The one thing nobody can buy is time, which is why so many wealthy individuals are willing to foot the bill for private air travel.
What advisors may not realize, however, is that they have a role to play in meeting their clients’ transportation needs.
Advisors should help clients decide on which form of private air makes sense for them, but they need to be familiar with the types of air travel that are available and how to assess them.
This article can hopefully serve as a starting point for advisors looking to gain such knowledge.
Deciding on a private flight service will typically be based on both practical and financial considerations. For those who want convenience, private air travel allows passengers to avoid the delays, overcrowded planes and security hassles associated with commercial airline travel. Private planes also offer direct routes not available through commercial airlines, more flexible schedules and, as a result, greater efficiency in terms of cost and time saved.
Advisors need to help clients answer three questions when it comes to a private aviation: First, does private aviation provide benefits over commercial air travel? If it does, what type of private air travel best meets the client’s needs, and which service provider offers the best value?
To answer these questions, advisors need to be familiar with clients’ travel frequency and destinations, and the reason they travel. Here are some of the questions advisors should ask:
• How often do clients travel and to what locations? How many miles do they travel per year?
• Do they often travel to places with poor or expensive air service? Commercial airlines fly to about 500 airports in the U.S. and the majority of flights connect through 70 major airports. In contrast, private air travel serves more than 5,000 airports, many of them closer to departure and destinations, further reducing travel times. That’s why private air makes sense for those jumping from destination to destination.
• Is it important for clients to avoid delays? Flight delays—as well as lost luggage—were up in the U.S. this year. Private jet travelers often can drive right up to a plane, bypass regular security lines, and have their bags loaded while their car is parked for them. The plane leaves when they want.
• Are your clients looking for transportation that allows them to be more productive? Private planes are tools, not toys. Travelers can use onboard phones and stay connected during private flights through Wi-Fi with little interruption. The National Business Aviation Association estimates that private travelers are productive 80% of the time versus 30% for airline users.