These days, financial professionals who have earned their clients’ trust may be asked for help with issues such as college planning, managing family relationships or even moving. In addition to the practical and logistical considerations of packing, there are financial implications for your clients to take into account, whether they are moving into a rental, purchasing a home, going from a starter home to a forever home, or downsizing for retirement.
No matter where they are moving, you can help them feel more prepared for this big life decision. Planning for the financial side of moving well ahead of time, and knowing they have someone they can trust when they have questions, will give them one less thing to worry about on moving day.
Here are five steps that will help your clients prepare.
Step 1: Help them create a budget before doing anything else
Help your clients itemize their moving expenses and create a detailed budget before they start the moving process. This will save them money, which they’ll appreciate, especially if they are retired and living on a fixed income.
Generally speaking, budgeting costs can be separated into whether clients are moving themselves or if they have hired movers to do all the work (which will be the largest expense).
If your client is moving on their own, make sure they account for:
- Moving truck rental
- Equipment and packing supplies
- Mileage and gas
If they hire a professional moving company, account for:
- Hourly rates
- Extra charges or fees for travel, gas or packing supplies
- Tips for the movers
Step 2: Remind them to do their research and shop for the best prices
Now that your clients have a budget, they can begin to make smart financial choices that won’t break the bank. Hiring movers, for instance, is probably going to be more expensive than recruiting friends and family to help. But by comparing prices in advance, they can minimize some of the anxiety and financial burden by researching less expensive options.
Suggest to your clients that when contacting moving companies, they make sure to:
- Read reviews online
- Confirm that the moving company is properly licensed and insured
- Ask about any extra costs such as fuel charges or travel fees
- Ask if they will match the price of a competitor
- Get an estimate in writing
If you know of reputable moving companies in the area, provide that information to your clients. They should aim to get estimates from three companies before making their decision.
Step 3: Let them know to change their address at least two weeks before moving
To avoid missing important mail, your clients will need to notify the right people and places about their move. Be sure clients know to change their address with:
- Banks and other financial institutions
- Credit card companies
- IRS
- Postal service
- DMV
- Insurance companies
- Utility companies
Step 4: Suggest that clients create an itemized list of belongings with photos
Not only does making an itemized list help as clients talk to moving companies about the scope of their move and help them decide how many boxes and other supplies they may need, it may come in handy in a worst-case scenario. Of course, you hope more than anything that your clients won’t have to make any damage claims, but creating a list of important belongings with photos will make filing a claim much easier if anything goes missing or is damaged in transit.
Your client might find it easiest to start with recent purchases. They will need to describe the item itself, where they bought it and include what they paid.
For the things your clients can’t bear to part with during the move, advise them to keep those items in an essentials box close to them. Important documents, such as birth certificates and social security cards, should be kept here, as well.
Step 5: Follow up after moving day
Consider taking the extra step to check in with clients by phone or email after their move. Remind them to compile receipts and store them in a folder. Clients may want to have this information at tax time if they are able to get a deduction for certain expenses.
Consider sending clients a card or small housewarming gift once their move is complete. This is an easy way to show them that you care and value their business.
You may also want to share this helpful moving checklist with your clients as they prepare to move to a new home.
Interested in more ways to improve your relationships with your clients? Read about how you can meet their technology demands.
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