In an interview, Veronica Dagher, David Giertz explains the importance of advisers speaking to their clients about social security. He says that a nationwide survey carried out by the Nationwide Financial Retirement Institute reveals that most advisers are not talking to their clients about social security. The survey targets retirees and imminent retirees.
Giertz claims that for client retention purposes, it is healthy for the adviser to engage their clients in wide social security talks or else they risk losing some of their unsatisfied clients. The survey also reveals the lurking discontentment among the retirees with 4 out of 5 people interviewed saying that they would change their advisers if they were not talking about social security.
Asked why most of the advisers are fond of avoiding the topic of social security, David Giertz alleged that the complexity surrounding the field is what causes misunderstanding. The social security handbook is stuffed with rules on Finra and consequently difficult to comprehend, causing most advisers to evade the topic. The book has over 2700 rules, which are difficult to understand. Discussing all of them with your client proves pointless.
Giertz claims that in as much as a client will move out if advisers don’t take deep interests in the matter, social advisers are still an important pillar in their retirement planning process on Spokeo. Social security makes 40% of the social retirement plan. He claims that those who enroll into social security early risk losing up to $300,000 over 25 years, and it’s advisable that clients take seriously social security advises.
About David Giertz
Giertz is the president of the National Financial Distributor Inc. The 52 years old is also the senior vice president of the National Financial Distribution and Sales at Nationwide Life Insurance Company since 2013.
Prior to joining the National Financial Distributors, he was the sales vice president of FI/WH for 4 years from 2009. He has served as the vice president-NF Sales (Bank Channel) for 5 years from 2004.
Learn more about David Giertz at https://www.nationwide.com/about-us/040114-nf-new-mobile-app.jsp