In the video published by the Wall Street Journal called “Speak to Your Clients about Social Security”, Dave Giertz with Nationwide explains why financial advisers need to have a conversation with their clients about their Social Security.
David Giertz believes that financial advisers are often avoiding the Social Security conversations with their clients. This can be problematic in terms of client retention. They found in the DNA Survey that most clients are not getting the information they need about Social Security from their financial advisers. The survey also reveals that four out of five clients will switch advisors if they are not having the discussion about Social Security.
Despite the complexity of the topic, it is important for investors to have the conversation with their clients. The Social Security handbook has 2700 rules that add to the complexity. The advisers need to be confident in their understanding of these rules in order to provide in depth information that is comprehensible for their clients. Often clients will switch financial advisers when they feel they are not getting the information they need. Their retirement planning process could require up to 40% of their income planning. Those who take their Social Security too early, they can lose over $300,000.00
With over 30 years in the financial services industry, David Giertz has learned how to build portfolio growth through processes, innovation, and detailed strategy. He has been the President of Nationwide Financial’s sales and distribution. There he was able to deliver profitable revenue to the amount of $6.8 billion in growth. He was the leader of the Private-Sector Retirement plans, Mutual Funds, Independent Brokers, IMOs, and RIAs and more.
David Giertz has passed several exams such as the Municipal Securities Principal, the General Securities Principal Examination, the Uniform Securities Agenet State Law Examination, and the General Securities Representative Examination. He is currently registered with FINRA as a broker-dealer.