Financial advisors need to start talking to their clients about social security, says financial expert David Giertz. In a video interview with the Wall Street Journal, Giertz said that many advisors are not speaking to their clients who are retired or are within ten years of retiring. The problem with this, says David Giertz, is that surveys show that four out of five people would immediately switch to a new advisor if they knew that their current advisor would not talk to them about social security and that the new advisor would. Part of the reason for this, says David Giertz on moneytips.com, is that social security is a very complex topic with thousands of rules. Financial advisors who are not comfortable with their knowledge of all the rules may shirk talking about the subject.
However, says David, it’s important for retention rates. As mentioned, many people will simply leave their advisor if they see they are not talking about social security on SoundCloud.com. Besides, a big part of the financial planning for retirement MUST include social security, since income is a major part of it, and social security is a major part of the income of many seniors. In addition, social security must be planned out — starting too early can cause people to lose lots of money.
David Giertz is the President of Nationwide Financial Distributors. He was also the President of Nationwide Financial’s Financial Institution Distributors Channel and Wirehouse Distribution Channel. He studied at University of Miami School of Business and Millikin University.
He has an MBA in Business Administration and Management. He also has a Bachelor’s in Business Administration and Management. At Nationwide Financial, he is in charge of the wholesale of life insurance, retirement plans, annuities and more through financial institutions such as banks, regional firms, wirehouses and independent brokers at https://vimeo.com/davidgiertz.
Is your financial advisor talking to you about your Social Security benefits? David Giertz, the President of Nationwide Financial’s Sales and Distribution organization, was interviewed by Wall Street Journal recently, and he reported that many financial advisers don’t talk to their clients about Social Security at all. Nationwide conducted a survey of people who were retired or planning to retire in 10 years and found that many of them hadn’t even considered Social Security into their retirement plans on Spokeo. Additionally, four out of five respondents said they would leave their financial adviser if Social Security wasn’t considered in their retirement plan.
Why is Social Security Avoided?
Social Security is a very complex financial tool. The handbook alone lists 2700 rules regarding the use of Social Security and eligibility on Whitepages.com. The other reason is rules change for people based on their age and their work history. Everybody is different in how the rules are applied, and it seems the rules are constantly changed. But it’s important people understand and involved Social Security in their financial plans, in some cases Social Security can be 40% of a person’s retirement income, that amount shouldn’t be avoided by advisers.
David Giertz has over 30 years of experience in the financial services industry. He is the President of NFS, Inc., Nationwide Financial’s sales and distribution organization. He is in charge of forming the strategy and distribution of mutual funds, specialty markets, annuities, life insurance and retirement plans. He works with warehouses, regional firms, independent brokers, and banks.
David Giertz graduated from Millikin University with a degree in Business Administration and Management. He received his MBA from the University of Miami in 2003. He is also on the Millikin University’s Board of Trustees. He is currently based out of Columbus, Ohio.
More information at https://brokercheck.finra.org/individual/summary/1515515