David Giertz, who serves as the president of Nationwide Financial Distributors Inc. sat down to do with an interview with Veronica Dagher of the Wall Street Journal. Previously, Mr. Giertz has served as vice president at the Nationwide Insurance company sales and financial distribution division and the sales department for the Nationwide Financial Services department. Veronica Dagher is both a columnist and a wealth adviser for the Wall Street Journal. Below is a synopsis of what David Giertz discussed about Social Security during his interview with the Wall Street Journal.
Mr. Giertz discussed the fact that the majority of social security advisors fail to discuss social security income and benefits. A study done by the Nationwide Financial Institute found that most people who were retired or planning to retire within 10 years did not discuss social security with their financial advisors. David Giertz says that discussing social security with retirees and those planning to retire soon is extremely important.
David Giertz says that financial advisors should seriously look at discussing social security benefits with their clients because of the impact is has on client retention. Mr. Giertz describes how his company’s study found that 4 out of 5 people or 80% of financial advisor customers said that they would strongly consider changing their financial advisor if they did not discuss social security with them.
The Wall Street Journal then asked why many financial advisors are avoiding the subject of social security. David Giertz said that social security is very complex and has lots of regulations. Still, financial advisors need to discuss social security with their clients because it plays an important role in retirement income. It also is increasingly becoming not enough to just live upon and that is why it needs to be mentioned in addition to other retirement income.
Find out more about David Giertz: https://www.bloomberg.com/research/stocks/private/person.asp?personId=232405062&privcapId=359385