
If your client needs to get expenses under control, cutting fees paid is a good place to start. It also demonstrates the value you bring to the relationship and the fees they pay to you.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.