The fractional jet industry depends more on ultra-affluent individuals than just about any other business model. And as the industry matures, its ability to change with the demand of its client base is a great lesson for investment advisors.
The ultra-affluent aren’t used to keeping their opinions to themselves. When they demanded more flexibility in pricing, Web-based flight bookings, and the ability to change contract options over time, the top fractional-ownership jet companies–Flexjet, Flight Options, and NetJets–took notice. As a result, the fractional ownership industry is enjoying renewed popularity among the nation’s wealthiest families.
Likewise, as clients get older and wealthier, their needs change. As a result, advisors should be willing to change their suite of available services. The table below shows how the needs of the ultra-affluent evolve over time.