Posts in Category: Investor

David Giertz Urges Financial Advisers To Talk Social Security With Your Clients

As a financial adviser are you speaking to your clients about Social Security as a part of their retirement plan? To many advisers that would only make common sense but come to find out, according to David Giertz, too many advisers are not and it may be costing them clients and their clients money.

David Giertz has over 30 years experience in the financial services field. After receiving his MBA from the University of Miami, Fl entered into the financial services industry. In 1999 he joined Nationwide as a regional Vice President after beginning his career with Citigroup where he spent 10 years as a financial advisor. With many major successes and accomplishments over his career his most recent achievement was taking Nationwide’s operating revenues from $11 Billion dollars to $17.8 Billion dollars profits.

Recently he sat down with the Wall Street Journal for an interview on the topic of retirement and Social Security, here’s what he had to share with you.

Most financial advisors are not speaking with their clients enough about Social Security and here’s why they should be. The results of a recent survey of retirees and people within 10 years of retirement by Nationwide found that most people are saying their advisors are not talking to them about Social Security and they were not happy about it. To the point that 4 out of 5 of those surveyed said they would change advisors if they were not discussing Social Security with them.

David Giertz believes this is happening due to what a complex topic it can be. The handbook for Social Security has 2700 rules and understanding and having confidence in regards to all those rules can be discouraging to advisors. In addition to risk losing clients by not discussing it with them is in some cases Social Security can be up to 40% of a client’s retirement portfolio. Another factor is some clients that turn on Social Security too early could lose up to $300,000.00 over a 25 year period during their retired years. Quite a substantial sum of money.