In an interview with a Wall Street Journal columnist David Giertz, President of Nationwide Financial Distributors, gave his view speaking to clients about social security. The interviewer, WSJ columnist Veronica Dagher, commented that advisors need to speak to their clients about this topic but most aren’t doing so. Giertz said this his company did a survey of consumers that are retired or within 10 years of retirement. What they found was that most advisors aren’t talking to them about social security. David Giertz went on to say that it’s very important from a retention standpoint for advisors to address social security because if they don’t most of the survey participants said they would switch advisors.
David Giertz thinks most advisors avoid talking about social security due to its complexity. He said this isn’t an issue that advisors should be avoiding not only because clients will change advisors but also because social security makes up 40% of most retirees incomes on Facebook. He went on to say that people who start drawing social security too early can lose up to $300,000 in benefits, so advisors really need to address the topic with their clients.
In a separate interview with CNBC Giertz also explained that retirees in the past have had pensions on Whitepages.com, while today the great majority of people don’t have those anymore. Due to this fact social security is more important then ever and advisors need to address it in order to best meet their clients interests.
David Giertz has over 30 years of experience in financial advising and has been with Nationwide Financial since 2004 at https://brokercheck.finra.org/individual/summary/1515515. He obtained his degree in Business Administration and Management from Millikin University and his MBA from the University of Miami – School of Business. He is registered with FINRA as a Broker.