The driving habits of older people have been a source of humor for many years. Perhaps you have seen the greeting card with the message “May you live to be so old that your driving terrifies people.” If not, check out the card “I have poor circulation, poor vision and terrible hearing, I have lost my memory and cannot remember if I am 49 or 94, but thank goodness I still have my driver’s license.” Many of us get to the point where the prudent decision is to stop driving.
If you are a fan of the PBS series “Doc Martin,” you might remember the episode “Driving Mr. McLynn,” about an older couple who have an uncommon solution to a common problem. The husband is the driver, but legally blind. His wife’s vision is fine, but she doesn’t have a driver’s license. They live in a sparsely populated area. He still drives, but she tells him when to turn or hit the brake.
There are circumstances when you sense a client should stop driving. You might have been a passenger in their car and reached this conclusion. They might seem to be taking their car to the collision shop too often.
As their advisor, you know your client well. You are sensitive to their situation. You realize driving — the ability to go anywhere they choose whenever they want — represents independence. If their bodies are telling them, “You can’t do this (or that) anymore,” they can feel their independence in life is gradually disappearing. Being “stuck in the house all day” can be depressing. What should you do?
Do Background Research First
- Gain some allies. Ideally you are in touch with other family members. They might be clients. The accounts are householded together. You want to bring them into the conversation, recruiting some allies. When I was a financial advisor, the Compliance mantra was “Have a problem, get a partner.”
- How do state renewals work? In Pennsylvania, licenses are required to be renewed every four years. What are the rules in your state? Can this be done online or must it be done in person? There may be a physical or vision test, like reading off an eye chart behind the clerk at the counter.
- How often does your client use their car? Many people tend to stay close to home as they get older. They might use their car for grocery shopping, visiting friends and doctor visits, but are not taking road trips or Sunday drives. Maintaining a car is an expense. Considering maintenance, parking, insurance and gas, what is car ownership costing them?
- Have a conversation focusing on benefits. Do some research based on points outlined in the next section. Look at their transportation alternatives and cost savings. Do enough research to have specific provider information for the options listed below.
Additional Reading: Parents of ‘Boomerang’ Children Need Guidance
What are the Alternatives?
Giving up your car does not mean you are stuck at home unless a family member drives you someplace. Your client should consider their range of alternatives.
- Phone a friend. They cannot drive, but their friendly neighbor can. Journeys can be considered in two categories, planned and unplanned. A planned trip might be going to religious services on the weekend. They go every Sunday at the same time. A friend, also attending the same service, provides roundtrip transportation. The unplanned trips are when they want to spontaneously go somewhere. They either phone around to friends or pay for a ride.
- Paying for a ride. Rideshare platforms like Uber have changed the landscape. Previously you would need to call for a taxi or car service. Now you have an app that can summon a car when you need one. Are they comfortable using Uber or Lyft? If not, conventional taxi services still exist.
- Transport provided by the city. Let us assume your client lives in a major metro area. They have mass transportation available. If they have difficulty getting around, there are often other public service options. In New York City, Access-a-Ride provides transportation for people who cannot use public transportation because they are disabled. The fare is $2.90 per journey and you schedule pickup and your return trip similar to using a taxi service.
- Transport provided by the senior community. Does your client live in an over-55 community or retirement village? One of the benefits they often offer is scheduled transportation. They might run a shuttle bus to the supermarket at the shopping center a couple of times a week. They might have theater trips you can pay for in advance.
- Drinking and driving. Perhaps your client likes to dine out or join friends for drinks. They need to get back home. This brings up the drinking and driving issue. Giving up your car and using alternate forms of transportation reduces this risk.
- “The Villages” solution. Many people have heard about “The Villages,” a retirement community in Florida. One of the distinctive features is the use of golf carts, often customized to look like cars, to get around. Take a guess how many of these vehicles there are in The Villages. You will be surprised by the answer: 60,000. What’s the population of The Villages? 130,000! Other retirement communities have picked up on idea, some allowing golf carts for access into town.
- The family member as chauffeur. Let us bear in mind Mom and Dad ran a taxi service for the first 15 or 20 years of their children’s lives. It’s payback time! Their kids would not want the price of their senior parents giving up driving to becoming their on-demand driver forever, but they could be their parents’ “option of last resort.” In most cases Mom and Dad should be able to get a ride from a friend or car sharing service before they need to call one of the kids.
It is understandable for people to be resistant to giving up their cars, but you can help them see the bigger picture. The savings they gain might even pay for an extra vacation or two, although someone will need to drive them to the airport or ship.
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.
