In an interview with Veronica Dagher, the president for Nationwide Financial, David Giertz mentioned the need for financial advisors to talk to clients about social security. Unfortunately, not all advisors take this seriously.
What are the reasons many advisors ignore talking to their clients about social security?
According to a survey David Giertz and his team carried out on consumers and people who are ten years to retirement, many advisors ignore talking to clients about social security.
The survey showed that at least 4 to 5 people change a financial advisor if they do not get advice on social security. Therefore, the topic is essential for customer retention purposes on Finra.org. David said that many advisors tend to ignore this topic since it is complex and entail 2700 pages.
Why is it important for advisors to take an interest in talking about the topic?
Clients who turn on social security too early can lose up to $300,000 over 25years. This loss amounts to at least a thousand a month or $12,000 yearly. It is, therefore, very important that advisors consider talking to their clients about this topic at http://www.wsj.com/video/speak-to-your-clients-about-social-security/8B2F5FA4-B0E8-4D71-A1E3-D29AA2711CC5.html. It saves them optimize their retirement income.
About David Giertz
He also serves as the head vice president of Nationwide Financial Distribution and Sales for Nationwide Life Insurance Company on Facebook. Before joining Nationwide Financial, Dave was the sales Vice-President for FI/WH from 2009 to 2013 and the vice-president sales-NF Bank Channel from 2004 to 2009.
David has over 30 years of experience working in the financial advice sector. Over this period, David Giertz has acquired registration with FINRA as a Broker.