David Giertz, President of NFS Distributors Inc, Nationwide Financial’s sales and distribution organization, explains why Financial Advisers need to be talking about Social Security with their clients.
In the interview, Mr. Giertz explains that, following a survey conducted by the Nationwide Financial Retirement Institute, it was found that most clients say that their advisers aren’t speaking to them about Social Security.
Giertz explains that, for Advisers, “it’s very important [for retention] because in our survey it also showed that 4 out of 5 people said they would change advisers if their adviser wasn’t talking about Social Security.”
When asked why advisers might avoid the discussion of social security, Mr. Giertz stated; “It’s a very complex topic, the Social Security Handbook is 2,700 rules… Part of it is understanding and having confidence around all those rules.”
Not only is it important for advisers to have this discussion in order to retain their clientele, Giertz also says that “it’s very important… for a client to optimize their retirement income [and] that social security piece is very important.”
According to Mr. David Giertz the discussion about Social Security is necessary for clients because the survey also showed that “activating the benefits too soon could have clients losing up $300,000 over 25 years, $12,000 per year, or $1,000 per month.” When planning for retirement, Financial Advisers also need to have this discussion because Social Security could be up to 40% of a client’s income.
With over 30 years of experience in the financial services industry, David Giertz is the President of Nationwide Financial’s sales and distribution organization, NFS Distributors Inc. He is an active community member in organizations such as the Millikin University where he holds a position on the Board of Trustees and is an industry arbitrator with FINRA.
Mr. Giertz is involved in the private sector where he works through banks, independent broker/dealers, regional firms, and wirehouses to deliver wholesale strategy and distribution of retirement plans, life insurance, annuities, specialty markets, and mutual funds.