The French Tribune published an article on May 3, 2017, about the lack of communication between financial advisors and clients about social security benefits. According to David Giertz, failing to talk to customers about social security leaves out critical information about the retirement. Clients must then make decisions based on incomplete data.
Mr. Giertz backs up his assertion with experience and statistics. He is a former president of a large insurance provider, Nationwide Financials, and references a research survey of people who had retired or were going to within the next decade.
Most respondents stated their financial advisors never talked with them about social security. The survey also indicated that advisors could lose their clients when they don’t talk about SSI. Survey respondents will make a change to an advisor who will discuss the subject.
David blames the unwillingness to address social security as part of the total retirement program on the complexity of the entitlement program. The program includes just under 3000 rules. Most advisors are intimidated by learning those rules, and the easiest solution is avoidance.
The advice offered to advisors by the former president of Nationwide Financials; embrace the complexity and learn the rules. David believes that clients and consultants will each benefit by talking about social security in the retirement discussion.
David Giertz has over thirty years of experience in financial services. His education includes BS from Millikin University, an MBA from the University of Miami, and is a certified FINRA broker.
He began his career at Citigroup advising clients about finances and successfully worked his way up in the organization eventually becoming the Executive VP of Sales. From there he joined Nationwide as President of Sales and Distribution.