According to David Giertz, financial advisors need to talk to their clients about social security. While this seems like a no-brainer, a recent survey of consumers by the Nationwide Financial Retirement Institute showed that many financial advisors aren’t adequately discussing the importance of social security with their clients. The survey was with those in retirement and those ten years away from retirement, and from an advisor’s perspective, the study showed that people who were not receiving advice about social security from their advisors, would be more likely to switch advisors at http://www.bloomberg.com/research/stocks/private/person.asp?personId=232405062&privcapId=3611386.
Talking about social security has become a major issue that seems to be being avoided by many advisors, possibly due to the scope of the handbook, it housing some 2700 rules on Ideamensch. The inability by advisors to gain a competent grasp of the handbook in its entirety could be causing advisors to skim on these topics, putting their client retention rate at risk. Findings in the survey show that social security can be up to 40 percent of a client’s retirement income, and without adequately touching on this topic, clients will significantly lose out financially. Over the course of 25 years, a client may lose out on over $300,000 if social security is turned on prematurely, further backing the importance of social security awareness for both client and advisor.
David Giertz is a financial advisor who has worked for Nationwide Investment Service Corporation since 2006 and has 31 years of experience in the field. Giertz is registered as a broker with the FINRA and has received several professional awards. Prior to working for Nationwide Investment Service Corporation, David Giertz was employed by several other companies, including The Mutual Life Insurance Company of New York and Citicorp Investment Services.