8. What is health insurance costing? Your client is retired. They are likely buying Medicare supplemental insurance. It’s been said health insurance premiums increase faster than the rate of inflation. Have they shopped around?
Strategy: Your client needs a good insurance agent skilled in this area. This could be you. It’s important they have the right coverage.
9. Revisit auto insurance. Your client has a car. Maybe two. What are they paying to insure their vehicles? Has a vehicle depreciated to the point where collision coverage doesn’t make sense because the insurance company would consider the car totaled instead of paying to repair it?
Strategy: You need a good insurance agent who understands the relationship between deductibles and premiums.
10. What are they paying for and not using? Has your client flown anywhere in the last year? If not, why are they paying an airline lounge membership fee? What fees is your client paying on luxury credit cards? Are they using those benefits? Why are they paying the higher costs? Now look at subscription services.
Strategy: Look at hidden expenses that renew quietly. They shouldn’t keep paying for services they don’t use.
Finally, ask your client to keep track of their spending. Money is abstract when it’s numbers on a receipt or statement. Once they are aware, they may intuitively try to reduce their spending. It’s another step in the process.
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.