Financial advisors ought to speak to their clients about Social Security. Apparently, a good number of them do not. It is a delicate and fragile issue that needs to be addressed early enough. That begs the question, “Why are they not more forthcoming about it?”
In an interview with WSJ Wealth Advisor, the President of Nationwide Financial Distributors, Dr. David Giertz, expounded the matter through a survey his company conducted through the Nationwide Financial Retirement Institute. The reports were staggering. The survey which targeted consumers who’ve retired indicated that advisors never talked about the critical issues on Social Security. From his professional perspective, it is important for financial counsellors to shed the light on the issue. Further, the survey revealed that four out of five individuals in the sample population were inclined to change their advisors, if they failed to speak openly about Social Security.
According to Mr. David Giertz, advisors must show an interest in the matter, because people hire them for such reasons. Being part of the client’s retirement planning process, it is only noble that they advise them on it. Social Security benefit takes up to forty percent of the total retirement benefits. That’s a huge part.
Mr. Giertz further reported that those who turn on their social security accounts too early are at a high susceptibility level to lose an amount exceeding $ 300,000 over a quarter century on Twitter. Hence, in order for consumers to optimize on their retirement income, advisors should give Social Security a priority.
About David Giertz
Giertz is the President of Nationwide Financial Distributors at Nationwide Financial. Since 3 April, 2013, he has served as the Senior Deputy President of the Sales and Distribution Department at Nationwide Financial Life Insurance Company. In addition, in March the same year, he was appointed the president, Senior Deputy President, and Director of several other Nationwide Financial groups of companies.
In 2009, he was appointed the Senior Vice President at the Sales department at FI/WH, and he served for four years. From 2004-09, Mr. Giertz was the Vice President- Nationwide Financial Sales (Bank Services). He is a broker registered by the Financial Industry Regulation Authority (FINRA), and has never reported any disclosure situations on About.me.
Learn more about David Giertz: https://www.linkedin.com/in/david-giertz-5aa76051