Wealth managers, financial advisors, and family offices that serve ultra-high net worth individuals thrive on deep, intimate connections with their clients. So when the majority of the world went remote during the pandemic, financial professionals weren’t eager to fall in line. Instead, they doubled down on private jet services that would allow them to continue meeting with clients in person and reduce the health risks associated with traveling and meeting with people in person.
In fact, nearly 20% of all private aviation users are in the financial and banking industry. And in an industry that focuses on all things money, private jet services are generating major value for trusted financial partners.
Private Jet Services Enable Travel On Demand
When the global pandemic swept across the U.S., thousands of commercial flights were grounded and canceled with little opportunity to reschedule. Many travelers also panicked and canceled their flights out of fear. They worried that their close proximity to thousands of strangers in a busy terminal put them at a greater health risk.
Given that the majority of business travel came to a grinding halt, the lack of available flights didn’t have as much of an impact. However, for family offices and firms that still needed to meet with clients face to face, private jet services were able to fill the gaps.
As a general rule, private jets enable on-demand travel based on the passenger’s time table. Fliers can avoid the risk of having their flights canceled or delayed, even in times of global uncertainty. This is particularly important, as many financial firms and professionals serve an international profile of clients that have varying needs, demands, and expectations from their financial partners.
Prioritizing Intimate Client Relationships During COVID-19
One the advantages of having in-person meetings with clients is the ability to maintain a level of secrecy and intimacy in the interaction. Often, these meetings take place behind closed doors for confidentiality, something that Zoom or other digital tools simply don’t allow for.
While many industries and professionals were able to successfully transition to remote work, family offices and wealth managers simply aren’t able to replicate the same effects over a digital connection. Rather, their business model thrives on real-time, in-person interactions that promote a higher level of client privacy, service and satisfaction.
Private jet services inherently offer a greater level of privacy, from the departure terminal to the destination runway. Whether you’re flying with clients on board or simply traveling to meet with them, private jets allow firms to continue prioritizing the human element in every interaction.
Minimizing Costs and Health Risks
Health and safety have been chief concerns during the global pandemic, particularly when it comes to travel. The majority of businesses and individuals chose to avoid travel altogether, sending the price of commercial flights and private jets alike on a decline.
For firms that still needed to travel to meet with clients, the drop in private aviation rates was actually a good thing, as it allowed them to carry on with critical client business at a much lower cost.
Private aviation is inherently considered to be a safer option when it comes to maintaining health. Passengers aren’t traveling through crowded security lines, boarding lines, and terminals, and instead can go from their car to their plane seat within minutes. They can reduce their contact with others both on and off the plane, which also reduces exposure risks to their clients.
Promoting a High-End Value-Savings Model
Purchasing and maintaining a private jet is costly business, which is why many wealth managers and financial experts advise against it. In fact, the average wealth of a jet owner is close to $1.5 billion, and even ultra-high net worth individuals may find it doesn’t make financial sense to go all-in on jet ownership.
In fact, it’s the high cost of owning a private jet that has given way to the growth of private jet charters, fractional ownership, and jet card programs. Users can get all the benefits of using private aviation—particularly time-saving advantages and the ability to remain competitive in the financial and wealth management space—without incurring maintenance costs, storage fees, taxes, and other related expenses.
Family offices and wealth management firms who leverage private jet charters set a strong example of fiscal responsibility for their clients. Simultaneously, they’re also demonstrating their firm’s financial success and commitment to going above and beyond to ensure a better client experience.
And that’s something that any value-driven firm can get on board with.
Need private jet services on demand? Our concierge team makes it easy to explore your options and book a private charter on short notice with our network of 7,000+ aircraft. Our goal is to connect you with reputable operators that suit your budget and timeline and help you stay connected to your clients. Contact Access Jet Group today for pricing and availability.
