David Giertz, the president of Nationwide Financials, feels there is the need for financial advisors to talk about social security to their customers. In an interview with Veronica Dagher, David confirmed that not many financial advisors were doing so.
Importance of Talking about Social Security to Customers
A good percentage of clients who seek the assistance of financial advisor use the plan as part of their retirement process at http://www.whitepages.com/name/David-L-Giertz/Columbus-OH/7x2w2br. This means that social security will take almost 40% of their income which is a significantly huge amount.
If the financial advisor takes her/his time to explain the topic to the client, there is a possibility of helping them save in the long run. For instance, a client who turns on social security at an early age will end up losing $300,000 within 25years. This amounts to at least a thousand monthly which the client would have saved if the advisor took the burden of addressing the issue with them.
Why do Advisors Evade the Social Security Topic?
In a survey on Nationwide of consumers and people who are ten years from retirement was done. It revealed that a big number of advisors ignored talking to their clients on the topic. The study further showed at least 4 out of 5 people opted to change their financial advisor once they realized they avoided this topic.
The social security topic on Facebook is covered in a 2700 pages book, and to some advisors, it will be a daunting task to take the client through the rules. However, for customer retention purposes, it is advisable that financial advisors take the challenge.
About David Giertz
David Giertz became the Nationwide Financial president in 2013. He is also the incumbent head vice president for Nationwide Financial Distribution and Sales at Nationwide Life Insurance Company. David has over 30 years’ of expertise in the financial advice field.
Prior joining Nationwide Financial, David was the FI/WH sales vice president from 2009 to 2013 and held the same position for NF-Bank from 2004-2009. He is a registered broker under FINRA.